Dorian LeBlanc
About Dorian LeBlanc
LeMaitre Vascular’s Chief Financial Officer since March 10, 2025; age 50; CPA (Maine). Previously CFO, VP Global Operations, and COO at LumiraDx; earlier finance leadership at Alere; holds a BA (Bowdoin), MS Accounting and MBA (Northeastern) . Company performance context: 2024 net sales $219.9M (+14%), income from operations $52.3M (+42%), net income $44.0M (+46%), diluted EPS $1.93 vs $1.34; 2024 cumulative TSR (value of $100 initial) was $269 vs peer index $135 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| LumiraDx Limited (acquired by Roche) | CFO; VP Global Operations; COO | CFO since Nov 2016; VP Ops Aug 2020; COO Nov 2023 | Led finance and later operations at point-of-care diagnostics company |
| Alere Inc. | VP Finance, Infectious Disease GBU; VP Finance & Business Development, APAC | 2013–2015; 2012–2015 | Business-unit finance leadership and APAC finance/BD for global diagnostics |
| Camden National Corporation | VP Finance | 2005–2007 | Corporate finance leadership at a financial institution |
| Pierce (Omnicom Group) | Controller | 2003–2005 | Financial controllership within Omnicom group |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | None disclosed in SEC filings | — | No external public-company directorships disclosed in appointment materials |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $565,000 per year (Level 1.5 employee) |
| Target annual bonus | $225,000; eligible up to 160% of target; 2025 prorated from start |
| Annual equity award | $375,000 grant value, four-year graded vesting; expected each December starting Dec 2025; 50% options / 25% PSUs / 25% RSUs (subject to Comp Committee approval) |
| Sign-on equity | $100,000 RSUs with four-year vesting (to be requested shortly after start) |
| Benefits | Medical/dental (effective first of month after hire); 401(k) match 50% on first 6% (moving to 50% on first 8% with three-year vesting in late 2025); PTO and holidays; hybrid work schedule |
Performance Compensation
Short-term incentive plan (STI) – Company framework (reference for CFO role; 2025 metrics for LeBlanc not yet disclosed):
- 2024 AIP metrics used for senior officers (CEO/CFO/President): net sales target $211.0M, adjusted income from operations target $42.0M, net income target $34.8M; payouts scaled by achievement per metric .
- Actual 2024 performance exceeded targets: net sales $219.9M, income from operations $52.3M, net income $44.0M; resulting in above-target bonuses for NEOs .
| Metric (2024 framework) | Weighting (CFO role, prior year) | Target | Actual | Payout note |
|---|---|---|---|---|
| Net sales | 17.5% of CFO target bonus (part of 52.5% aggregate across 3 metrics) | $211.0M | $219.9M | Above target; sliding-scale payout above 100% for this metric |
| Adjusted income from operations | 17.5% (CFO) | $42.0M | $52.3M | Above target; sliding-scale payout above 100% |
| Net income | 17.5% (CFO) | $34.8M | $44.0M | Above target; sliding-scale payout above 100% |
Long-term incentive plan (LTI) – Equity structure and vesting:
- Company LTI design: annual grants typically in Q4/December; options and RSUs vest in equal annual installments over four years; PSUs tied to operating income achievement with 0–120% payout; upon determination, 25% vests immediately with the remaining 75% vesting annually over three years .
- For LeBlanc: first annual equity expected December 2025 with four-year graded vesting; mix 50% options / 25% PSUs / 25% RSUs; sign-on RSUs vest over four years .
| Incentive type | Metric | Target/scale | Vesting cadence |
|---|---|---|---|
| Stock options | Time-based | N/A | 4-year graded vesting (annual tranches) |
| RSUs | Time-based | N/A | 4-year graded vesting (annual tranches) |
| PSUs | Operating income vs budget | 0% <80%; 80% at 80%; 100% at 100%; 120% at 120% (linear interp.) | 25% at determination; remaining 75% in equal annual installments over 3 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Not listed among beneficial owners as of March 5, 2025 (appointed March 10, 2025), thus no shares reported in 2025 proxy table |
| Ownership guidelines | No executive stock ownership guidelines disclosed in proxy; committee reviews executive stock ownership in process materials |
| Hedging/pledging | Hedging transactions prohibited for insiders; no explicit pledging policy disclosed |
| Expected vesting windows (supply overhang) | RSUs/options vest annually from each grant date (sign-on RSUs post-join; annual grants in December); PSUs have an initial 25% vest post-performance certification (historically Q1) with remaining annual tranches, which can create seasonal liquidity windows |
Employment Terms
| Term | Economics/terms |
|---|---|
| Employment | At-will; Employee Obligations Agreement required |
| Severance (termination without cause) | If termination on or before Mar 10, 2028: $100,000 lump sum; after Mar 10, 2028: greater of two weeks’ base salary per completed year of service or $225,000; payment within 30 days, subject to release/non-disparagement and return-of-property conditions |
| Change-in-control | “Termination” excludes termination in connection with merger/reorg/sale if immediately rehired on comparable/better terms by successor; no separate CIC multiple disclosed |
| Benefits continuation | Not specified in offer letter (cash-only severance detailed) |
| Clawback | Company-wide clawback policy compliant with SEC/Nasdaq; mandatory recovery for covered officers after restatements (3-year lookback from restatement trigger) |
Additional Company Compensation Context (Benchmarking, Governance, Votes)
| Item | Detail |
|---|---|
| Compensation peer group | 18 medtech peers used for CEO/President/CFO benchmarking (e.g., AngioDynamics, Artivion, CONMED, Integra, Merit, Penumbra, ShockWave, Silk Road, TransMedics, etc.) |
| Market positioning | 2024 review set cash comp for top NEOs to the 37th percentile of benchmarks |
| Relative size vs peers | Company percentiles: revenue 25th, operating income 66th, market cap 50th, employee count 25th |
| Say-on-Pay (2024) | 96% approval of executive compensation |
| Pay-versus-performance | 2024 compensation actually paid aligns with TSR and income from operations; 5-year TSR outperformed peer index (IHI) |
Performance & Track Record (Context for CFO Tenure)
| Metric | 2024 Result | YoY |
|---|---|---|
| Net sales | $219.9M | +14% |
| Gross margin | 68.6% | +297 bps |
| Income from operations | $52.3M | +42% |
| Net income | $44.0M | +46% |
| Diluted EPS | $1.93 vs $1.34 | n/a |
| TSR (value of $100 initial) | $269 (Company) vs $135 (Peer Index) | 5-year cumulative context |
Compensation Structure Analysis
- Pay mix and leverage: LeBlanc’s package balances fixed pay with at-risk cash and equity; annual equity split (50% options/25% PSUs/25% RSUs) embeds operating income performance in PSU payouts, aligning with profitability and cash generation priorities .
- Vesting and supply: Four-year graded vesting for time-based awards and PSU tranche vesting post-certification suggest recurring vest windows (notably around annual grant anniversaries and Q1 performance certification), which can create episodic insider selling pressure, subject to 10b5-1 plans and blackout policies .
- Governance safeguards: Hedging prohibited; SEC/Nasdaq-compliant clawback in place; no tax gross-ups disclosed; no CIC acceleration economics in offer letter (cash-only severance, limited amounts), all shareholder-friendly features .
Risk Indicators & Red Flags
- Pledging: No explicit anti-pledging disclosure located in proxy; monitor for future policy updates .
- Repricing/modification of equity: None disclosed for 2024 awards; PSU design uses objective operating-income grid (0–120%) .
- Related party transactions: None involving LeBlanc disclosed upon appointment .
- Section 16 compliance: Company reports full compliance for 2024 .
Equity Ownership & Insider Activity (Monitoring Notes)
- As a new appointee (Mar 2025), no beneficial ownership was reported in the March 5, 2025 proxy snapshot; sign-on RSUs and first annual grant expected to establish initial holdings/vesting cadence. Monitor Form 4s for grant, vest, and any 10b5-1 sales initiation to assess selling pressure near vest dates .
Investment Implications
- Alignment: Operating-income PSUs, option exposure, and prohibition on hedging support alignment with profitable growth and TSR; clawback adds downside accountability .
- Retention risk: Severance is modest ($100k through Mar 2028, then capped at the greater of tenure-based formula or $225k), increasing reliance on equity for retention; early tenure and four-year vesting create standard stickiness but not golden-handcuff levels .
- Trading signals: Expect Form 4 activity for sign-on RSUs and first December 2025 annual grant; vest-driven supply windows likely to recur annually with Q1 PSU certifications and December grant anniversaries, subject to 10b5-1 plans and blackout schedules .
- Benchmarking: Company targets ~37th percentile cash positioning versus peers, suggesting controlled pay inflation; strong 2024 operating momentum and TSR outperformance provide supportive backdrop for performance-linked equity realization under LeBlanc’s tenure .