Femi Adewunmi, M.D.
Option Care HealthAbout Femi Adewunmi, M.D.
Chief Medical Officer of Option Care Health since April 2024; age 51. He oversees quality and clinical services, value‑based care strategies, data analytics to enhance outcomes and patient care, and provides oversight to the Naven Health organization. He brings 25 years as a healthcare provider in internal and hospital medicine and over 17 years of executive leadership at Carelon Health, Sound Physicians, and UNC Health. He holds an M.D. from the University of Ibadan (Nigeria) and an M.B.A. from Duke University’s Fuqua School of Business . At appointment, his Form 3 showed no beneficial ownership of OPCH securities; a subsequent RSU grant was later reported on Form 4 but was filed late due to administrative error .
OPCH performance during Adewunmi’s tenure
| Metric | FY 2024 Actual | FY 2025 Guidance |
|---|---|---|
| Net Revenue ($USD Billions) | $4.99–$5.00 | $5.2–$5.4 |
| Adjusted EBITDA ($USD Millions) | $441–$444 | $445–$465 |
| Q4 2024 Net Revenue Growth (YoY) | 19.2%–20.1% | — |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Carelon Health | Executive leadership roles in healthcare operations | Not disclosed | Managed large‑scale operations and value‑based care |
| Sound Physicians | Executive leadership roles in hospital‑based physician services and post‑acute/value‑based care | Not disclosed | Led clinical operations and value‑based initiatives |
| UNC Health | Executive leadership roles | Not disclosed | Health system operations leadership |
External Roles
No public company directorships or external board roles disclosed in OPCH’s executive officer biography section .
Fixed Compensation
Specific base salary, target bonus %, and actual bonus amounts for Dr. Adewunmi are not disclosed in the 2024/2025 proxy materials. OPCH notes it does not expect to enter employment agreements with executive officers generally and customarily uses offer letters; executives participate in a companywide annual incentive program (details for Dr. Adewunmi not itemized in proxy) .
Performance Compensation
| Feature | Description |
|---|---|
| RSU acceleration (Change-in-Control) | If terminated without cause within 12 months of a change-in-control, outstanding RSUs immediately vest and settle . |
| PSU treatment (Change-in-Control) | If a change-in-control occurs during the performance period, target PSUs are deemed earned and vest/settle in connection with the transaction . |
| Options (legacy awards) | Under double-trigger acceleration, options remain exercisable for 12 months; 12 months upon death/disability; 90 days otherwise . |
| Retirement vesting (qualified executives) | Upon “Retirement,” pro‑rated earned PSUs based on actual performance vest on the 3rd anniversary of grant; options/RSUs continue to vest per schedules (applies to equity awards from 2023 onward; current NEOs have not met the age/tenure requirements) . |
| Executive Severance Plan linkage | During CIC Protection Period, performance equity accelerates based on the greater of target and actual performance; outside CIC period, a pro‑rated portion of performance equity vests at target . |
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial ownership at appointment (Form 3) | 0 shares; no securities beneficially owned as of 04/22/2024 . |
| Subsequent grants | One RSU grant for Dr. Adewunmi was reported on Form 4 late due to administrative error (size/date not detailed in proxy narrative) . |
| Pledging/Hedging | Prohibited for directors, officers, and employees (no margin accounts, pledging, derivatives, short sales, or hedging instruments) per OPCH Insider Trading Policy . |
Employment Terms
| Scenario | Cash Severance Multiple | Severance Period | Bonus Treatment | Equity Vesting |
|---|---|---|---|---|
| Qualified Termination outside CIC Protection Period | 1.25x base salary for “other executive officers” | 12 months for “other executive officers” | Prorated current-year bonus (based on actual performance) and any earned but unpaid prior-year bonus | Next-scheduled vest for options and time‑based RSUs; pro‑rated PSUs at target |
| Qualified Termination during CIC Protection Period (double-trigger) | 2.25x base salary for “other executive officers” | 12 months for “other executive officers” | Prorated target bonus for year of termination; any earned but unpaid prior-year bonus | Full acceleration of options and RSUs; PSUs accelerate at greater of target and actual performance |
| Restrictive covenants | Confidentiality, return of property, non‑competition, and non‑disparagement are required for benefits . |
Say‑on‑Pay Voting (Shareholder Signal)
| Vote Item | For | Against | Abstain | Broker Non‑Votes |
|---|---|---|---|---|
| 2024 Advisory Vote on Executive Compensation | 78,736,895 | 76,928,686 | 785,994 | 6,492,483 |
Approximate approval: 50.5% (For ÷ (For + Against + Abstain)), computed from the reported tallies .
Investment Implications
- Alignment/retention: Double‑trigger equity acceleration and retirement vesting features support retention while tying outcomes to performance; severance multiples (1.25x outside CIC; 2.25x in CIC) are moderate vs. peers and conditioned on restrictive covenants .
- Ownership discipline: The Insider Trading Policy prohibits pledging and hedging, reducing misalignment and selling pressure from margin arrangements .
- Transparency gaps: Dr. Adewunmi’s cash compensation specifics and incentive metric weightings are not itemized in proxy materials, limiting pay‑for‑performance analysis at the individual level .
- Shareholder sentiment risk: 2024 say‑on‑pay passed by a narrow margin (~50.5% support), signaling investor scrutiny of pay practices and potential pressure on compensation design .
- Operating backdrop: Strong FY 2024 revenue growth (~16%) with modest Adjusted EBITDA growth (~4%) and continued 2025 growth guidance create a supportive environment for PSU vesting tied to company performance .
- Governance watchpoint: A CFO transition was disclosed in August 2025; while routine, leadership changes can heighten governance focus in the near term .