Julie Andrews
Orthofix MedicalAbout Julie Andrews
Julie Andrews, age 54, is Chief Financial Officer of Orthofix Medical Inc., appointed effective January 15, 2024, bringing 30 years in finance and 24 years in spine/orthopedics leadership including senior roles at Wright Medical, Medtronic, and Smart Wires, and serving as audit committee chair at RxSight, Inc. . Under the executive team’s 2024 operating plan, Orthofix delivered net sales of $799.5 million (+7.1% YoY) and achieved above-target bonus results for CFO-linked metrics, with weighted performance at 102.1% against goals spanning net sales, adjusted EBITDA, adjusted free cash flow, new product introductions, and enterprise community engagement objectives . Long-term incentives for 2024 were structured to emphasize pay-for-performance via PSUs tied to three-year relative TSR vs the S&P Healthcare Equipment Select Industry Index and performance-conditioned stock options, aligning compensation outcomes to shareholder value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wright Medical Group N.V. | SVP, Global Finance; previously VP Finance & Chief Accounting Officer | 2012–2020 | Led a 170-person finance org across FP&A, accounting, tax, treasury; stewarded finance through acquisition by Stryker |
| Medtronic Inc. | VP Finance / Business Unit CFO, Spine & Biologics; earlier finance roles | ~14 years (prior to 2012) | Oversight of FP&A and accounting for ~$3.5B Spine & Biologics, driving disciplined capital allocation and operating rigor |
| Smart Wires Technology | Chief Financial Officer | 2021–2023 | Finance leadership at energy-tech company enabling renewable transition; public company-facing CFO experience |
| Thomas & Betts | Senior Financial Analyst | Early career | Broad-based industrial finance foundation |
| Thomas Havey, LLC | Auditor | Early career | Core audit and financial reporting expertise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RxSight, Inc. | Director; Audit Committee Chair | Current | Board oversight and audit leadership at ophthalmic device company |
Fixed Compensation
| Component | 2024 Amount / Percent | Notes |
|---|---|---|
| Base Salary | $475,000 | CFO annual base salary |
| Target Bonus % | 70% of salary | Annual cash incentive target |
| Actual Bonus Paid | $339,483 | Based on weighted achievement of 102.1% for CFO-linked metrics |
Performance Compensation
| Metric | Weighting (CFO) | Threshold | Target | Maximum | Actual | Payout for Metric |
|---|---|---|---|---|---|---|
| Company-wide Net Sales (USD mm) | 30% | $780.9 | $805.0 | $829.2 | $796.7 | 82.9% |
| Company-wide Adjusted EBITDA (USD mm) | 30% | $75.0 | $88.2 | $101.4 | $83.6 | 82.4% |
| Company-wide Adjusted Free Cash Flow (USD mm) | 25% | $11.6 | $14.6 | $17.6 | $21.7 | 150.0% |
| New Product Introductions (count) | 10% | 24 | 30 | 36 | 30 | 100.0% |
| Enterprise Community Service Objective | 5% | ≥1,750 hours | ≥1,750 hours | ≥1,750 hours | Met | 100.0% |
| Total Weighted Achievement | — | — | — | — | — | 102.1% (CFO payout basis) |
2024 Long-Term Incentive Structure (Design)
- PSUs: 50% weighting; three-year cliff vest based on relative TSR vs S&P Healthcare Equipment Select Industry Index; 0–200% payout; capped at 100% if absolute TSR negative; overall cap at 5x target grant FMV .
- Time-based RSUs: 25% weighting; vest in three equal annual installments .
- Stock Options: 25% weighting; seven-year term; service-vesting with additional performance condition requiring average closing price ≥150% of grant price over a consecutive 30-day period before vesting .
Julie Andrews — 2024 Grants Detail
| Award Type | Grant Date | Shares/Options | Exercise Price | Vesting |
|---|---|---|---|---|
| PSUs (Target) | Jan 15, 2024 | 65,934 | — | Cliff vest Jan 7, 2027, based on three-year relative TSR |
| RSUs | Jan 15, 2024 | 32,967 | — | 1/3 each on Jan 15, 2025/2026/2027 |
| Stock Options | Jan 15, 2024 | 76,878 | $13.65 | Service-based: 1/3 on Jan 15, 2025, remainder quarterly; Performance: 30-day avg price ≥150% of $13.65 (~$20.48) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 6,333 shares owned directly |
| Shares Outstanding (Record Date) | 39,180,306 shares (Apr 21, 2025) |
| Ownership % of Outstanding | ~0.016% (6,333 ÷ 39,180,306) based on cited figures |
| Unvested RSUs (as of Dec 31, 2024) | 32,967 (time-based) |
| Unvested PSUs (as of Dec 31, 2024) | 65,934 (performance-based; cliff vest Jan 7, 2027) |
| Options Outstanding (Unexercisable) | 76,878 @ $13.65, expiring 1/15/2031; service + performance vesting as noted |
| Hedging/Pledging | Prohibited for executive officers (no margin/pledge; no hedging) |
| Stock Ownership Guidelines | CFO required ownership: 2x base salary; qualifying equity excludes unvested PSUs/options; 5-year phase-in; all executive officers and directors in compliance subject to phase-in |
Employment Terms
| Provision | Details |
|---|---|
| Employment Agreements | No employment agreements for executives (unless required by law) |
| Severance (Good Reason/Without Cause) | Lump sum $807,500; value of stock-based rights $1,028,965; welfare benefits $20,171; outplacement $12,500; total $1,869,136 (as of 12/31/2024 at $17.46 stock price) |
| Change in Control (Double Trigger) | Lump sum $1,211,250; value of stock-based rights $3,170,924; welfare $20,171; outplacement $18,750; total $4,421,095 (as of 12/31/2024) |
| Death/Disability | Lump sum $807,500; stock-based rights $2,019,717; welfare $20,171; outplacement $12,500; total $2,859,888 (as of 12/31/2024) |
| Equity Acceleration Terms | All executive equity grants include double-trigger CIC vesting; performance stock options require price hurdle; RSUs vest per schedule unless terminated with cause |
| Clawback | Mandatory recovery of excess incentive compensation upon restatements per 2023 policy aligned with listing standards |
| Tax Gross-ups | No excise tax gross-ups for CIC payments |
| Perquisites | Limited; 2024 all other comp includes $307,107 relocation, plus standard benefits |
Compensation Structure Analysis
- Equity-heavy, performance-oriented mix: PSUs (relative TSR) and performance-conditioned options constitute 75% of inducement equity for CFO hires, indicating strong linkage to shareholder value creation vs. purely time-based equity .
- Annual cash bonus strictly metric-driven: CFO metrics weighted to company-level sales, adjusted EBITDA, free cash flow, product launches, and community engagement, with payouts capped and no discretionary overrides; 2024 payout at 102.1% reflects balanced performance (FCF outperformance offsetting EBITDA/net sales under-target) .
- Governance safeguards: Double-trigger CIC equity vesting, clawback policy, robust hedging/pledging prohibitions, and stock ownership guidelines (2x salary for CFO) mitigate misalignment and excessive risk-taking .
Risk Indicators & Red Flags
- Hedging/pledging risk: Mitigated by explicit prohibitions for insiders .
- Option repricing: Prohibited without shareholder approval .
- Say-on-Pay: Strong support—97% approval in 2024; 90%+ for last nine annual meetings, indicating shareholder endorsement of pay design .
- Related party transactions: None involving Ms. Andrews; broader 2024 related-party supplier payment to Integra reviewed/approved by Audit & Finance Committee .
Compensation Peer Group (Benchmarking Context)
Peer set used for 2024 decisions includes Accuray, Alphatec, AngioDynamics, Artivion, AtriCure, Avanos, Bioventus, CONMED, Enovis, Globus, Haemonetics, Integer, Integra, LivaNova, Merit Medical, Nevro, NuVasive, and ZimVie—selected for revenue scale, MedTech sub-sector, product lines, and international reach .
Equity Vesting Calendar (Insider Selling Pressure Indicators)
- RSUs: 1/3 vesting each Jan 15, 2025/2026/2027—potential sell-to-cover tax events on those dates .
- Options: Service vesting begins Jan 15, 2025 and quarterly thereafter; performance condition requires 30-day average ≥150% of $13.65 (~$20.48), gating exercisability and mitigating near-term selling pressure absent sustained price strength .
Investment Implications
- Alignment: CFO pay structure tightly links long-term realization to three-year relative TSR and sustained stock price appreciation, with robust clawback and double-trigger CIC protections—positive for shareholder alignment .
- Retention: Significant unvested PSUs/RSUs/options and ownership guideline phase-in through 2029 support retention; severance economics (one-times base+target bonus; 1.5x in CIC period) reduce abrupt departure risk while avoiding single-trigger windfalls .
- Execution signal: 2024 bonus outcome (102.1%) reflects balanced operational control—FCF strength offsetting EBITDA/sales shortfalls—suggesting disciplined working capital and capex management under CFO stewardship .
- Trading dynamics: Anticipate periodic sell-to-cover flows around January vest dates; option exercises contingent on sustained price ≥~$20.48 average for 30 days may cap near-term option-related selling unless performance thresholds are met .