Ana Maria Chadwick
INSULETAbout Ana Maria Chadwick
Ana Maria Chadwick is Executive Vice President, Chief Financial Officer and Treasurer of Insulet (PODD), serving since April 22, 2024; she is 50 years old and holds a BA in Economics from American University in Washington, DC . Previously CFO of Pitney Bowes (2021–2024) and a 20+ year GE Capital veteran (roles spanning CFO, COO, and CEO positions), she brings deep capital markets, finance, and operational expertise across the U.S., Latin America, and Europe . Insulet’s 2024 AIP (annual bonus) was driven 80% by Adjusted Revenue/EBIT and 20% by strategic measures, delivering an overall payout factor of 177.8% on actual results of $2,074M Adjusted Revenue vs $1,953M target and $307M Adjusted EBIT vs $236M target . The Company’s fiscal 2022 PSU cycle (performance period 2022–2024) paid out at 169% based on cumulative adjusted revenue of $5,151M and cumulative adjusted EBIT of $668M, reflecting strong multi-year revenue growth and above-threshold profitability .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pitney Bowes Inc. | EVP & CFO | 2021–2024 | Integral to transformation from mailing solutions to technology-enabled growth; led large finance teams and drove financial/operational efficiencies . |
| GE Capital / General Electric | President & CEO, Global Legacy Solutions; CFO & COO, Global Legacy Solutions; Controller, GE Capital Americas; CFO, GE Capital Energy Financial Services; COO, Consumer Finance & Banking LATAM; CFO, GE Consumer Finance Switzerland; VP FP&A, GE Capital Card Services | ~2001–2021 | Led complex portfolios and operations across regions; deep capital markets, strategy, investor relations, and tax policy expertise . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Dollar General | Director (Audit Chair) | Aug 2022–present | Board service with Audit Chair responsibilities . |
| LiveGirl, Inc. | Director; Mentor | Ongoing | Focus on increasing opportunities for underprivileged girls . |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary (annual rate) | $630,000 | Set upon hire (April 2024) . |
| AIP Target (% of Salary) | 70% | CFO target established for fiscal 2024 . |
| Salary Earned (FY2024) | $411,923 | Prorated from April 22, 2024 start . |
| Cash Sign-On Bonus | $125,000 | Repayable if voluntary departure within 12 months . |
| Actual AIP Payout (FY2024) | $544,155 | Pro-rated based on days employed in 2024 . |
Performance Compensation
Annual Incentive Plan (AIP) – FY2024 Design and Results
| Metric | Weighting | Threshold (50%) | Target (100%) | Stretch (130%) | Max (200%) | Actual | Payout % | Weighted Payout Factor |
|---|---|---|---|---|---|---|---|---|
| Adjusted Revenue | 60.0% | $1,805M | $1,953M | $2,000M | $2,101M | $2,074M | 181% | 108.7% |
| Adjusted EBIT | 20.0% | $189M | $236M | $266M | $318M | $307M | 185% | 36.9% |
| Strategic Measures (aggregate) | 20.0% | — | — | — | — | Composite | — | 32.1% |
| Overall Payout Factor | — | — | — | — | — | — | — | 177.8% |
Strategic measure details:
- New Customer Starts: 6.7% weight; 111% to target; 152% payout; 10.1% weighted factor .
- Innovation Pipeline: 6.7% weight; 200% payout; 13.3% weighted factor .
- People/Culture: 6.7% weight; 130% payout; 8.7% weighted factor .
AIP target opportunities:
| Executive | 2024 AIP Target (% of Salary) |
|---|---|
| Ana Maria Chadwick | 70% |
Individual payout:
| Executive | 2024 AIP Payout ($) |
|---|---|
| Ana Maria Chadwick | $544,155 (pro-rated) |
Long-Term Equity – FY2024 Grants (Grant Date: May 1, 2024)
| Award Type | Target Units | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|
| PSUs | 7,341 | $1,249,952 | 3-year performance period FY2024–FY2026; payout 0–200% based on cumulative Adjusted Revenue (70%) and Adjusted EBIT (30%) with defined threshold/target/stretch/max and linear interpolation . |
| RSUs (annual) | 13,214 | $2,249,948 | Ratable vesting on first, second, and third anniversaries of grant date . |
| RSUs (sign-on) | — | $1,000,000 | Ratable vesting over three years (same schedule as annual RSUs) . |
PSU payout schedule for 2024 award:
| Metric (3-year cumulative 2024–2026) | Weight | Threshold | Target | Stretch | Maximum | Payout Factor |
|---|---|---|---|---|---|---|
| Adjusted Revenue | 70% | 90% | 100% | 104.5% | 110% | 50%/100%/130%/200% (linear) |
| Adjusted EBIT | 30% | 85% | 100% | 104.5% | 115% | 50%/100%/130%/200% (linear) |
- Committee added a relative TSR +/-25% modifier to PSUs beginning 2025 to further link pay to shareholder value .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Total Beneficial Ownership | 4,641 shares; less than 1% of outstanding (70,361,846 shares as of March 26, 2025) . |
| Breakdown (near-term vesting) | Includes 4,404 RSUs vesting within 60 days after March 26, 2025 . |
| Unvested RSUs (Dec 31, 2024) | 7,341 units ($1,916,515) and 5,873 units ($1,533,264) at $261.07/share . |
| Unearned PSUs (Dec 31, 2024) | 14,682 target units ($3,833,030) at $261.07/share . |
| Options | No 2024 option grant for Chadwick; her annual 2024 award was 50% PSUs and 50% RSUs (excluding options) . |
| Stock Ownership Guidelines | Executives must hold stock worth ≥3x base salary; must retain at least half of net shares until guideline is met; all execs/directors in compliance subject to phase-in . |
| Hedging/Pledging | Prohibited for executives/directors (no hedging, no pledging, no margin) unless pre-approved by the Talent & Compensation Committee . |
Employment Terms
| Term | Key Provision |
|---|---|
| Start Date | April 22, 2024 . |
| Offer Letter – Cash | Base salary $630,000; AIP target 70% of salary . |
| Offer Letter – Equity | 2024 annual equity $2,500,000 (50% RSUs, 50% PSUs, effective May 1, 2024); Sign-on RSUs $1,000,000 with 3-year ratable vesting . |
| Offer Letter – Sign-on Cash | $125,000 cash sign-on; repay if voluntary leave within 1 year . |
| Severance Plan – Involuntary Termination (as of 12/31/24) | Cash severance $1,855,098; welfare/outplacement $45,999; total $1,901,097 . |
| Severance Plan – Change in Control Termination | Cash severance $2,926,098; accelerated unvested equity $5,366,294; welfare/outplacement $66,998; total $8,359,390 . |
| Severance Mechanics | One times salary + one times target AIP + pro-rata FY2024 bonus for involuntary termination; CIC termination pays two times salary and two times higher of FY2024 target bonus or FY2023 actual bonus, plus pro-rata FY2024 bonus (double-trigger) . |
| RSU Agreement – CIC | If terminated without Cause or for Good Reason on/within 24 months post-CIC, RSUs become 100% vested; immediate vesting on death/disability . |
| PSU Agreement – CIC | On Qualifying Termination within 24 months post-CIC: if before end of performance period, 100% of target vests; if after, actual earned amount vests following determination; Good Reason and Retirement definitions included . |
| Clawback | Company recoupment policy compliant with Rule 10D-1; equity agreements updated to augment recoupment and international compliance . |
| Employment Agreements | Company states “No employment agreements with executives” as a responsible pay practice . |
Compensation Committee Analysis
- Peer group updated for 2024 pay decisions to emphasize medical devices/medtech; additions included Hologic, Align Technology, IDEXX Laboratories, Shockwave Medical; removed Tandem Diabetes Care, Teladoc, Abiomed (acquired) . Insulet positioned at $1,465M TTM revenue and $20,096M market cap vs peer group medians .
- Responsible practices include double-trigger CIC, no excise tax gross-ups, robust ownership guidelines, clawback, independent consultant; no hedging/pledging; no employment agreements; caps on annual incentive payments .
- Say-on-pay support: ~96% approval at 2024 Annual Meeting for 2023 program .
Investment Implications
- Alignment and retention: Significant unvested RSUs (13,214) and target PSUs (14,682) with three-year performance horizon create retention incentives; change-in-control terms provide double-trigger acceleration, reducing single-trigger risk .
- Selling pressure: Ratable RSU vesting on the first, second, and third anniversaries of May 1, 2024 creates predictable vesting cadence; mandatory holding of at least half of net shares until ownership guidelines are met mitigates near-term selling pressure .
- Pay-for-performance link: AIP metrics tightly tied to Adjusted Revenue/EBIT with 177.8% FY2024 payout; PSUs for 2024–2026 add a 70/30 Adjusted Revenue/EBIT mix and, beginning 2025, a relative TSR modifier, increasing external alignment to shareholder returns .
- Governance risk mitigants: No hedging/pledging, robust clawback, and no employment agreements reduce governance red flags; double-trigger CIC and capped incentives limit pay-inflation and windfall risks .