Huimin Wang
MASIMOAbout Huimin Wang
Huimin Wang is President, Japan & Asia Pacific at Masimo, appointed with a start date of May 13, 2025, reporting directly to CEO Catherine “Katie” Szyman . Dr. Wang is an anesthesiologist by training (MD, Kagoshima University) with an MBA from the University of Chicago; he led Edwards Lifesciences’ Japan/Asia Pacific businesses for ~20 years and previously served at Baxter; he also chaired AMDD in Japan to accelerate device approval processes . Masimo’s recent performance context: FY2024 consolidated revenue $2,094M (+3% constant currency), healthcare revenue $1,395M (+10% cc), non-GAAP EPS $4.40 (+16%), operating cash flow $196M (+109%) . In Q2 2025, Masimo reported healthcare revenue of $370M, EPS $1.33, and 600 bps operating margin expansion as management strengthened commercial and operating talent across regions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Edwards Lifesciences | Corporate VP, Japan; Japan & Intercontinental; Japan & Asia Pacific | 2000–2010 (Japan), 2004–2010 (Japan & Intercontinental), 2010–2022 (Japan & APAC) | Led cross-functional teams from concept to regulatory approval and commercialization across APAC; delivered growth and market access |
| Baxter | General Manager, Cardiovascular Group (Japan) | Pre-2000 | Built business unit capabilities and regional leadership in cardiovascular devices |
| Keio University Hospital | Resident & Staff Physician, Anesthesiology; Visiting Associate Professor | Pre-1993; Visiting Professor from 2006 | Clinical expertise underpinning leadership in critical-care and perioperative technologies |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ARCHIMED | Operating Partner | 2022–present | Healthcare private equity operating partner; advises portfolio companies on growth and commercialization |
| AMDD (Japan) | Founding Chairman | During Edwards tenure | Helped accelerate medical device review and reduce “device lag” in Japan through MHLW/PMDA collaboration |
| Varinos, Inc. | Independent Director | 2023–present | Governance and commercialization guidance for Japanese medtech |
| HekaBio K.K. | Independent Director | 2022–present | Strategic partnerships and market access for innovative therapies |
| Masimo | President, Japan & Asia Pacific | 2025–present | Strengthens regional commercial excellence; part of CEO’s expanded leadership hires |
Fixed Compensation
- Wang’s specific base salary and target bonus were not disclosed in SEC filings; Masimo’s 8-K only announced his appointment and reporting line .
- Company-wide executive compensation governance (for NEOs and executive officers): independent Compensation Committee, independent advisor (FW Cook), majority of pay at-risk, multi-year vesting, clawback policy, no tax gross-ups, hedging prohibited and pledging requires pre-approval .
Performance Compensation
- Annual Cash Incentive framework (2025) for executives: three metrics with rigorous targets set at or above guidance ranges .
| Metric | Weighting | Threshold Achievement % | Target Achievement % | Max Achievement % | Threshold Payout % | Target Payout % | Max Payout % |
|---|---|---|---|---|---|---|---|
| Adjusted Revenue | 50% | 95% | 100% | 105% | 50% | 100% | 200% |
| Adjusted Non-GAAP EPS | 40% | 90% | 100% | 110% | 50% | 100% | 200% |
| Adjusted True Incremental Contract Value | 10% | 90% | 100% | 110% | 50% | 100% | 200% |
- Long-Term Incentive PSUs (2025–2027) with three-year cumulative performance and a relative TSR modifier .
| PSU Metric | Weighting | Threshold Achiev. % | Target Achiev. % | Max Achiev. % | Threshold Payout % | Target Payout % | Max Payout % |
|---|---|---|---|---|---|---|---|
| 3-Year Cumulative Adjusted Revenue | 60% | 93% | 100% | 107% | 50% | 100% | 200% |
| 3-Year Cumulative Adjusted Non-GAAP Operating Income | 40% | 90% | 100% | 110% | 50% | 100% | 200% |
- Relative TSR Modifier (vs. S&P Healthcare Equipment Select Index): 0.75x at 25th percentile, 1.0x at 50th, 1.25x at 75th; overall capped at 250% of target .
- Vesting schedules for 2025 equity mix: PSUs three-year cliff; options five-year ratable; RSUs four-year ratable .
Equity Ownership & Alignment
- Executive Stock Ownership Guidelines: CEO must hold ≥6x base salary; other executive officers must hold ≥1x base salary; compliance reviewed annually .
- Prohibitions and controls: hedging prohibited; pledging requires Board pre-approval; clawback policy in place .
- Beneficial ownership: Wang’s shareholdings are not disclosed in the FY2024 proxy’s beneficial ownership table (covers directors and NEOs as of March 3, 2025) .
- Director change-in-control vesting: non-employee director RSUs vest in full upon change-in-control (context for governance, not necessarily applicable to executives) .
Employment Terms
- Appointment and reporting: Huimin Wang joined as President, Japan & Asia Pacific effective May 13, 2025, reporting to CEO Szyman .
- Broader leadership refresh: Masimo added Chief Marketing & Strategy Officer and CHRO in mid-2025, redistributed COO responsibilities, and highlighted regional leadership additions on earnings call .
- Severance/change-of-control context: Masimo maintains an Amended & Restated 2007 Severance Protection Plan for certain executives with participation agreements; benefits may be reduced to avoid excess parachute payments (example: CHRO agreement), with six-month notice provisions for voluntary resignations; no single-trigger CIC vesting for new hires starting 2025 . Wang’s specific participation terms were not disclosed.
Performance & Track Record
- Regional leadership achievements: At Edwards, Wang led practice-changing therapy launches and improved market access across Japan/APAC; chaired AMDD to reduce device lag with MHLW/PMDA collaboration .
- Masimo business performance backdrop: FY2024 healthcare revenue grew 10% (cc), with consumables/services strength and manufacturing shifts improving healthcare gross margin by 180 bps; FY2024 non-GAAP EPS rose 16%; the company expects increased earnings and cash flow from realignment initiatives .
- Q2 2025 operational momentum: 600 bps operating margin expansion and $1.33 EPS in core healthcare, while expanding leadership in commercial excellence and regional management, including Wang’s appointment .
Compensation Committee Analysis
- Governance: Independent Compensation Committee, quarterly meetings, stock ownership compliance oversight, and use of FW Cook as independent advisor for 2025 program design and CEO pay benchmarking .
- Shareholder feedback: Relative TSR added/modifier refined; three-year cumulative financial metrics for PSUs; annual incentive targets set at top end of guidance; extensive disclosure enhancements .
Say‑on‑Pay & Shareholder Feedback
- Say-on-pay approval rates: 56% (2023) and 64% (2024), prompting program enhancements implemented in 2024–2025 .
- Engagement: Masimo met with >80% of stockholder base in 2024, implementing governance and compensation changes including TSR modifier and board declassification steps .
Investment Implications
- Alignment: Masimo’s executive pay design (heavy PSU weighting, three-year cumulative metrics, TSR modifier) ties rewards to durable revenue growth and operating income, which supports pay-for-performance alignment for regional leaders like Wang .
- Retention risk and selling pressure: Wang’s specific equity grants, vesting, and holdings are not disclosed; monitor future proxies and Form 4 filings for RSU/PSU vesting events and potential sales to assess insider selling pressure and retention . Hedging is prohibited and pledging requires pre-approval, reducing misalignment risk .
- Execution signal: Wang’s deep APAC commercialization experience and AMDD policy leadership are positive for growth in Masimo’s high-potential markets; track Japan/APAC contract wins and incremental contract value (a 2025 bonus metric) for near-term performance linkage .