Jonathan Leon
OMIAbout Jonathan Leon
Jonathan A. Leon, age 58, is Executive Vice President & Chief Financial Officer (CFO) of Owens & Minor (appointed September 23, 2024), after serving as Corporate Treasurer since 2017 and Interim CFO from June 21 to September 23, 2024; he holds a B.S. in Finance from the University of Connecticut and brings 25+ years of corporate finance, treasury, and strategy experience . In 2024, OMI generated $10.7B in revenue, adjusted operating income (AOI) of $313M, and adjusted EBITDA of $523M, with the Annual Incentive Plan (AIP) funding at 100% of target based on revenue, AOI, and Operating Model Realignment (OMR) program performance; prior 2022 PSU grants were forfeited due to cumulative adjusted EPS underperformance versus target ($5.61 vs $11.28) . Leon’s pay structure emphasizes variable compensation aligned to performance, with PSUs tied to multi‑year EPS and relative TSR modifiers (moving to EBITDA+TSR in 2025), plus robust share‑ownership, clawback, and no‑pledging policies to align incentives with shareholder value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Owens & Minor | Executive Vice President & Chief Financial Officer | Sep 23, 2024 – Present | Senior finance leadership; continued corporate treasurer responsibilities during transition; directs investor relations, corporate finance, M&A, corporate development |
| Owens & Minor | Interim Chief Financial Officer | Jun 21, 2024 – Sep 23, 2024 | Stabilized finance function during CFO transition; received special RSU recognition grant |
| Owens & Minor | Senior Vice President, Corporate Treasurer | May 2018 – Jun 2024 | Led global treasury, corporate development, taxation, investor relations |
| Owens & Minor | Vice President, Treasurer | Jan 2017 – May 2018 | Built treasury and capital markets capabilities; investor outreach |
| The Brink’s Company | Treasurer | 2008 – 2017 | Led treasury, investor relations, corporate finance; supported strategic initiatives at global security services firm |
External Roles
- No public company directorships disclosed for Leon; he is listed among executive officers (not directors) in beneficial ownership tables .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Target Bonus ($) | Actual Bonus Paid ($) |
|---|---|---|---|---|
| 2024 | 550,000 (effective Sep 23, 2024; +29.4% on promotion) | 85% (increased from 55% upon becoming NEO) | 298,431 | 298,431 (100% of target; paid Mar 2025) |
Performance Compensation
Annual Incentive Plan (AIP) – 2024
| Measure | Weighting | Threshold (50%) | Target (100%) | Maximum (200%) | Actual | AIP Achievement |
|---|---|---|---|---|---|---|
| Revenue | 20% | $10,302M | $10,844M | $11,386M | $10,700M | 87% |
| Adjusted Operating Income (AOI) | 60% | $300M | $315M | $330M | $314M | 96% |
| OMR Program AOI Benefit | 20% | $55M | $75M | $95M | $80M | 125% |
| MBO Modifier | +/-35% | — | — | — | Achieved (Leon met role‑specific MBOs; see below) | Applied discretionally |
- Leon’s 2024 MBOs included meeting AOP financial metrics, maximizing interest income/minimizing expense, net working capital improvement, refinancing AR securitization, HQ sale/relocation, cross‑training Treasury/Tax, and succession planning .
Equity Awards – 2024 Grants and Vesting
| Grant Date | Type | Shares (#) | Grant Date Fair Value ($) | Vesting / Performance |
|---|---|---|---|---|
| Mar 1, 2024 | RSU | 17,046 | 420,013 | Vests annually over 3 years from Mar 20, 2024 |
| Mar 1, 2024 | PSU (target) | 7,306 | 206,321 | Earnout 0–200% on cumulative adjusted EPS (FY2024–FY2026), modified by relative TSR (Russell 3000 Medical Equipment & Services) |
| Jul 1, 2024 | RSU (Interim CFO recognition) | 19,202 | 250,010 | Cliff vest on Jun 21, 2027 |
| Sep 23, 2024 | RSU (promotion to EVP & CFO) | 42,933 | 650,006 | Vests annually over 3 years from Sep 23, 2024 |
- 2024 Long-Term Incentive target annual award: RSUs $420,000 (17,046), PSUs $180,000 (7,306); plus two one‑time RSU awards totaling $900,000 for Interim CFO and CFO appointments .
- 2022 PSU cycle (FY2022–FY2024) determined to have 0% earnout; cumulative adjusted EPS actual $5.61 vs target $11.28; all such PSUs forfeited .
- Beginning 2025, performance equity shifts to EBITDA and relative TSR (still 3‑year horizon) .
Stock Awards Vested in 2024
| NEO | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| Jonathan A. Leon | 20,893 | 466,693 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 227,389 shares; <1% of outstanding |
| Unvested RSUs (12/31/2024) | 93,831 shares; $1,226,371 market value (at $13.07) |
| Unearned PSUs (at target, 12/31/2024) | 33,885 shares; $442,877 market/payout value (at $13.07) |
| Options | None outstanding; no SARs |
| Ownership Guidelines | Executive Vice Presidents: 2.0x base salary; Leon exceeded target as of Dec 31, 2024 |
| Hedging/Pledging | Prohibited for executives/directors; no margin accounts or pledging permitted |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | EVP & CFO effective Sep 23, 2024; Interim CFO Jun 21–Sep 23, 2024 |
| Base Salary | $550,000 (annualized) |
| 2024 Target Bonus | $298,431 (weighted; 85% of base after becoming NEO) |
| Equity – Ongoing | Eligible beginning 2025 for annual equity award with target grant date fair value $1,500,000 |
| Equity – One‑time | $650,000 RSU (promotion, Sep 2024) |
| Severance Policy | Covered by Officer Severance Policy (May 7, 2018) and Executive Change‑in‑Control Severance Agreement (form filed with FY2023 10‑K) |
| Severance – Involuntary (No Cause) | Cash: $1,087,066; Benefits PV: $8,853; Equity: $275,254; Total: $1,371,173 |
| Severance – CoC (Double‑Trigger) | Cash: $1,449,421; Benefits PV: $34,916; Equity: $1,669,248; Total: $3,153,585 |
| Disability | Cash: $320,000; Equity: $275,254; Total: $595,254 |
| Death | Equity: $1,226,371 |
| Clawback | Recoupment of incentive compensation and time‑vesting equity upon restatement circumstances |
| Employment Agreements | No employment agreements with executive officers |
| Tax Gross‑Ups | None (no excise tax gross‑ups) |
Performance & Track Record
- 2024 Company outcomes under Leon’s senior finance leadership: Revenue $10.7B, AOI $313M, adjusted EBITDA $523M; reduced total debt by $244M and net debt by $50M; operating cash flow $161M .
- AIP funded at 100% based on blended metrics; Leon’s MBOs focused on capital structure optimization, working capital, AR securitization refinancing, and HQ relocation execution .
- 2022 PSU cycle forfeited (EPS under target), highlighting disciplined performance gating for equity payouts .
Compensation Committee & Governance Signals
- Committee: Our People & Culture (OP&C) Committee; independent consultant with no other services; pay-for-performance emphasis; risk mitigation via caps and multi‑metric design .
- Say‑on‑Pay: 2024 approval ~98%; historical approvals 96% (2022), 97% (2023), 98% (2024) .
- Double‑trigger CoC; no repricing; no hedging or pledging; share ownership guidelines enforced .
Investment Implications
- Alignment and retention: Leon exceeds ownership guidelines (2x salary) and holds substantial unvested RSUs across multi‑year schedules (including a cliff vest in 2027), reinforcing retention and pay-for-performance alignment; hedging/pledging prohibitions further tighten alignment .
- Near‑term selling pressure: Time‑based RSUs vest annually from Mar 20, 2024 and Sep 23, 2024, with additional cliff vest on Jun 21, 2027; monitor vest dates for potential supply, noting 20,893 shares vested in 2024 ($466,693 realized) and no options outstanding .
- Risk controls: Double‑trigger CoC and robust clawback mitigate windfall risks; absence of employment agreements and tax gross‑ups is shareholder‑friendly .
- Performance focus: Shift to EBITDA+TSR PSUs beginning 2025 raises emphasis on value creation and relative performance; prior PSU forfeiture underscores stringent hurdles—watch for execution against EBITDA and TSR to drive future payouts .