Dan Manea
INSULETAbout Dan Manea
Senior Vice President and Chief Human Resources Officer at Insulet (PODD) since May 2020; age 58 as of April 2025. He is a former Global Head of HR for Novartis Oncology and U.S. Country People & Organization Head at Novartis, with earlier HR roles at Eli Lilly across Europe, the U.S., and Middle East; he holds an MBA from Washington State University and the Romanian Academy of Economic Studies and is a medical doctor who practiced in Romania . Company performance context: Adjusted Revenue grew from $897.0M (2020) to $2,074.1M (2024) and Net Income from $6.8M to $418.3M; a $100 TSR investment rose to $152.49 in 2024 (peer group $105.42), supporting high AIP funding outcomes (177.8% in 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Insulet (PODD) | SVP & Chief Human Resources Officer | May 2020–present | Built core HR capability; drove culture evolution in 2020 assessment |
| Novartis | Global Head of HR, Novartis Oncology; U.S. Country People & Organization Head; other senior HR roles | 14 years | Led global and U.S. HR for major divisions; deep talent development and total rewards expertise |
| Eli Lilly | HR roles across Europe, U.S., Middle East | Not disclosed | Cross-geography HR leadership; organizational design and strategic planning breadth |
External Roles
No public company board directorships or external committee roles disclosed for Manea in company filings .
Fixed Compensation
| Component | FY 2020 | Notes |
|---|---|---|
| Base Salary ($) | $425,000 | Established upon commencement (May 11, 2020) |
| Annual Incentive Target (% of Salary) | 60% | AIP target set by Committee |
| Actual AIP Paid ($) | $367,455 | After FY20 weighted payout factor and individual assessment |
Performance Compensation
2020 Annual Incentive Plan (AIP) Design and Outcome
| Metric | Weighting | Target Methodology | Company FY20 Outcome Driver | Payout Factor Applied |
|---|---|---|---|---|
| Adjusted Revenue | 75% | Pre-set annual financial target | Strong top-line growth against budget | FY20 weighted payout factor 144.1% applied to funded bonus before individual adjustment |
| Adjusted EBIT | 25% | Pre-set annual financial target | Profitability versus plan | FY20 weighted payout factor 144.1% applied to funded bonus before individual adjustment |
Long-Term Incentives – Grant Structure and PSU Metrics
| Award Type | Grant Date | Quantity/Value | Vesting | Performance Metrics |
|---|---|---|---|---|
| PSUs | 6/1/2020 | 795 threshold; 1,589 target; 3,178 max; $299,971 FV | Earn based on FY20–FY22 cumulative performance; cliff after 3-year cycle | Adjusted Revenue and Adjusted EBIT; 50% payout at threshold, 200% at max |
| RSUs (Annual) | 6/1/2020 | 1,589 units; $299,971 FV | One-third annually from first anniversary (6/1/2021, 6/1/2022, 6/1/2023) | Time-based |
| RSUs (Sign-on) | 6/1/2020 | 794 units; $149,891 FV | One-third annually from first anniversary | Time-based |
| Stock Options | 6/1/2020 | 2,306 options; $150,582 FV | 25% annually from first anniversary; $188.78 strike; expire 6/1/2030 | Time-based; four-year ratable vesting aligned to mature-company practice |
2024 PSU Program (applies to NEOs; structure governs SVP awards)
| Metric | Weighting | Threshold | Target | Stretch | Maximum | Payout Rule |
|---|---|---|---|---|---|---|
| 3-year Cumulative Adjusted Revenue (2024–2026) | 70% | 90% → 50% payout | 100% → 100% payout | 104.5% → 130% payout | 110% → 200% payout | Linear interpolation; cap at 200% |
| 3-year Cumulative Adjusted EBIT (2024–2026) | 30% | 85% → 50% payout | 100% → 100% payout | 104.5% → 130% payout | 115% → 200% payout | Linear interpolation; cap at 200% |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Apr 1, 2021) | Not listed with shares; Manea joined May 2020; outstanding unvested RSUs/PSUs and unexercisable options disclosed separately |
| Unvested RSUs (12/31/2020) | 2,383 units; MV $609,166 at $255.63 per share |
| Unearned PSUs (12/31/2020) | 1,589 target units; MV $406,196 at $255.63 per share |
| Options Unexercisable (12/31/2020) | 2,306 @ $188.78; expire 6/1/2030 |
| Stock Ownership Guidelines | CEO: 6x salary; Other executives: 3x salary; hold at least half of net shares until guideline met; all executives in compliance (subject to phase-in) |
| Hedging & Pledging | Prohibited; no short sales, derivatives, margin accounts, or pledging without Committee pre-approval |
Employment Terms
| Provision | Senior Vice President (Manea) |
|---|---|
| Employment Agreement | None (Company policy: no executive employment agreements) |
| Severance (Involuntary) | 1x base salary (continuation), 1x target AIP (installments), pro-rated AIP, up to 12 months health/dental, up to $25,000 outplacement |
| Change-in-Control (Double Trigger; within 60 days before/2 years after) | Lump sum: 2x base salary + 2x higher of target or prior-year AIP; pro-rated AIP; up to 24 months health coverage; up to $25,000 outplacement; full acceleration of all outstanding equity |
| Equity Acceleration (Death/Disability) | Full vesting of options, RSUs, PSUs |
| Clawback | Mandatory restatement clawback for incentive-based compensation in prior three fiscal years per Rule 10D-1 |
| Non-Compete/Non-Solicit | 12-month post-employment non-compete and non-solicit obligations |
| Tax Gross-Ups | None for change-in-control; explicitly avoided |
Company Pay vs Performance Context (for alignment analysis)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Adjusted Revenue ($M) | $897.0 | $1,091.9 | $1,331.0 | $1,689.3 | $2,074.1 |
| Net Income ($M) | $6.8 | $16.8 | $4.6 | $206.3 | $418.3 |
| TSR – $100 Initial Investment | $149.32 | $155.41 | $171.96 | $126.74 | $152.49 |
| Peer Group TSR – $100 | $130.04 | $125.43 | $99.81 | $106.34 | $105.42 |
Compensation Structure Analysis
- Pay mix is heavily variable and long-term for executives, emphasizing PSUs tied to multi-year Adjusted Revenue and Adjusted EBIT; RSUs and options have ratable vesting for retention and alignment .
- 2020 AIP used 75% Adjusted Revenue and 25% Adjusted EBIT, with strong over-target funding (144.1%), and Manea’s individual bonus reflected contributions to building HR capabilities and culture evolution .
- Governance mitigants include double-trigger CIC, clawback, ownership guidelines, and anti-hedging/anti-pledging; no excise tax gross-ups or employment agreements (reduces pay inflation and misalignment risk) .
Investment Implications
- Alignment: Manea’s incentives are primarily PSUs/RSUs/options with multi-year revenue/EBIT hurdles and ratable vesting that promote retention and long-term value creation; ownership guidelines and holding requirements further align skin-in-the-game .
- Retention Risk: Standard SVP severance (1x salary + 1x target bonus installments) and 12-month non-compete suggest moderate retention protections; CIC terms are competitive but governed by double-trigger with full equity acceleration, which may create event-driven retention/exit optionality .
- Trading Signals: Elevated 2024 AIP funding (177.8%) reflects broad overachievement on financial/strategic goals, supportive of near-term execution confidence; PSU structures with 19% three-year CAGR stretch underpin sustained growth expectations, though payout caps limit upside risk-taking .
- Insider Pressure: Options granted at $188.78 (6/1/2020) and multi-year RSUs imply scheduled vesting events rather than discretionary selling; company-wide anti-pledging/hedging reduces leverage-related selling pressure risks. No 2020 option exercises or stock vesting were reported for Manea, indicating limited early liquidity events .