Colleen F. Reitan
MYRIAD GENETICSAbout Colleen F. Reitan
Independent director of Myriad Genetics since 2019; age 65. Former Executive Vice President and President of Plan Operations and Chief Operating Officer at Health Care Services Corporation, with prior senior roles including President and COO at Blue Cross and Blue Shield of Minnesota. Education: B.A. from Minnesota State University at Mankato; M.S. in Health Care Administration from the University of Minnesota–Twin Cities. Core credentials: extensive reimbursement and managed care expertise supporting payer strategy and risk management for precision diagnostics.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Health Care Services Corporation (HCSC) | Executive Vice President & President of Plan Operations; Chief Operating Officer | Not disclosed | Led plan operations; deep managed care execution and reimbursement strategy expertise (supports payer negotiations for testing) |
| Blue Cross and Blue Shield of Minnesota | President & Chief Operating Officer | Not disclosed | Senior leadership of payer operations; brings provider/payer perspective to board oversight |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Alnylam Pharmaceuticals, Inc. (ALNY) | Director | Current | Public company board service; enhances governance network and industry insights |
Board Governance
- Committee assignments: Chair, Nominating and Governance Committee (NGC); Member, Audit and Finance Committee (AFC). Both committees are comprised solely of independent directors.
- Independence: Determined independent under Nasdaq standards.
- Attendance: Board met 10 times in 2024; AFC met 7; NGC met 6. No director attended fewer than 75% of applicable meetings; all directors at the time attended the 2024 annual meeting.
- Board structure: Independent Chair (S. Louise Phanstiel); regular executive sessions of independent directors; majority voting with resignation policy in uncontested elections; limits on service on other public company boards.
- NGC remit: Oversees board size/composition, governance guidelines, annual board performance evaluations, and related-person/conflict reviews per policy.
Fixed Compensation
| Component | Detail | 2024 Amount |
|---|---|---|
| Board annual cash retainer | All members | $60,000 |
| Committee chair fee | NGC Chair | $20,000 |
| Committee member fee | AFC member (non-chair) | $13,500 |
| Cash fees paid (total) | Actual fees earned in 2024 | $93,500 |
| Equity grant | RSUs (grant at 2024 annual meeting) | 15,695 units; grant date 6/6/2024; grant-date fair value $349,999; vests at earlier of one year of service or next annual meeting |
| Total compensation | Cash + equity | $443,499 |
Notes:
- Director equity awards are time-based RSUs determined by dividing $350,000 by the closing price on grant date; for 6/6/2024, $22.30 per share drove 15,695 RSUs.
Performance Compensation
Directors do not receive performance-based cash bonuses or PSUs; director equity grants are time-based and not tied to financial/TSR metrics.
| Metric Category | Status |
|---|---|
| Performance-based cash (bonus) | Not applicable for directors |
| Performance-based equity (PSUs) | Not applicable; directors receive time-based RSUs |
Other Directorships & Interlocks
| Potential Interlock | Nature | Conflict Assessment |
|---|---|---|
| Alnylam Pharmaceuticals | Biopharma director role | No related-party transactions disclosed; NGC and AFC policies require review/approval of related-person transactions; none reported since 1/1/2024. |
Expertise & Qualifications
- Managed care and reimbursement leadership (HCSC; BCBS MN) supports oversight of payer coverage, pricing, and revenue-cycle risks for molecular diagnostics.
- Public company governance experience (ALNY) strengthens board effectiveness.
- Finance/leadership capabilities highlighted by company’s capability framework; board committees are independence-only.
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Colleen F. Reitan | 42,533 | <1% | Includes 15,695 RSUs vesting within 60 days of 4/8/2025 |
Ownership alignment policies:
- Stock ownership guidelines: Directors must hold shares equal to 5x annual cash retainer; individuals must hold 50% of shares acquired from RSU vesting or option exercise (excluding tax) until guideline met.
- Compliance status: As of 12/31/2024, all directors were in compliance or within the five-year phase-in.
- Anti-hedging and anti-pledging: Prohibited for directors; no waivers granted.
Governance Assessment
- Committee leadership and independence: As NGC Chair and AFC member, Reitan is positioned to oversee governance refreshment, conflicts, board evaluations, and financial/cyber risk oversight—positive for board effectiveness.
- Engagement and attendance: Company-wide attendance thresholds met; Reitan’s cash fee detail matches role-based policy, indicating active committee responsibility (NGC chair + AFC member).
- Compensation mix and alignment: 2024 director equity comprised the majority of total compensation (~$350k RSUs vs. ~$93.5k cash), aligning director incentives with shareholder value; time-based vesting avoids near-term performance gaming.
- Ownership discipline: Robust director ownership guidelines (5x retainer) and mandatory holding requirements; anti-hedging/pledging policies reduce misalignment/leveraging risks.
- Conflicts/red flags: No related-person transactions reported; board maintains majority voting/resignation policy and limits on other board service—no material governance red flags specific to Reitan disclosed.
- Investor confidence signal: 2024 Say-on-Pay approval 95% (executive comp), reflecting broad support for governance and pay structures; while not director-specific, it indicates stakeholder alignment.
Overall, Reitan’s payer-side experience and committee leadership strengthen oversight on reimbursement, governance, and audit/cyber risk, with strong alignment safeguards (ownership guidelines; anti-hedging/pledging) and no disclosed conflicts—supportive of investor confidence.