Peter Radovich
About Peter Radovich
Peter Radovich, 45, is President & Chief Operating Officer at Mirum Pharmaceuticals. He was promoted to President effective January 16, 2024, after serving as Chief Operating Officer since April 2020; he holds a B.A. in biology and chemistry from Texas Christian University and an MBA from Washington University in St. Louis . Mirum’s annual incentive design ties executive bonuses to corporate goals with weightings across product revenue, commercial expansion, product candidate development, and operations/HR; aggregate achievement was 160% for 2023 and 155% for 2024, and Livmarli net product sales reached or exceeded $200 million in 2024—triggering 150% payout on 2023 PSUs . The company emphasizes performance‑linked pay (82.4% variable for NEOs on average in 2024), prohibits hedging and pledging, and has a Dodd‑Frank‑compliant clawback policy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Global Blood Therapeutics, Inc. | VP Program Leadership & Business Strategy; SVP Operations; EVP Operations | 2014–2020 | Led technical operations, supply chain, program management, leadership, quality assurance, and commercial strategy/analytics . |
| Onyx Pharmaceuticals, Inc. (acquired by Amgen) | VP, Global Product Leader – Kyprolis; various commercial roles | 2006–2014 | Led global cross‑functional product team for Kyprolis; key member of deal team for Onyx’s acquisition of Proteolix; supported Kyprolis and Nexavar commercialization . |
| Chiron Corporation (acquired by Novartis) | Product Marketing | 2004–2006 | Supported Proleukin (IL‑2) marketing across oncology indications . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Rain Therapeutics (Rain Oncology Inc.) | Director/Board Member | Ended Jan 24, 2024 | Listed as prior director; Mirum leadership page also notes board membership . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $467,500 | $505,000 | $550,000 |
| Target Bonus (%) | — | 45% | 50% |
| Actual Bonus Paid ($) | $252,450 | $363,600 | $426,250 |
| Stock Awards ($) | $158,700 | $508,577 | $1,020,375 |
| Option Awards ($) | $670,596 | $977,107 | $1,327,431 |
| All Other Compensation ($) | $12,200 | $13,200 | $13,800 |
| Total Compensation ($) | $1,561,446 | $2,367,484 | $3,337,856 |
Performance Compensation
Annual Bonus Structure (2024 Corporate Goals)
| Goal | Weighting | Achievement | Weighted Achievement |
|---|---|---|---|
| Product revenue | 50% | 180% | 90% |
| Product commercial expansion | 15% | 100% | 15% |
| Product candidate development | 25% | 160% | 40% |
| Operations & HR goals | 10% | 100% | 10% |
| Aggregate achievement | — | 155% | — |
- 2023 corporate goals aggregate achievement: 160%; Radovich target bonus 45% of base salary, resulting in a 2023 bonus payout recorded in the SCT at $363,600 .
- 2024 bonus target increased to 50% of base salary; payout $426,250 based on 155% aggregate achievement .
Equity Awards and Vesting
2023 Executive PSUs (granted Jan 31, 2023; performance period FY2024):
- Metric: Livmarli net product sales; 50% payout at $150M; 150% payout at ≥$200M; linear between .
- Achievement: ≥$200M for FY2024; payout certified at 150% .
- Vesting: Two tranches—first tranche vested Mar 15, 2025; second tranche Mar 15, 2026, subject to continuous service .
- Shares vested for Radovich: 14,440 in first tranche (two‑thirds of grant × 150%); 7,220 scheduled in second tranche .
2024 Annual Grants (approved Jan 23, 2024):
| Instrument | Grant Date | Shares/Units (#) | Exercise Price ($) | Notes |
|---|---|---|---|---|
| Stock Options | 1/23/2024 | 70,000 | 26.49 | 2019 Plan; vesting 25% at 1 year, then monthly over 36 months . |
| RSUs | 1/23/2024 | 17,250 | — | Time‑based vesting per RSU award . |
| 2024 Executive PSUs | 1/23/2024 | Target 17,250; Max 34,500 | — | Performance‑based; grant date fair value method per ASC 718 . |
Outstanding Equity Awards at FY‑End (as of Dec 31, 2024):
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | RSUs MV ($) | PSUs Unvested (#) | PSUs MV ($) |
|---|---|---|---|---|---|---|---|---|
| 4/28/2020 | 185,000 | — | 16.26 | 4/27/2030 | — | — | — | — |
| 1/7/2021 | 63,645 | 1,355 | 19.19 | 1/6/2031 | — | — | — | — |
| 1/6/2022 | 43,750 | 16,250 | 15.87 | 1/5/2032 | 3,333 | $137,820 | — | — |
| 1/31/2023 | 27,672 | 30,078 | 23.48 | 1/30/2033 | 9,626 | $398,035 | 21,600 | $893,160 |
| 1/23/2024 | — | 70,000 | 26.49 | 1/22/2034 | 17,250 | $713,288 | 17,250 | $713,288 |
Option vesting terms: 25% after one year, remaining 75% in 36 equal monthly installments thereafter for specified grants .
Equity Ownership & Alignment
| Component (as of Feb 15, 2025) | Shares |
|---|---|
| Common shares held directly | 26,961 |
| Options exercisable within 60 days | 350,447 |
| RSUs vesting within 60 days | 10,563 |
| PSUs vesting within 60 days | 14,440 |
| Total beneficial ownership | 402,411 |
| % of shares outstanding (48,990,946) | <1% (asterisk) |
- Hedging and pledging of Company stock are prohibited .
- Stock ownership guidelines: not disclosed in retrieved materials; compliance status not disclosed.
- The company emphasizes long‑term equity incentives as primary at‑risk pay .
Employment Terms
| Provision | Standard | Change in Control (double‑trigger: termination without cause or resignation for good reason within window) |
|---|---|---|
| Base salary continuation | 9 months for Radovich | 18 months for Radovich |
| Health benefits | 9 months | 18 months |
| Time‑based equity vesting | 12 months acceleration from termination date | Full acceleration of time‑based equity |
| Bonus payout | — | 150% of annual performance bonus for Radovich |
| Definitions | “Cause”, “Good Reason”, “Change in Control” per plan | Same |
| Employment status | At will under offer letter (April 2020) | — |
Potential Payments (estimated as of Dec 31, 2024):
| Termination Type | Base Salary ($) | Bonus ($) | Accelerated Equity ($) | Total ($) |
|---|---|---|---|---|
| Without cause or with good reason | $412,500 | — | $1,743,235 | $2,155,735 |
| Without cause/with good reason in connection with change in control | $825,000 | $412,500 | $3,270,913 | $4,508,413 |
Clawback and policies:
- Dodd‑Frank‑compliant clawback policy; Section 304 Sarbanes‑Oxley reimbursement for CEO/CFO in case of misconduct‑related restatements .
- No excise tax gross‑ups; no executive fringe benefits; 401(k) match 100% up to 4% of eligible compensation; standard benefits; no pension or non‑qualified deferred compensation in 2024 .
Investment Implications
- Compensation alignment: Radovich’s incentives are tightly linked to revenue and development milestones; 2023 PSUs tied to Livmarli sales paid at 150% upon ≥$200M achievement, reinforcing commercial execution focus . Annual bonus weightings heavily emphasize product revenue (50%), with aggregate performance at 155% in 2024 driving a $426,250 payout (50% target), signaling strong pay‑for‑performance linkage .
- Retention risk and CoC economics: Double‑trigger CoC protection (18 months salary, full acceleration of time‑based equity, 150% bonus, 18 months benefits) reduces departure risk in strategic events but could increase near‑term dilution on acceleration; non‑CoC severance provides meaningful downside protection (12 months time‑based vesting acceleration) .
- Trading signals: PSU vesting dates (Mar 15, 2025 and Mar 15, 2026) create potential liquidity windows for performance‑based shares; option/RSU schedules continue monthly post anniversary, though company’s anti‑hedging/pledging policy mitigates speculative behavior .
- Ownership alignment: Beneficial ownership of 402,411 shares (including options and near‑term vesting equity) indicates material exposure, albeit under 1% of shares outstanding; no pledging permitted .
Background corroboration and role scope: Mirum’s 8‑K confirms promotion to President and role responsibilities; Mirum’s leadership page provides additional context on operational remit and prior board service at Rain Therapeutics .