Margaret Ancona
MYRIAD GENETICSAbout Margaret Ancona
Margaret (“Maggie”) Ancona is Senior Vice President, Chief of Staff at Myriad Genetics; she joined in January 2021 after leading Global Transformation and Program Management at HP and Dell Technologies. She holds a BA in English from the University of San Francisco and is 55 years old . Company performance during her tenure includes 2024 revenue of $837.6M (+11% YoY), adjusted operating income of $21.8M, and adjusted EBITDA of $40.4M; however, Myriad’s cumulative TSR value-of-$100 stood at 49.35 at FY2024 year-end versus 116.11 for the IXHC peer index, underscoring mixed shareholder returns over the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hewlett Packard (HP) | Led Global Transformation & Program Management | Not disclosed | Oversaw business transformation strategy, executed large-scale programs and cost management, retooled digital infrastructure |
| Dell Technologies | Led Global Transformation & Program Management | Not disclosed | Business transformation, large-scale program execution, digital infrastructure modernization |
External Roles
No public-company directorships or external board roles are listed in her executive biography .
Fixed Compensation
- Specific base salary, target bonus, and bonus payout amounts for Ancona are not disclosed (she is an executive officer but not a named executive officer (NEO) in the proxy) .
- Executive compensation structure comprises annual base salary, short-term cash incentives, and long-term equity (RSUs and PSUs) .
Performance Compensation
Myriad’s executive short-term incentive (STI) program is formula-driven around four quantitative metrics plus individual MBOs; weights vary by executive, with financial metrics generally receiving the highest weight . 2024 company-level outcomes used in STI calculations:
| Metric | Target | Actual | Achievement (% of Target) | Payout % (for 40%/30%/5%/5% weighting) |
|---|---|---|---|---|
| Revenue ($USD Millions) | $830.0 | $837.6 | 109% | 43.6% |
| Adjusted Operating Income ($USD Millions) | $7.2 | $21.8 | 150% | 45.0% |
| Employee Engagement (Percentile) | 77th | 79th | 107% | 5.4% |
| Customer NPS (Percentile) | 65th | 71.6th | 133% | 6.7% |
PSU design emphasizes three-year performance on revenue, adjusted EPS, and relative TSR vs IXHC; maximum payout is capped at target if absolute TSR is negative . The 2022 PSU cycle paid at 66% of target (revenue 98%, adjusted EPS 0%, relative TSR 100% capped due to negative absolute TSR) .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 6x salary; COO/CCO/CFO 3x; other executive officers (including Chief of Staff) 2x; must hold 50% of net shares acquired until guideline compliance; RSUs count toward compliance; PSUs/options do not .
| Feature | Guidelines |
|---|---|
| Ownership Multiple | CEO 6x; COO/CCO/CFO 3x; Other Executive Officers 2x base salary |
| Years to Meet | Five years from appointment or adoption |
| Shares That Count | Common stock and time-based RSUs; excludes unexercised options and unvested PSUs |
| Transfer Restrictions | Must hold 50% of net shares from vesting/exercise until guideline met; post 5-year phase-in, sales prohibited until met (tax sales excluded) |
| Compliance Status | As of Dec 31, 2024, all directors and executive officers were in compliance or have time remaining in the five-year phase-in |
- Hedging/pledging: Prohibited for all directors, officers, and employees; no margin or collateral pledging of company stock .
- Beneficial ownership: The proxy provides detailed ownership for NEOs and directors; Ancona’s specific share count is not disclosed .
Standard vesting mechanics for executives:
| Award Type | Vesting | Notes |
|---|---|---|
| RSUs | Pro-rata over 3 years (typically 33.3% annually) | Granted annually; minimum one-year vesting policy |
| PSUs | Cliff vest at 3 years | Earned based on revenue, adjusted EPS, and relative TSR vs IXHC; capped at target if absolute TSR negative |
Employment Terms
Myriad has standard employment agreements with executive officers and separate Severance and Change-of-Control (CoC) Agreements (Diaz/CEO had distinct terms; others share the standard terms) .
| Provision | Standard Execs (incl. Chief of Staff) | Citation |
|---|---|---|
| CoC threshold | 50% ownership/voting power; specified merger/asset sale; board change | |
| Equity acceleration (non-CoC) | Immediate vesting of RSUs scheduled within 2 years; PSUs vesting tracked for 2 years to extent metrics achieved | |
| Equity acceleration (CoC + qualifying termination) | Immediate full vesting of all unvested equity awards | |
| Severance multiple (non-CoC) | 1x salary + target bonus; prorated current-year bonus; up to 12 months COBRA (Raha had higher terms as incoming CEO) | |
| Severance multiple (CoC + qualifying termination) | 1x salary + target bonus; immediate equity vesting; up to 12 months COBRA (Raha higher as CEO) | |
| Triggers | Double-trigger structure (CoC and termination without cause/for good reason) | |
| Clawback | Mandatory recoupment for restatements; covers cash incentives, RSUs, PSUs, stock-price/TSR-linked metrics over prior 3 years |
Performance & Track Record (Company context during Ancona’s tenure)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue ($USD Millions) | 690.6 | 678.4 | 753.2 | 837.6 |
| Net Income (Loss) ($USD Millions) | (27.2) | (112.0) | (263.3) | (127.3) |
| TSR – $100 initial value | 99.35 | 52.23 | 68.90 | 49.35 |
Additional 2024 highlights: revenue +11% YoY to $838M, adjusted operating income $21.8M, adjusted EBITDA $40.4M, adjusted EPS $0.14; STI revenue and adjusted operating income paid at 109% and 150% of target respectively . Say-on-pay 2024 approval was 95%, indicating shareholder support for pay program design .
Compensation Structure Analysis
- Equity-heavy and performance-linked: 50% of annual equity is PSUs with objective metrics (revenue, adjusted EPS, relative TSR); absolute TSR cap prevents outsized payouts in down markets .
- Governance safeguards: Anti-hedging/pledging; no option repricing; no single-trigger equity vesting; independent consultant (Mercer) and peer benchmarking underpin decisions .
- Ownership alignment: Elevated guideline multiples plus 50% holding requirement until compliance supports long-term alignment and dampens near-term selling pressure .
Risk Indicators & Red Flags
- Pledging/hedging: Prohibited—a positive alignment feature .
- Equity modification/repricing: Disallowed without shareholder approval; no repricing policy stated .
- Clawbacks: Robust SEC/Nasdaq-compliant clawback policy across incentive pay—mitigates restatement risk .
- Program integrity: CHCC did not lower or adjust 2024 metrics; performance PSUs paid at 66% for 2022 cycle, evidencing at-risk nature .
Compensation Peer Group (Benchmarking context)
Mercer-reviewed 2024 peer group includes diagnostics/biotech names such as Exact Sciences, Natera, Veracyte, Bio-Techne, Neurocrine, and others; this peer set informs market calibration for salaries, STI, and LTI grants .
Equity Ownership & Insider Selling Pressure (Implications)
- Standard RSU/PSU vesting creates periodic supply; however, executives must hold 50% of net shares until meeting ownership multiples, tempering sales at vest events .
- Without Form 4 data in the proxy, specific insider transactions for Ancona are not disclosed here; monitoring Section 16 filings is advised for sell/buy patterns and vest-driven activity .
Employment Terms (Retention & Transition)
- Double-trigger CoC protection and 1x salary+bonus severance (with two-year equity acceleration in non-CoC terminations) provide downside protection but are not excessive vs mid-cap diagnostics peers, balancing retention and shareholder interests .
Investment Implications
- Pay-for-performance alignment is strong: formulaic STI tied to revenue and adjusted operating income, and PSU mix with revenue/adjusted EPS/relative TSR, all under governance guardrails and clawbacks—supporting confidence in execution incentives .
- Alignment and selling pressure: Elevated ownership guidelines and 50% holding requirements reduce near-term disposition risk at vest dates; anti-pledging further mitigates leverage-driven sales .
- Retention risk appears moderate: Standard severance and double-trigger CoC terms for executive officers provide stability without outsized entitlements, though two-year equity acceleration on non-CoC termination can influence exit calculus .
- Performance context: Revenue growth and positive adjusted profitability metrics in 2024 are offset by weak multi-year TSR vs IXHC; continued delivery against financial targets (including PSU metrics into 2026–2027) will be pivotal for value creation and payout realizations .