Robert J. Marshall Jr.
Chief Financial Officer and Treasurer at LNTH
Executive
About Robert J. Marshall Jr.
Robert J. Marshall Jr. is Chief Financial Officer and Treasurer of Lantheus, serving since September 2018. He is 58 and holds an MBA from Indiana University South Bend, a BBA in Finance from the University of Notre Dame, and the CFA designation . Under his finance leadership, Lantheus reported 2024 Net Revenue of $1,533.9M and Net Income of $312.4M, with cumulative TSR value of $436.18 based on a fixed $100 investment, reflecting strong multi‑year value creation . The company’s incentive framework ties cash bonuses to Net Revenue and “Bonus EPS” and long‑term equity to relative TSR, aligning pay with performance outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Zimmer Biomet Holdings | Vice President roles including Investor Relations, Corporate Treasurer; VP, Americas Finance | 16 years | Led capital markets, M&A, investor relations; finance leadership across U.S., Canada, Latin America |
| Brown & Williamson Tobacco (British American Tobacco subsidiary) | Finance roles | — | Finance responsibilities with increasing scope |
Fixed Compensation
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $496,246 | $569,836 | $669,000 |
| Stock Awards ($) | $2,068,648 | $2,528,846 | $3,328,227 |
| Option Awards ($) | $431,224 | $495,933 | $787,483 |
| Non-Equity Incentive Plan ($) | $502,337 | $718,575 | $634,561 |
| All Other Compensation ($) | $11,164 | $12,821 | $15,525 |
| Total ($) | $3,559,619 | $4,326,011 | $5,434,796 |
Additional 2024 specifics:
- Base salary at 12/31/2024: $676,000; Target bonus 75% of salary; 2024 bonus paid $634,561 .
- “All Other Compensation” for 2024 reflects 401(k) matching contributions .
Performance Compensation
2024 Annual Bonus Metrics and Outcome
| Metric | Weight | Threshold | Target | Actual | Payout % |
|---|---|---|---|---|---|
| Net Revenue | 40% | $1,319M | $1,465M | $1,533M | 123% |
| Bonus EPS | 30% | $5.02 | $5.91 | $6.17 | 115% |
| Strategic Objectives (3) | 30% | 100% | 100% | 118% | 118% |
| Corporate Performance Factor | — | — | — | — | 119.2% |
Individual Performance Factor for Marshall: 105% (recognized for strong capital structure management, ERP stabilization leadership, and finance talent build‑out) . His 2024 payout under the Executive Bonus Plan was $634,561 .
Definitions:
- Net Revenue = total revenue, net of rebates/allowances .
- “Bonus EPS” excludes specified non‑recurring items; similar to adjusted diluted EPS but includes share‑based compensation .
2024 Long-Term Incentive Grants (mix: PSUs 50%, RSUs 25%, Options 25%)
| Award Type | Units Granted | Grant Date | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| PSUs (rTSR vs S&P 400 Health Care) | 24,365 | 3/1/2024 | $2,540,782 | Cliff vest on 3rd anniversary; payout 0–200% by percentile (25th=50%, 50th=100%, 75th=200%; capped at target if absolute TSR negative for 2025 grants) |
| RSUs | 12,182 | 3/1/2024 | $787,444 | 1/3 per year over 3 years |
| Stock Options | 21,652 | 3/1/2024 | $787,483 | 1/3 per year over 3 years; exercise price $64.64 |
PSU vesting framework:
- rTSR measured vs S&P 400 Health Care Index over 1/1/2024–12/31/2026 using 30‑day average prices at start/end; 25th/50th/75th percentile thresholds above .
Payout of 2022 PSUs (earned in March 2025)
| Target PSUs Awarded | Resulting Share Payout |
|---|---|
| 17,274 | 34,548 (200% payout on 100th percentile TSR vs S&P 600 Health Care Index over 1/1/2022–12/31/2024) |
Equity Ownership & Alignment
Beneficial Ownership (as of 3/3/2025)
| Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|
| 98,597 | <1% (asterisk category) | Includes 29,871 options exercisable within 60 days; excludes 52,613 unvested RSUs/PSUs/options |
Outstanding Equity Awards at 12/31/2024 (selected detail)
| Award Type | Grant Date | Exercisable | Unexercisable | Exercise Price | Unvested RSUs | Unearned PSUs |
|---|---|---|---|---|---|---|
| Options | 3/3/2022 | 9,848 | 4,925 | $49.93 | — | — |
| Options | 3/2/2023 | 3,940 | 7,882 | $73.35 | — | — |
| Options | 3/1/2024 | — | 21,652 | $64.64 | — | — |
| RSUs | 3/3/2022 | — | — | — | 2,879 | — |
| RSUs | 3/2/2023 | — | — | — | 4,508 | — |
| RSUs | 8/29/2023 | — | — | — | 3,248 | — |
| RSUs | 3/1/2024 | — | — | — | 12,182 | — |
| PSUs | 3/3/2022 | — | — | — | — | 34,548 |
| PSUs | 3/2/2023 | — | — | — | — | 27,044 |
| PSUs | 3/1/2024 | — | — | — | — | 48,730 |
Ownership safeguards:
- Stock Ownership & Retention Guidelines increased in Oct 2024: CEO 6x salary; other executive officers (including CFO) 2x salary, with 5 years to comply; until met, must retain 50% of after‑tax shares from exercises/vesting; unvested PSUs/options do not count (RSUs/time‑based shares count beginning 1/1/2025) .
- Prohibition on hedging and pledging: insiders may not hold shares in margin accounts, pledge collateral, hedge or short; no exceptions granted .
Insider selling pressure indicators:
- 2024 realized value on vesting: 76,201 shares vested; $5,044,564 value; no option exercises in 2024 .
- Retention guidelines (50% post‑tax hold until ownership requirement met) mitigate near‑term selling pressure .
Employment Terms
| Provision | Non‑Change of Control Termination | Double‑Trigger Change of Control |
|---|---|---|
| Cash severance | 1x annual base salary | 2x annual base salary |
| Bonus severance | Pro‑rated portion of target annual bonus | 2x full‑year target annual bonus |
| Benefits | Company portion of COBRA premiums up to 12 months | Company portion of COBRA premiums up to 24 months |
| Equity treatment | — | All unvested options and equity awards vest in full; performance‑based awards vest at target |
| Tax | Modified 280G/4999 cut‑back to avoid excise tax if beneficial |
Clawback policy:
- Amended Oct 2, 2023 to comply with Nasdaq/SEC rules; mandates recovery of incentive‑based compensation tied to financial reporting in case of required accounting restatement (look‑back: 3 fiscal years). Committee has discretion to recoup additional cash/equity not tied to financial metrics .
Deferred compensation:
- LDCP adopted July 2024 (effective 10/1/2024). For 2024, Marshall made no deferrals; plan allows deferrals of salary/bonus and company match credits subject to vesting/distribution rules .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD Millions) | $935.1 | $1,296.4 | $1,533.9 |
| EBITDA ($USD Millions) | $84.1* | $553.4* | $510.5* |
- Values retrieved from S&P Global.
Additional performance indicators:
- Cumulative TSR value of LNTH rose to $436.18 by 2024; peer group (S&P 400 Health Care Index) $122.71 .
- Net Income in 2024: $312.4M; Net Revenue in 2024: $1,533.9M .
Compensation Structure Analysis
- Pay mix emphasizes performance: annual bonus tied 70% to financial metrics (Net Revenue, Bonus EPS) and 30% to strategic goals; LTI grants majority PSUs measured on rTSR vs an industry index .
- Peer benchmarking targets ~50th percentile; independent consultant Pearl Meyer engaged; committee retains discretion and uses multiple safeguards (ownership guidelines, clawbacks) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; strict insider trading and preclearance requirements .
- Clawback policy adopted per SEC/Nasdaq; 3‑year lookback; recovery mandated for restatements .
- Section 16(a) delinquencies disclosed for other individuals; none specified for Marshall in 2024 disclosures .
- Say‑on‑pay support ~97% at 2024 meeting, indicating broad shareholder alignment with NEO pay design .
Equity Ownership & Alignment
- Beneficial ownership under 1% of outstanding shares; significant unvested PSUs linked to rTSR outcomes; strong alignment through ownership guidelines and 50% post‑tax retention requirement .
Investment Implications
- Alignment: Heavy weighting to rTSR PSUs and cash metrics (Net Revenue/Bonus EPS) indicates strong pay‑for‑performance discipline; clawbacks and ownership rules further align incentives with shareholders .
- Retention risk: Multi‑year vesting and double‑trigger CIC protections create retention stability; sizable unvested PSU/RSU stack and ownership retention rules temper near‑term selling pressure despite 2024 vesting proceeds .
- Execution track record: Finance leadership coincides with robust revenue expansion and high TSR; annual bonus outcomes reflect outperformance on cash metrics, suggesting balanced focus on growth and profitability .
- Governance and benchmarking mitigate inflation risk: Use of independent consultant, mid‑market targeting, and strong say‑on‑pay votes lower risk of pay ratcheting beyond performance .