Christine Mundkur
MANNKINDAbout Christine Mundkur
Christine Mundkur, age 56, has served as an independent director of MannKind since November 2018. She is a former CEO and non‑voting Chair of Impopharma Inc., with deep experience in inhaled pharmaceutical development, and previously held senior leadership roles at Barr Laboratories and Sandoz U.S., bringing regulatory, quality, and commercial expertise. She holds a J.D. and a B.S. in Chemistry from St. Louis University . The Board has affirmatively determined she is independent under Nasdaq listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Impopharma Inc. | Chief Executive Officer; non‑voting Chairman of the Board | Feb 2013 – Feb 2017 | Led transition from CRO to inhalation generics developer; internal ANDA filings for spray/inhalation products |
| Sandoz, Inc. (U.S. Division) | President & CEO; Head of Commercial Operations North America | Jan 2009 – Apr 2010 | Oversight of North American commercial operations |
| Barr Laboratories, Inc. | Chief Executive Officer | Apr 2008 – Dec 2008 | Advanced from quality/regulatory counsel (joined 1993) to CEO, underscoring regulatory depth |
| Strategic Consulting | Advisor to multiple pharma clients | Various | Global pharmaceutical business strategy advisory |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Cardinal Health, Inc. | Director | Current | Public company board; healthcare distribution and services |
| Lupin Limited | Director | Apr 2019 – Dec 2022 | Public company board; global generics and specialty pharma |
Board Governance
- Independence: Independent director; Board determined all directors except Castagna and Binder are independent .
- Committee assignments: Member, Audit Committee; Member, Nominating and Corporate Governance Committee .
- Committee activity: Audit met 8x in 2024 ; Compensation met 5x ; Nominating & Corporate Governance met 4x .
- Attendance: Board met 9x; each director attended 75% or more of Board and committee meetings for which they served in 2024 .
- Leadership: Independent Chair (Dr. Shannon); CEO/Chair roles separated; executive sessions held by independent directors .
- Risk oversight: Audit oversees enterprise and cybersecurity risk; Compensation monitors incentive risk; Board oversees strategic risk .
Fixed Compensation (Director)
| Component | Amount (USD) | Detail |
|---|---|---|
| Annual retainer (cash) | $50,000 | Standard non‑employee director retainer |
| Audit Committee membership | $10,000 | Non‑chair member fee |
| Nominating & Corporate Governance membership | $5,000 | Non‑chair member fee |
| Total cash fees (2024 actual) | $65,000 | Reported for Ms. Mundkur |
Performance Compensation (Director)
| Element | 2024 Grant/Value | Terms |
|---|---|---|
| RSU annual grant | $155,959 | RSUs valued at grant‑date fair value; director awards vest immediately, with share delivery deferred until separation from Board service |
| Options | None outstanding | As of 12/31/2024, Ms. Mundkur had no option grants outstanding |
No performance metrics are attached to director equity awards; RSUs are time‑vested for directors with deferred share delivery, supporting alignment without short‑term targets .
Company performance metrics context (for pay‑for‑performance oversight):
| 2024 Corporate Objective | Weight | Assessment Method | Result (as % of target) |
|---|---|---|---|
| Tyvaso DPI production | 30% | Quantitative production plus qualitative expansion actions | 57.5% |
| Drive endocrinology business | 30% | Financial metrics + clinical milestones | 35.0% |
| Advance pipeline opportunities | 30% | Development milestones (quantitative) | 21.5% |
| Finance/Quality | 10% | Qualitative assessment | 11.0% |
| Overall STI achievement | — | — | 125.0% |
Relative TSR PSU construct (executive LTI context):
| Percentile vs Russell 3000 Pharma/Biotech | Payout vs Target |
|---|---|
| <25th | 0% |
| 25th | 50% |
| 50th | 100% |
| 75th | 200% |
| ≥90th | 300% |
Other Directorships & Interlocks
- Current public boards: Cardinal Health (director) .
- Prior public boards: Lupin Limited (director, 2019–2022) .
- Interlocks/overlaps: No related‑person transactions disclosed by MNKD in 2024; Audit Committee reviews and approves any related‑person transactions >$120,000; none occurred in 2024 .
- Independence safeguards: Prohibition on hedging/pledging of MNKD stock by directors; broad insider trading restrictions .
Expertise & Qualifications
- Inhaled therapies and device/formulation leadership (Impopharma CEO; ANDA filings for inhalation/spray) .
- U.S. generics commercial leadership (Barr Laboratories CEO; Sandoz U.S. President & CEO) .
- Legal/regulatory foundation (J.D.; quality/regulatory counsel background) .
- Board governance exposure across U.S. and international pharma/distribution (Cardinal Health; Lupin) .
Equity Ownership
| Item | Amount | As‑of Date | Notes |
|---|---|---|---|
| Beneficial ownership (shares) | 27,675 | Mar 20, 2025 | Less than 1% of outstanding; percent noted as “*” (<1%) |
| Vested RSUs (deferred delivery) | 342,455 | Dec 31, 2024 | Shares deliverable upon separation from Board |
| Options outstanding | 0 | Dec 31, 2024 | No option grants outstanding |
| Stock ownership guideline compliance | In compliance | Dec 31, 2024 | Directors must hold 3× retainer divided by current stock price; all non‑employee directors compliant |
| Hedging/pledging | Prohibited | Policy | Pledging, options, short sales, and hedging transactions barred |
Governance Assessment
- Strengths
- Independent status, dual committee assignments (Audit; Nominating & Corporate Governance), and regular executive sessions support oversight quality .
- Attendance threshold met (≥75%); active committees with 2024 cadence (Audit 8x; Nominating 4x) indicate engagement .
- Director pay structure blends modest cash with deferred RSUs; deferred delivery enhances long‑term alignment; stock ownership guideline compliance reinforces skin‑in‑the‑game .
- Robust related‑party screening; no related‑person transactions in 2024; strong insider trading/anti‑hedging policy reduces alignment risks .
- Watch items
- External board at Cardinal Health introduces potential ecosystem proximity; however, MNKD disclosed no related‑person transactions in 2024 and affirmed independence, mitigating conflict concerns .
- Attendance detail is reported as ≥75% (not exact rate); continued monitoring advisable given Audit workload .
Say‑on‑Pay and shareholder feedback (context for governance quality):
| Year | Say‑on‑Pay Support |
|---|---|
| 2019 | 67% |
| 2020 | 61% |
| 2021 | 89% |
| 2022 | 88% |
| 2023 | 90% |
| 2024 | 90% |
Implications: With improved and sustained say‑on‑pay support (2021–2024), investor confidence in compensation governance is favorable; director equity deferral and ownership guidelines further align long‑term interests .