Maggie Yuen
PenumbraAbout Maggie Yuen
Penumbra’s Chief Financial Officer since December 2019, age 53, with 20+ years leading scalable finance organizations across manufacturing, medical devices, and life sciences; degrees include MAcc and MBA (Weatherhead School of Management) and B.S. from Case Western Reserve University . During her tenure, Company revenue rose from $560.4M (2020) to $1,194.6M (2024), while net income moved from $(15.7)M (2020) to $14.0M (2024); cumulative TSR outperformed the S&P Healthcare Equipment Index in 2021–2024 as disclosed in the proxy’s pay-versus-performance table . 2024 performance equity metrics tied to revenue and non-GAAP operating income (including operating margin) underpinned PSU awards to senior executives excluding the CEO .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Thermo Fisher Scientific – Genetic Science Division | Vice President of Finance | 2016–2019 | Directed finance operations, strategic planning, and business development for instrument platforms, cloud software, content, and services . |
| Mirion Technologies | Finance leadership roles | 2012–2016 | Built scalable processes and infrastructure; increasing responsibility in finance leadership . |
| Boston Scientific | Senior finance roles | 2007–2010 | Finance leadership in medical devices; operating support for commercialization efforts . |
| Glu Mobile | Senior finance roles | 2004–2007 | Finance roles in technology/gaming; growth and operational finance processes . |
| Johnson & Johnson | Senior finance roles | 2001–2004 | Early career finance foundation in diversified healthcare . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AtriCure, Inc. (Nasdaq: ATRC) | Director | Since Jun 2021 | Public company board experience; cross-industry insights into cardiac devices and governance . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $650,000 | $655,769 | $700,000 |
| Cash Bonus ($) | — | — | — |
| All Other Compensation ($) | $10,980 | $10,274 | $6,796 |
| Total ($) | $1,656,935 | $666,043 | $1,777,895 |
Company policy generally avoids short-term cash incentives; NEO cash comp tends to be at the lower end versus peers, with equity providing long-term alignment .
Performance Compensation
| Element | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 PSU Program (granted Feb 14, 2025) | Revenue | 75% | Not disclosed | $1,194.6M (FY24) | 780 RSUs (M. Yuen) | 4 equal tranches: 2/18/2025, 2/15 in 2026–2028 |
| 2024 PSU Program (granted Feb 14, 2025) | Non-GAAP Income from Operations (incl. operating margin) | 25% | Not disclosed | $106.6M (FY24) | Included in 780 RSUs above | As above |
| Performance RSUs (2023 PSU payouts) | Company performance (2023) + individual | — | — | Achieved per program | 2,070 RSUs granted 3/15/2024; $459,851 fair value | First tranche at grant; remaining annually over 3 years |
| Time-based RSUs (Retention/Performance) | Service | — | — | — | 2,570 RSUs granted 11/15/2024; $611,249 fair value | 4 equal annual installments on 11/15 in 2025–2028 |
2024 PSU metrics were revenue and non-GAAP operating income (including operating margin); payouts scale at threshold/below plan/at plan/above plan levels based on a percentage of salary, with values determined by weighted metric achievement and individual performance .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 13,764 shares (6,764 owned; 7,000 options exercisable within 60 days of Mar 31, 2025) . |
| Ownership % of Outstanding | ~0.036% (13,764/38,683,650) . |
| Options – Exercisable | 7,900 at $158.30, expiring 12/15/2029 (all exercisable; none unexercisable listed) . |
| RSUs – Unvested (12/31/2024) | 938 (vest 11/15/2025), 2,225 (50% on 12/15/2025 & 50% on 12/15/2026), 1,553 (one-third on 3/15/2025–2027), 2,570 (one-fourth on 11/15/2025–2028) . |
| Market Value of Unvested RSUs | $1,730,279 intrinsic value as of 12/31/2024 for accelerated awards on change-in-control (single trigger) . |
| Pledging/Hedging | Prohibited by formal policy (anti-hedging and anti-pledging) . |
| Ownership Guidelines | CEO-specific 3x salary guideline; no separate NEO guidelines disclosed . |
Near-Term Vesting Schedule and Potential Supply Overhang
| Grant | Shares | Next Vest Date(s) | Notes |
|---|---|---|---|
| 11/15/2024 RSUs | 2,570 | 11/15/2025–2028 (annual) | 4 equal tranches; retention/performance award . |
| 12/15/2023 RSUs | 2,225 | 12/15/2025 & 12/15/2026 (50%/50%) | Two annual vesting dates . |
| 3/15/2024 RSUs | 1,553 | 3/15/2025–2027 (annual thirds) | Performance RSUs from 2023 PSU payout . |
| 2/14/2025 PSU RSUs | 780 | 2/18/2025; 2/15/2026–2028 | 4 equal tranches; payout based on FY24 metrics . |
Employment Terms
- Employment: CFO since December 2019; employed at will; initial compensation set via offer letters, not a formal employment agreement .
- Severance: None; no stand-alone severance or change-in-control cash benefits .
- Change-in-Control Equity: Single-trigger acceleration – all unvested RSUs/options vest upon change in control, subject to continued service through the transaction date .
- Clawback: Compliant with Dodd-Frank Section 954; recovers excess incentive-based compensation tied to financial reporting measures upon restatement .
- Anti-Hedging/Pledging: Prohibited across employees and directors .
Performance & Track Record
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue ($000s) | 560,412 | 747,590 | 847,133 | 1,058,522 | 1,194,615 |
| Net Income ($000s) | (15,702) | 5,284 | (2,002) | 90,954 | 14,012 |
| Company TSR (Initial $100) | $106.53 | $174.91 | $135.42 | $153.13 | $144.57 |
| Peer TSR (S&P Healthcare Equipment) | $132.91 | $136.96 | $104.99 | $98.45 | $103.45 |
FY2024 metric determinations for PSU payouts: Revenue $1,194.6M; Non-GAAP income from operations $106.6M .
Compensation Structure Analysis
- Shift toward annual performance-linked equity via PSU framework (introduced 2023; renewed 2024/2025) while maintaining low cash incentives, reinforcing long-term alignment with revenue and operating performance .
- Single-trigger accelerated vesting on change-in-control increases potential value realization irrespective of post-transaction employment outcomes (governance risk) .
- 2024 stock awards increased versus 2023 (which had no stock awards), reflecting PSU payouts and retention grants; base salary remained modestly increased to $700,000 in 2024 .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay (on 2023 comp) approval ~93%, indicating strong investor support for the NEO compensation framework; approach remained substantially consistent for 2024 .
Investment Implications
- Alignment: Strong linkage to top-line and operating performance via PSU metrics; anti-hedging/pledging policies and clawback bolster governance discipline .
- Retention Risk: Absence of severance and reliance on equity vesting suggests retention tied to long-term equity value; multiple upcoming vest dates indicate predictable liquidity windows but not necessarily selling pressure without Form 4 activity data .
- Governance Watchouts: Single-trigger change-in-control acceleration can misalign outcomes in M&A contexts; absence of executive ownership guidelines beyond CEO reduces formal “skin-in-the-game” requirements for CFO, though beneficial ownership exists .
- Performance Signal: FY24 achievements under PSU metrics produced a modest award (780 RSUs) for the CFO, consistent with measured payouts rather than windfalls, supporting a disciplined pay-for-performance stance .
Additional disclosures and signatures confirm current NEO status and SOX certifications, underscoring governance and control rigor .