Matthew Gourmand
About Matthew Gourmand
Matthew Gourmand is President of Omega Healthcare Investors, appointed effective January 1, 2025, after serving as Senior Vice President, Corporate Strategy & Investor Relations since October 2017; he is 49 years old . His background includes 10 years as an equity portfolio manager at Millennium Partners and Stevens Capital Management, three years as an equity research analyst at UBS, and six years in Deloitte’s audit practice; he holds an LLB in Law from University College London, is a Chartered Accountant and CPA, and a CFA charterholder . Company performance metrics relevant to pay-for-performance include three-year Absolute TSR of 21.3% and Relative TSR exceeding the FTSE Nareit Equity Health Care Index by ~1530 bps for the period ended December 31, 2024; Omega also maintained its $0.67 quarterly dividend through 2024 and executed $1.1B in new investments, with FAD per share of $2.73, Tenant Quality 99.03%, and Leverage 3.96x .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Omega Healthcare Investors | SVP, Corporate Strategy & Investor Relations | Oct 2017–Dec 2024 | Led investor relations and corporate strategy; contributed to succession planning and performance alignment |
| Millennium Partners | Equity Portfolio Manager | ~10 years (part of combined tenure) | Managed equity portfolios; market-facing capital allocation |
| Stevens Capital Management | Equity Portfolio Manager | ~10 years (part of combined tenure) | Quant/market strategies; risk management |
| UBS | Equity Research Analyst | ~3 years | Fundamental research; sector coverage |
| Deloitte | Audit (qualified as CA/CPA) | ~6 years | Financial controls, audit rigor |
External Roles
No public-company directorships or external board roles disclosed for Gourmand .
Fixed Compensation
| Component | 2025 Value | Notes |
|---|---|---|
| Base Salary | $550,000 | Effective Jan 1, 2025; subject to annual review |
| Annual Bonus Cap | 125% of base salary | High-level bonus opportunity per employment agreement |
| Employment Term | Through Dec 31, 2027 | New employment agreement term |
Performance Compensation
Annual Cash Incentive Structure (Company program retained for 2025)
| Metric | Weighting | Threshold | Target | High | 2024 Actual | Payout Level (2024) |
|---|---|---|---|---|---|---|
| FAD per share | 30% | $2.62 | $2.67 | $2.72 | $2.73 | High |
| Tenant Quality | 30% | 97.00% | 98.00% | 99.00% | 99.03% | High |
| Leverage (net funded debt / normalized EBITDA) | 10% | 4.9x | 4.7x | 4.5x | 3.96x | High |
| Individual/Subjective | 30% | Committee-assessed | Committee-assessed | Committee-assessed | CEO earned 89% of maximum for subjective component | See individual assessments |
Notes:
- Omega retained these performance measures and weightings for 2025 annual bonuses .
- 2024 cash incentive payouts: CEO at 155% of target; other NEOs averaged 161% (ex-COO) .
Long-Term Equity Incentives (Program design)
| Element | Weighting | Performance Hurdle | Performance Period | Earned Level (2019–2021/2022–2024) | Vesting Mechanics |
|---|---|---|---|---|---|
| Relative TSR units (vs FTSE Nareit Equity Health Care Index) | 55% of performance-based award | Target requires +50 bps vs index; High = +300 bps | 3 years | Earned at High for period ended Dec 31, 2024 (~1530 bps over index) | Earned units vest quarterly in following year (4 installments) |
| Absolute TSR units | 45% of performance-based award | High = 12% TSR | 3 years | Earned at High for period ended Dec 31, 2024 (21.3%) | Earned units vest quarterly in following year (4 installments) |
| Time-based RSUs/Profits Interest Units | 40% of total LTI | N/A | 3-year cliff vest | N/A | Cliff vest at 3 years; proration on qualifying termination; 100% acceleration upon change-in-control if within 60 days; retirement exceptions per award terms |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Stock Ownership Guidelines | Executives must own shares equal to at least 3x base salary within five years of appointment; CEO 6x; directors 5x retainer |
| Compliance Status | Messrs. Gourmand and Gupta were appointed as executive officers in January 2025; guideline multiples apply prospectively |
| Hedging/Pledging | Hedging and pledging of company securities are prohibited; all directors and officers were in compliance as of April 9, 2025 |
| Beneficial Ownership | Gourmand not listed in April 9, 2025 beneficial ownership table (new appointment timing); table covers directors and NEOs then disclosed |
| Deferred Compensation | Officers may defer vested equity (dividend equivalents may be paid/converted/accumulate per election) and cash bonuses/salary under nonqualified plans |
Employment Terms
| Provision | Terms for Gourmand |
|---|---|
| Position | President (effective Jan 1, 2025) |
| Base Salary | $550,000 (effective Jan 1, 2025) |
| Annual Bonus Opportunity (High) | 125% of base salary |
| Term | Through Dec 31, 2027 |
| Severance (without cause / good reason) | 2x (base salary + three-year average bonus), paid in installments over 24 months; 100% employer-paid COBRA for up to 18 months |
| Restrictive Covenants | Non-compete and non-solicit for 2 years post-termination |
| Change-in-Control Equity | Company policy: no single-trigger vesting; equity award terms provide specific acceleration/proration conditions |
| Clawback | Formal clawback policy adopted (2019) and revised (2023) consistent with SEC/NYSE requirements |
Compensation Structure Analysis
- Pay-for-performance rigor: Majority of LTI tied to three-year Absolute and Relative TSR; multi-metric annual bonus with objective FAD per share, Tenant Quality, and Leverage; subjective component balances qualitative objectives .
- Governance practices: No excise tax gross-ups on change-in-control, no single-trigger vesting, anti-hedging/anti-pledging, robust ownership guidelines, independent compensation consultant (Ferguson Partners) and market-median peer benchmarking .
- Peer group and revisions: 2024 peer group includes WELL, VTR, DOC, GLPI, WPC, FRT, NNN, STAG, HR, SBRA, MPW; 2025 revisions removed MPW/PRT and added Agree Realty, Broadstone Net Lease, and EPR Properties .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: ~94.5% of votes cast approved 2023 NEO compensation; Committee considered results in setting 2025 compensation .
Risk Indicators & Red Flags
- Alignment safeguards: Anti-hedging/pledging and ownership guidelines reduce misalignment risk; clawback policy addresses restatements .
- No single-trigger vesting and no excise tax gross-ups diminish shareholder-unfriendly optics .
- Related-party transactions policy requires independent director approval, mitigating conflicts .
Expertise & Qualifications
- Education/credentials: LLB (UCL), Chartered Accountant, CPA, CFA; prior audit, sell-side research, and long-only/quant portfolio management experience .
- Industry and capital markets: Deep experience across auditing, research, and investment management enhances execution in REIT capital allocation and investor relations .
Employment & Contracts
- Appointment and tenure: Appointed President effective January 1, 2025; employment agreement to Dec 31, 2027 .
- Contract economics: 2x severance multiple, two-year covenants, and COBRA support are consistent with mid-cap REIT executive norms; annual bonus high cap at 125% of salary .
Investment Implications
- Strong alignment: TSR-heavy LTI, multi-metric cash bonus, and anti-pledging policies indicate high pay-performance linkage and lower misalignment risk .
- Retention risk: Two-year non-compete/non-solicit and installment severance reduce near-term attrition; multi-year vesting and quarterly vesting post-performance likely moderate insider selling pressure .
- Execution signal: Gourmand’s audit, research, and portfolio management background, paired with Omega’s outperformance versus health care REIT benchmarks over multiple periods, supports investor confidence in strategic execution and capital allocation under his leadership .