Tim Benner

About Tim Benner

Tim Benner is Masimo’s Chief Marketing and Strategy Officer, appointed effective June 9, 2025, reporting to CEO Katie Szyman . He previously held senior commercial leadership roles across leading medtech firms, including Edwards Lifesciences (TAVR leadership), Abbott Structural Heart (Commercial GM for MitraClip/TriClip), Terumo Blood & Cell Technologies (SVP/GM), Saluda Medical (CCO), and Inari Medical (CCO) . Education: B.S. (CSU), MBA (UC Irvine), MSBA program (USC Marshall) . Company performance context: FY2024 healthcare revenue $1.395B (+10% constant currency), non-GAAP diluted EPS $4.40 (+16%), and operating cash flow $196M (+109%), with consolidated revenue $2.094B (+3% constant currency) . Q3 2025 results showed non-GAAP EPS growth +38% YoY and expanded margins as Sound United was divested .

Past Roles

External Roles

No public company directorships disclosed; executive bio lists operating roles across medtech but not board seats for Benner .

Fixed Compensation

No individual offer letter or compensation table for Tim Benner was disclosed in MASI’s 2025 proxy or 2025 8-K filings; MASI’s June 6, 2025 8-K announced his appointment but did not include compensation terms . Company-wide context: 2025 base salaries for continuing NEOs rose 2.5%–4% and CEO base set at $1,000,000; NEO target annual bonus set at 100% of base (CEO 100%) . Without Benner-specific disclosure, exact salary/bonus is not available.

Performance Compensation

Company executive program design (2025) likely governs Benner’s incentives as an executive officer (specific individual award amounts not disclosed):

• Annual Cash Incentive (2025): metrics and weights | Metric | Weighting | Threshold Achievement | Target Achievement | Maximum Achievement | |--------|-----------|-----------------------|-------------------|--------------------| | Adjusted Revenue | 50% | 95% → 50% payout | 100% → 100% payout | 105% → 200% payout . | | Adjusted Non-GAAP EPS | 40% | 90% → 50% payout | 100% → 100% payout | 110% → 200% payout . | | Adjusted True Incremental Contract Value | 10% | 90% → 50% payout | 100% → 100% payout | 110% → 200% payout . |

• Equity Mix (2025 regular LTI): | Award Type | Mix | Vesting | |------------|-----|---------| | PSUs | 60% | Three-year cliff . | | Stock Options | 20% | Five-year ratable . | | RSUs | 20% | Four-year ratable . |

• PSU framework (2025–2027 cycle): three-year cumulative metrics with Relative TSR modifier | PSU Metric | Weight | Threshold | Target | Max | TSR Modifier | |------------|--------|----------|--------|-----|--------------| | 3-yr Cumulative Adjusted Revenue | 60% | 93% → 50% | 100% → 100% | 107% → 200% . | 0.75x at 25th, 1.0x at 50th, 1.25x at 75th percentile vs S&P Healthcare Equipment Select Index, capped at 250% . | | 3-yr Cumulative Adjusted Non-GAAP Operating Income | 40% | 90% → 50% | 100% → 100% | 110% → 200% . | As above . |

Notes:

• MASI emphasizes multi-year performance periods, rigorous targets at high end of guidance, and differentiation of annual vs long-term metrics .
• 2024 PSUs with annual outcomes failed preset targets (zero payout), evidencing rigor .

Equity Ownership & Alignment

Insider selling pressure signals:

• MASI’s Q3 2025 10-Q lists Rule 10b5-1 plans adopted by Omar Ahmed and Anand Sampath; it states no other directors or executive officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule trading arrangements during the period, implying none for Benner through 9M 2025 .

Employment Terms

Performance & Track Record

• Company performance context:

  • FY2024: consolidated revenue $2,094M (+3% constant currency), healthcare revenue $1,395M (+10% constant currency), non-GAAP diluted EPS $4.40 (+16%), OCF $196M (+109%) .
  • Q3 2025: non-GAAP revenue +7.6% cc, non-GAAP EPS +38% YoY; operating margin +450 bps; Sound United sale closed and proceeds used to repurchase stock .
  • 2025 outlook (continuing ops): non-GAAP revenue $1.510–1.530B (8.5%–10.0% cc); operating margin 27.3%–28.8% depending on tariff impact .

• Benner’s execution background: scaled growth franchises (TAVR, Structural Heart, thrombectomy) and led commercial strategy at multiple medtechs, aligning with MASI’s renewed core-healthcare focus .

Board Governance and Say-on-Pay Signals

• Compensation governance strengthened with FW Cook engaged in late 2024; shift to three-year cumulative PSU metrics and addition of Relative TSR modifier .
• Say-on-pay approvals: 56% (2023) and 64% (2024), with program changes implemented in response to investor feedback .
• Stockholder engagement increased; board refresh and declassification underway .

Risk Indicators & Red Flags

• No disclosed legal proceedings or investigations involving Benner. Company-wide: cybersecurity program and incident oversight detailed; cyber liability coverage; governance oversight by Audit Committee .
• Trading plans: none for Benner through 9M 2025, suggesting limited pre-programmed selling pressure .
• Policy protections: no tax gross-ups; hedging prohibited; pledging requires pre-approval .

Investment Implications

• Alignment: MASI’s executive framework ties pay to multi-year revenue and operating income with Relative TSR, plus rigorous annual metrics; stock ownership guidelines and clawback enhance alignment—favorable for long-term execution credibility .
• Retention & pressure: New appointment and lack of 10b5-1 plan adoption by Benner in 2025 reduce near-term insider selling pressure signals; ownership compliance timeline to 2031 affords time to build stake .
• Execution upside: Benner’s deep commercial track record in high-growth medtech categories aligns with MASI’s margin and growth expansion path post-Sound United sale; however, individual award amounts and personal ownership remain undisclosed, limiting precision in pay-for-performance assessment .

Sources: MASI DEF 14A (Mar 26, 2025) ; MASI 8-K (Jan 21, 2025) ; MASI 8-K (Nov 4, 2025) ; MASI 10-Q (Nov 4, 2025) ; Executive Management bio ; SEC 8-K appointment notice ; Market coverage .