Laetitia Cousin
INSULETAbout Laetitia Cousin
Laetitia Cousin is Senior Vice President, Regulatory Affairs, Quality Assurance and Compliance at Insulet (NASDAQ: PODD), serving in this role since December 2022. She is 49 and brings over 25 years of regulatory, quality, and clinical experience; she holds a B.S. in Biological Sciences from Florida Institute of Technology . Company performance during her tenure has been strong: FY2024 revenue reached ~$2.1B (+22% YoY) with gross margin 69.8% (+150 bps), operating margin 14.9% (+190 bps), and net income $418.3M (>100% YoY) .
Company Performance Context (for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD Millions) | $1,305* | $1,697 | $2,071.6 |
| EBITDA ($USD Millions) | $120.8* | $281.3* | $389.7* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SeaSpine Holdings Corporation | Head of Regulatory, Quality Compliance, Quality Operations, EHS | 2015–2022 | Led comprehensive RA/QA/EHS functions for a global medtech platform |
| NuVasive, Inc. | VP, Regulatory, Clinical Affairs, and Quality Assurance (progressive roles) | 1999–2015 | Built and scaled RA/QA/Clinical capabilities through high-growth phases |
| Tyco Healthcare | R&D Associate | Not disclosed | Early technical experience in device development |
External Roles
- None disclosed in Insulet’s proxy materials for Cousin .
Fixed Compensation
| Element | Status for Cousin | Notes |
|---|---|---|
| Base salary | Not individually disclosed | Insulet emphasizes competitive base pay reviewed annually by the Talent & Compensation Committee . |
| Target bonus % | Not individually disclosed | Executives participate in annual incentive plans tied to financial and strategic metrics; Committee sets targets by role . |
| Actual bonus paid | Not individually disclosed | FY2024 AIP funding for NEOs was 177.8% based on performance; executives follow the same metric framework . |
| Employment agreement | No | Insulet has no employment agreements with executives . |
| Perquisites | Limited | Company avoids significant executive perquisites . |
Performance Compensation
Annual Incentive Plan (AIP) – Structure and FY2024 Results
| Metric | Weight | Threshold (50%) | Target (100%) | Stretch (130%) | Maximum (200%) | Actual | Payout % | Weighted Payout |
|---|---|---|---|---|---|---|---|---|
| Adjusted Revenue ($MM, constant currency) | 60% | $1,805 | $1,953 | $2,000 | $2,101 | $2,074 | 181% | 108.7% |
| Adjusted EBIT ($MM, constant currency) | 20% | $189 | $236 | $266 | $318 | $307 | 185% | 36.9% |
| New Customer Starts | 6.7% | — | — | — | — | 111% of target | 152% | 10.1% |
| Innovation Pipeline | 6.7% | — | — | — | — | Complete | 200% | 13.3% |
| People & Culture | 6.7% | — | — | — | — | 130% of target | 130% | 8.7% |
| Overall AIP Payout Factor (NEOs) | — | — | — | — | — | — | — | 177.8% |
- Metric definitions and methodology, including caps and constant currency adjustments, are set by the Committee and align with strategy (growth and profitability) .
- 2025 AIP weighting shifts: Adjusted EBIT increased to 30%; strategic goals narrowed to new customer starts at 10% .
Long-Term Incentives (LTI) – Design and Vesting
| Instrument | Allocation (Executives) | Vesting | Performance Metrics |
|---|---|---|---|
| PSUs | 50% of LTI target (non-CEO); 60% CEO | 3-year performance period | Cumulative Adjusted Revenue (70%) and Adjusted EBIT (30%); linear payout 0–200%; 2025 adds ±25% relative TSR modifier . |
| RSUs | 25% (non-CEO); 20% CEO | Ratable over 3 years | Time-based retention . |
| Stock Options | 25% (non-CEO); 20% CEO | Ratable over 4 years | Value only if stock appreciates; timing avoids setting price pre-earnings window open . |
- 2022 PSU cohort paid at 169% based on 3-year adjusted revenue and EBIT performance .
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Stock ownership guidelines | CEO: 6x salary; Executive Officers: 3x salary; Directors: 5x cash retainer; hold at least half of net shares until guideline met; all directors and executive officers are in compliance . |
| Anti-hedging/pledging | Prohibits short sales, derivatives, margin accounts; pledging prohibited unless specifically pre-approved by the Committee . |
| Clawback (Recoupment) | Dodd-Frank Rule 10D-1 compliant: recovers excess incentive-based comp over a 3-year lookback in restatement scenarios; recovery via set-off or reduced future comp if not impracticable . |
| Beneficial ownership (individual) | Not individually itemized for Cousin in the Security Ownership table; aggregate figures provided for certain unnamed executives . |
Employment Terms
| Provision | Senior Vice President Terms (applicable to Cousin) |
|---|---|
| Severance (no CIC) | 1x base salary; 1x target annual incentive (installments); prorated annual incentive; 12 months health/dental at employee rates; up to $25,000 outplacement . |
| Change-in-control (double trigger) | 2x base salary; 2x the higher of target bonus or prior-year paid bonus; prorated annual incentive; 24 months health coverage; up to $25,000 outplacement; full and accelerated vesting of all outstanding equity awards . |
| Equity award vesting (death/disability) | Full vesting upon death or disability . |
| Non-compete / non-solicit | Executives sign agreements covering non-compete and non-solicit during employment and for 12 months after termination; includes confidentiality and IP assignment . |
| Employment agreements | Insulet does not use executive employment agreements . |
Governance, Benchmarking, and Shareholder Feedback
- Talent & Compensation Committee: Independent members Elizabeth H. Weatherman (Chair), Luciana Borio, Wayne A. I. Frederick; uses independent consultant Pearl Meyer; conducts annual risk assessment; robust stock ownership and clawback policies .
- Compensation philosophy: Emphasis on pay-for-performance; competitive benchmarking to a medtech-centric peer group (e.g., DexCom, Align, IDEXX, ResMed, Shockwave, Hologic, etc.) .
- Say-on-Pay: 96% approval at 2024 annual meeting for 2023 program .
Investment Implications
- Alignment: Strong linkage of incentives to adjusted revenue and adjusted EBIT, with PSUs dominating LTI mix for executives; 2025 TSR modifier adds external stock performance discipline .
- Retention Risk: Double-trigger CIC benefits with accelerated vesting and 2x cash multiples for SVPs materially reduce departure risk in a transaction, while 12-month non-compete protects IP/process continuity .
- Selling Pressure: Prohibitions on hedging/pledging and higher ownership guidelines (3x salary for executive officers) mitigate forced selling and enhance alignment; all executive officers reported in compliance .
- Pay-for-Performance Signal: FY2024 AIP funded at 177.8% for NEOs reflects strong operating outperformance; company-level revenue and margin expansion support the incentive outcomes and confidence in execution .
- Governance Quality: Independent committee oversight, use of Pearl Meyer, clawback adherence, and high Say-on-Pay support durable shareholder-friendly pay design .
Note: Individual compensation (salary, target bonus, payouts) and personal share counts for Ms. Cousin are not itemized in the proxy; conclusions rely on executive-level policies and structures that apply to Senior Vice Presidents .