Maurice Hebert

About Maurice Hebert

Maurice S. Hebert, age 62, is Molina Healthcare’s Chief Accounting Officer since September 2018 and Principal Accounting Officer since February 19, 2019; he holds a B.S. in Accounting and Business Administration from Louisiana State University . Company performance under his tenure includes strong pay-for-performance alignment: 2024 adjusted net income of $1,308M (adjusted EPS $22.65) and premium revenue $38.6B (+19% YoY), alongside robust historical TSR outcomes (see tables) . Hebert’s role encompasses controllership, accounting policy, reporting integrity, and audit-readiness, directly linked to EPS-driven incentive structures used for NEOs .

Past Roles

Organization	Role	Years	Strategic Impact
WellCare Health Plans	Chief Accounting Officer	2010–2016	Led accounting oversight and reporting for a large managed care platform
Tufts Health Plan	SVP Finance	2016–2018	Senior finance leadership across planning, reporting, and controls

External Roles

Not disclosed in company filings for Hebert .

Fixed Compensation

Metric	2023
Base Salary ($)	$425,000
Target Bonus (% of Base)	50%
Actual Bonus Paid ($)	$371,875

Performance Compensation

Element	Metric	Weighting	Target	Actual	Payout	Vesting
2023 STI	Adjusted EPS (per diluted share)	70%	$20.25	$20.88	134% financial component (company-wide)	Cash; determined Feb 2024
2023 STI	Individual goals (strategy, growth, operations)	30%	Committee-defined	Achieved	Hebert total payout factor 175%	Cash; determined Feb 2024
2023 LTI	PSUs (cumulative adjusted EPS FY2023–FY2025)	60% of LTI value	Linear 0–200% vs benchmarks	In-progress	Pays 0–200% in Mar 2026	Performance vest; settles on certification
2023 LTI	RSAs (time-based)	40% of LTI value	—	—	—	Vests 1/3 on 3/1/2024, 3/1/2025, 3/1/2026

2023 equity grant detail:

Grant Type	Shares (#)	Grant-Date Fair Value ($)
PSUs	731	$200,148
RSAs	730	$199,874

Vesting milestones achieved/scheduled:

Award	Date	Quantity
2021 PSUs	3/1/2024	900 vested at 170% (1,530 shares issued)
2023 RSAs	3/1/2024	244 vested
2022 RSAs	3/1/2025	400 scheduled
2023 RSAs	3/1/2025; 3/1/2026	243; 243 scheduled
2022 PSUs	3/1/2025	1,203 subject to performance
2023 PSUs	3/1/2026	731 subject to performance

Equity Ownership & Alignment

Beneficial ownership: 11,208 shares as of March 7, 2025; <1% of outstanding .
Unvested/Unearned at 12/31/2023: 2,162 RSAs unvested; 2,834 PSUs unearned (target basis) .
Stock ownership guidelines: NEOs must hold 2× salary; all NEOs satisfied guidelines as of 12/31/2023 (includes Hebert) .
Hedging and pledging: Prohibited; none by directors/executives .

Ownership Detail	Value
Shares owned (#)	11,208
RSAs unvested (#, 12/31/2023)	2,162
PSUs unearned (#, 12/31/2023, at target)	2,834
Ownership guideline (Other NEOs)	2× base salary; met as of 12/31/2023
Hedging / Pledging	Prohibited; none pledged

Employment Terms

Term	Detail
Employment start	Chief Accounting Officer since Sept 2018; Principal Accounting Officer since Feb 19, 2019
Agreement type	Offer letter; no employment agreement
Severance (without cause)	6× monthly base salary (≈0.5× annual salary)
Change-of-control economics	Not specifically disclosed for Hebert; company CoC plan covers senior roles generally with equity vesting mechanics but NEO specifics vary
Non-compete / non-solicit	Not disclosed for Hebert; company-wide policies exist (agreements detailed for CEO/CLO only)
Clawback	Company clawback policy for incentive comp and misconduct recovery
Deferred comp	2023 contributions $129,135; balance $288,043
Perquisites (2023)	Group term life $6,336; 401(k) match $13,200; PTO liquidations $16,346; other $2,939

Company Performance Context (for alignment)

Metric	2020	2021	2022	2023	2024
TSR – $100 initial value	$156.74	$234.42	$243.36	$266.28	$214.50
Net Income ($M)	673	659	792	1,091	1,179
Adjusted EPS ($)	10.67	13.54	17.92	20.88	22.65

Premium revenue growth:

Metric	2023	2024
Premium Revenue ($B)	$32.5 (+5% YoY)	$38.6 (+19% YoY)

Compensation Structure Analysis

Increased at-risk pay linkage: Hebert’s 2023 bonus paid at 175% factor, with 70% tied to Adjusted EPS vs guidance and 30% to individual strategic outcomes, reinforcing EPS accountability and controllership impact .
Equity mix emphasizes PSUs over options: PSUs based on three-year adjusted EPS and time-based RSAs; no stock options granted to NEOs in 2023/2024, lowering repricing risk and focusing on multi-year value creation .
Governance protections: Double-trigger change-in-control in broader programs; robust clawback; prohibitions on hedging/pledging mitigate misalignment and leverage risks .

Risk Indicators & Red Flags

Pledging/hedging: None; prohibited by policy (mitigates alignment risk) .
Option repricing/gross-ups: No repricing; no excise tax gross-ups (shareholder-friendly) .
Say-on-pay support: 93% approval in 2024 indicates investor acceptance of pay design .
Insider selling pressure: Not indicated in proxy data; vesting schedules show continued unearned PSUs and structured RSA tranches (see tables) .

Investment Implications

Alignment signal: Hebert’s pay is materially tied to adjusted EPS outcomes with multi-year PSU performance tests, reinforcing disciplined accounting oversight supporting earnings quality and predictability .
Retention/transition risk: Offer-letter severance at ~0.5× annual salary suggests moderate retention economics; absence of a bespoke employment agreement limits guaranteed protections, but governance policies and equity vesting schedules still incentivize continuity .
Trading signals: Upcoming PSU determinations (2025–2026) tied to cumulative adjusted EPS could amplify sensitivity to earnings quality; continued prohibition on pledging/hedging reduces forced selling risk around vesting events .