Bryan Riggsbee
NEOGENAbout Bryan Riggsbee
Bryan Riggsbee, age 55, was appointed Senior Vice President and Chief Financial Officer of Neogen, effective November 3, 2025, reporting to CEO Mike Nassif; he is a CPA with an MBA from Northwestern (Kellogg), and dual bachelor’s degrees from UNC–Chapel Hill and NC State . His recent background spans diagnostics and healthcare, including CFO, North America at bioMérieux (overseeing a $2B business) and nearly a decade as CFO at Myriad Genetics; earlier finance roles at LabCorp, GE, and KPMG . Contextual company performance: FY2025 Revenue $895M, Adjusted EBITDA $184M, and Free Cash Flow −$46M underperformed set thresholds; the Pay‑vs‑Performance table shows a FY2025 Neogen TSR “value of $100 investment” of 16.5 and Net Loss of $(1,092.0)M, reflecting integration challenges and goodwill impairment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| bioMérieux (North America) | Chief Financial Officer | — | Oversaw ~$2B business and multiple manufacturing sites; led finance operations across region |
| Myriad Genetics | Chief Financial Officer | ~10 years | Led finance, accounting, IR; expanded portfolio and partnerships; supported international growth |
| Laboratory Corporation of America (LabCorp) | Senior finance roles | — | Senior finance leadership in diagnostics; operational finance experience |
| GE | Senior finance roles | — | Corporate finance foundation; operational rigor |
| KPMG | Senior finance roles | — | Audit/accounting background; controls and reporting discipline |
External Roles
| Organization | Role | Years |
|---|---|---|
| CareDx, Inc. | Director | Appointed March 2024 |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base Salary | $600,000 | Annual base salary |
| Target Annual Bonus | 80% of base salary | Eligible under ICP; full FY2026 eligibility; 0–250% payout range with personal performance modifier |
| Annual LTI Target | $2,000,000 | Composition as approved by Compensation & Talent Management Committee |
| Sign‑On Cash Award | $250,000 | Paid by Dec 31, 2025; repay if employment terminates within 1 year |
| Relocation Benefits | Customary | Realtor fees, closing costs, household goods, two house‑hunting trips; 100% repayment if terminate within 1 year of relocating; 50% if within 2 years |
Performance Compensation
Annual Incentive Plan (ICP) Structure
| Metric | Typical Weighting | Payout Mechanics | Notes |
|---|---|---|---|
| Revenue | 50% | Threshold–Target–Max; linear interpolation | FY2025 design; FY2026 design not disclosed |
| Adjusted EBITDA | 30% | Threshold–Target–Max; linear interpolation | Non‑GAAP, excludes share‑based comp and certain non‑recurring items |
| Free Cash Flow | 20% | Threshold–Target–Max; linear interpolation | CFO‑relevant discipline on cash generation |
| Personal Performance Modifier (PPF) | — | 0–150% adjustment; overall cap 250% of target | Committee discretion; ICP measures Company and personal performance |
Note: FY2026 ICP specific targets and actuals for Riggsbee are not disclosed; FY2025 results paid out 0% for NEOs (Riggsbee not employed), as all three metrics missed threshold .
Long‑Term Incentives (LTI)
| Award Type | Grant Value | Vesting | Key Performance Linkages |
|---|---|---|---|
| Sign‑On Equity Inducement | $2,250,000 | 50% stock options, 3‑year ratable; 50% PSUs aligned with FY26 PSU plan | Options align to stock appreciation; PSUs tie to multi‑year performance |
| FY2026 PSUs | 50% of total FY2026 LTI | 3‑year performance period (FY26–FY28); settled and fully vested upon issuance | Metrics: Revenue CAGR (40%), Adjusted EBITDA margin expansion (30%), Cash Flow conversion (30%); payout 50%–200% of target; rTSR modifier ±20% vs S&P 600 Healthcare Equipment & Services (cap at 200%) |
| FY2026 Stock Options | 50% of total FY2026 LTI | 3‑year ratable vesting | Strike/expiration at grant per plan; typical 7‑year term at Neogen; specifics for Riggsbee grant date not disclosed |
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Stock Ownership Guidelines | Corporate officers: 2× annual base salary required; RSUs count; options and unearned PSUs do not; those below guidelines cannot sell >25% of vested shares |
| Anti‑Hedging/Pledging | Hedging prohibited; pledging or margin accounts prohibited without CFO and Board Chair approval |
| Beneficial Ownership | Not yet disclosed for Riggsbee (joined after Aug 26, 2025 ownership table) |
Employment Terms
| Term | Detail |
|---|---|
| Employment Status | At‑will; subject to customary pre‑employment conditions |
| Restrictive Covenants | Standard Non‑Disclosure, Non‑Competition, and Non‑Solicitation Agreement required |
| Relocation Clawback | 100% repayment if terminate within 1 year of relocating; 50% if within 2 years |
| Clawback Policy | Incentive‑based compensation recovery upon financial restatements per policy filed with FY2025 10‑K |
Company context on executive severance (for NEOs generally; Riggsbee’s specific agreement not disclosed):
- Without Cause/Good Reason: Base salary severance (12 months for non‑CEO; paid ratably), Target Bonus (lump sum), and COBRA continuation cost during severance period .
- Within 12 months after Change‑of‑Control: Same cash severance plus full acceleration of all outstanding equity awards .
Performance & Governance Context
| Item | FY2025 Values/Disclosures |
|---|---|
| Revenue | $895M (missed threshold $900M) |
| Adjusted EBITDA | $184M (missed threshold $202M) |
| Free Cash Flow | −$46M (missed threshold $42M) |
| Pay‑vs‑Performance (PVP) Snapshot | Neogen TSR “$100 investment value”: 16.5; Net Loss: $(1,092.0)M; Adjusted EBITDA: $184.2M |
| Say‑on‑Pay 2024 | 48.8% approval; led to FY2026 introduction of PSUs and enhanced disclosure |
| Compensation Peer Group | Diagnostics/life sciences peers including IDEXX, Waters, Bio‑Rad, Charles River, Bruker, QuidelOrtho, etc. (full list in proxy) |
Investment Implications
- Alignment improves: FY2026 PSUs introduce rigorous multi‑year metrics (Revenue CAGR, EBITDA margin expansion, FCF conversion) with a relative TSR modifier, shifting mix toward performance‑based equity and directly addressing 2024 say‑on‑pay concerns .
- Retention and near‑term selling pressure: Three‑year ratable vesting on sign‑on options plus PSU cliff settlement after performance period, combined with officer ownership requirements (2× salary) and anti‑hedging/pledging, should moderate insider selling pressure and support ownership alignment; relocation clawbacks further discourage early departure .
- Execution risk: FY2025 shortfalls (Revenue/EBITDA/FCF below threshold and negative FCF) and PVP metrics indicate a challenging base; a diagnostics‑seasoned CFO (bioMérieux/Myriad) is tasked with cash discipline and integration performance that directly drives ICP/PSU outcomes—watch FY2026 disclosure of ICP targets and PSU progress as leading indicators .
- Potential trading signals: Equity award calendars (3‑year vesting cadence on options; FY26–FY28 PSU period) and any future Form 4 activity will be key for timing insider flows; monitor anti‑pledging compliance and any new severance/COC filings specific to Riggsbee for changes to acceleration risk .