Shruthi Narayan
PenumbraAbout Shruthi Narayan
Shruthi Narayan is President of Penumbra, Inc., appointed effective September 1, 2025; she is 41 years old and has been with Penumbra since 2013, rising through product management and general management roles across neuro and peripheral vascular franchises . She holds a B.S. in Electrical Engineering from Anna University and an M.S. in Biomedical Engineering from the University of Southern California with a focus on medical device commercialization . Company performance context during the most recent periods includes 2024 revenue of $1,194.6 million and 2024 non‑GAAP income from operations of $106.6 million, which were the PSU metrics used for senior employees; Q3 2025 revenue grew 17.8% year over year with adjusted EBITDA margin of 18.8% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Penumbra, Inc. | President (company) | Sep 2025–present | Leads enterprise execution and growth across neuro and vascular franchises |
| Penumbra, Inc. | President, Interventional | Jan 2025–Aug 2025 | Led day‑to‑day operations and growth initiatives for neuro and vascular businesses |
| Penumbra, Inc. | EVP & GM, Interventional | Sep 2023–Dec 2024 | Oversaw global commercialization and scaling of thrombectomy and embolization portfolio |
| Penumbra, Inc. | Product Manager; builder of peripheral vascular division | 2013–2013+ | Helped build peripheral vascular division; commercialized vascular portfolio globally |
| Medtronic, Inc. | Engineering, Regulatory Affairs, Cardiovascular Sales | 2006–2013 | Early‑career technical and commercial roles in medical devices |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships or external board roles disclosed in filings |
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Base salary | Not disclosed for President appointment | 8‑K disclosed equity only; no cash terms provided |
| Target bonus % | Company generally does not pay cash bonuses to executive officers | Compensation philosophy described; no short‑term cash incentives |
| Actual bonus paid | Not disclosed; company emphasizes base and equity, not cash bonuses | Program design emphasizes base + equity, not annual cash |
Performance Compensation
| Instrument | Grant Date | Grant Value | Metrics/Weighting | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs (time‑based) | Sep 15, 2025 | ~$2.5 million | Time‑based; no specific performance metrics disclosed for this grant | Equal annual installments over 4 years, subject to continued service | Appointment grant under 2014 Equity Incentive Plan |
Company performance equity program for senior employees (not including CEO; participation for non‑NEO executives is not specifically disclosed for Ms. Narayan) used annual revenue (75%) and non‑GAAP income from operations including operating margin (25%) as PSU metrics; 2024 achievements used for PSU sizing were revenue $1,194.6 million and non‑GAAP income from operations $106.6 million .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Total beneficial ownership (common stock) | 19,085 shares (a portion subject to vesting) | Form 3 initial statement |
| Ownership form | Direct (D) | Form 3 |
| Ownership as % of shares outstanding | ~0.049% (19,085 ÷ 38,683,650) | Shares outstanding as of Mar 31, 2025: 38,683,650 |
| Vested vs. unvested breakdown | Not fully disclosed; Form 3 notes portion subject to vesting | Form 3 |
| Options (exercisable/unexercisable) | None disclosed for Ms. Narayan | Form 3 shows no derivative holdings |
| Pledging/Hedging | Prohibited under company Securities Trading Policy | Anti‑hedging/anti‑pledging policy |
| Stock ownership guidelines | CEO has 3× base salary requirement; non‑employee directors have ownership guidelines; no specific guideline disclosed for other executives | CEO and director guidelines |
Employment Terms
- Appointment: Named President of Penumbra, effective September 1, 2025 .
- Contracts: No specific term length, severance, non‑compete, or garden leave terms disclosed for Ms. Narayan in the 8‑K .
- Change‑of‑control: Company proxy discusses single‑trigger accelerated vesting upon change in control for NEO equity awards; specific award agreement terms for Ms. Narayan’s RSUs not detailed in 8‑K .
- Clawback: Company maintains a Dodd‑Frank compliant compensation recovery (clawback) policy covering incentive‑based compensation tied to financial reporting measures .
- Insider trading: Company policy governs trading windows; prohibits hedging and pledging of company securities .
- Related party transactions: Company entered IT services agreements with N28 Technologies (CEO: Ms. Narayan’s spouse); aggregate payments since Jan 1, 2024 approx. $2 million. Approved by NCG Committee per Related Person Transaction Policy .
Performance Context
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Revenue ($USD Thousands) | $301,039 | $354,685 |
| GAAP Net Income ($USD Thousands) | $29,527 | $45,851 |
| Adjusted EBITDA ($USD Thousands) | $56,708 | $66,723 |
| Adjusted EBITDA Margin (%) | 18.8% | 18.8% |
2024 PSU metrics used for senior‑employee awards: revenue $1,194.6 million and non‑GAAP income from operations $106.6 million (with explicit non‑GAAP adjustments listed in proxy) .
Investment Implications
- Compensation alignment: Appointment RSU grant (~$2.5M, four‑year equal annual vesting) aligns retention and long‑term equity value, but is time‑based rather than performance‑conditioned, diluting direct pay‑for‑performance linkage for the new role; the company’s broader PSU framework emphasizes revenue and non‑GAAP operating profitability for senior employees .
- Selling pressure: Initial Form 3 shows 19,085 shares with a portion subject to vesting; combined with equal annual RSU vesting and anti‑hedging/anti‑pledging policy, near‑term discretionary selling pressure may be muted outside open windows, though no Form 4 sales are disclosed here .
- Governance risk: The related‑party IT services with N28 (~$2 million since 1/1/2024), though approved by the NCG Committee, introduces perceived conflict‑of‑interest sensitivity; monitor disclosures and approvals for scope changes .
- Retention risk: No severance or change‑in‑control cash provisions disclosed for Ms. Narayan; retention appears primarily equity‑based. Company clawback policy adds discipline around financial‑metric‑based awards .
- Performance execution: Her track record includes building Penumbra’s peripheral vascular business and leading interventional operations; company momentum remains strong (Q3 2025 revenue +17.8% YoY; adjusted EBITDA margin stable at 18.8%) supporting incentive realizability and strategic growth initiatives under her leadership .