Prem Singh
INSULETAbout Prem Singh
Prem Singh is Senior Vice President, Global Operations at Insulet (PODD). He joined Insulet in 2021 and has served as SVP since January 2023; he holds a B.S. in Finance and Marketing from Boston College and is a Certified Six Sigma Master Black Belt . Company performance context: Insulet delivered 2024 revenue of ~$2.1B with 22% growth and expanded operating margin to 14.9%; net income rose to $418.3M and adjusted EBITDA grew 39% YoY . Pay-versus-performance disclosures show Total Shareholder Return (TSR) improved in 2024, with a $100 investment valued at $152.49 at year-end 2024 vs $126.74 in 2023; adjusted revenue was $2,074.1M and net income $418.3M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Insulet | Group VP, Head of Global Supply Chain Operations | 2021–2022 | Led supply chain to ensure component availability and efficiency to increase capacity |
| Thermo Fisher Scientific | Vice President of Operations and Quality (Chromatography & Mass Spectrometry Division) | Prior to 2021 | Led operations and quality in a complex instrumentation business |
| General Electric (incl. GE Inspection Technologies) | Various roles culminating in GM, Global Supply Chain Operations | 18 years | End-to-end global operations leadership across GE businesses |
External Roles
No public-company directorships or external board roles disclosed for Prem Singh in the proxy’s Executive Officers section .
Fixed Compensation
- Insulet does not disclose individual compensation for executives who are not Named Executive Officers (NEOs); Prem Singh was not a 2024 NEO, so specific base salary, target bonus, or award values are not disclosed .
- Company design emphasizes performance-based pay: long-term equity for executive officers (other than CEO) is allocated 50% PSUs, 25% RSUs, 25% stock options, with RSUs vesting ratably over 3 years and options over 4 years .
- AIP target bonus percentages for SVP-level NEOs in 2024 ranged from 60%–70% of base (e.g., Kapples at 60%, Field at 70%), indicating typical ranges at that level, though Prem’s specific target is not disclosed .
Performance Compensation
2024 Annual Incentive Plan (AIP) – Company Results
| Metric | Weight | Threshold | Target | Stretch | Max | Actual | Payout % | Weighted Payout |
|---|---|---|---|---|---|---|---|---|
| Adjusted Revenue ($M, constant FX) | 60% | 1,805 | 1,953 | 2,000 | 2,101 | 2,074 | 181% | 108.7% |
| Adjusted EBIT ($M, constant FX) | 20% | 189 | 236 | 266 | 318 | 307 | 185% | 36.9% |
| New Customer Starts | 6.7% | — | — | — | — | 111% to target | 152% | 10.1% |
| Innovation Pipeline | 6.7% | — | — | — | — | All milestones achieved | 200% | 13.3% |
| People & Culture | 6.7% | — | — | — | — | 130% to target | 130% | 8.7% |
| Overall Payout Factor | — | — | — | — | — | — | — | 177.8% |
- 2025 AIP weighting changes: Adjusted EBIT increased to 30%; strategic measures reduced to 10% with sole focus on new customer starts at 10% .
- 2025 PSUs add a relative TSR +/-25% modifier to further link pay to shareholder value .
PSU Design (2024 annual grant, performance period 2024–2026)
| Metric | Weight | Threshold | Target | Stretch | Maximum | Payout Curve |
|---|---|---|---|---|---|---|
| 3-yr Cumulative Adjusted Revenue | 70% | 90% | 100% | 104.5% | 110% | 50%→100%→130%→200% (linear interpolation) |
| 3-yr Cumulative Adjusted EBIT | 30% | 85% | 100% | 104.5% | 115% | 50%→100%→130%→200% (linear interpolation) |
- Historical vesting example: 2022 PSUs paid at 169% based on cumulative adjusted revenue and adjusted EBIT performance over 2022–2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (direct) | 3,456 shares following a 9/8/2025 sale (weighted avg $347.49) |
| Ownership as % of shares outstanding | ~0.0049% of 70,361,846 shares outstanding as of 3/26/2025 (3,456 ÷ 70,361,846) |
| Rule 10b5-1 trading plans | Adopted 3/14/2025 to sell up to 4,992 shares between 6/13/2025–3/13/2026 ; adopted 9/11/2025 to sell up to 3,987 shares between 3/16/2026–9/11/2026 |
| Insider transactions (2025) | 9/8/2025: sold 687 shares at ~$347.49; holdings 3,456 post-trade . 8/7/2025: acquired 585 shares at $264.69 and 758 shares at $276.36; sold 1,343 shares at $320, under a Rule 10b5-1 plan |
| ESPP participation | Form 4 footnote indicates 80 shares acquired under Insulet’s ESPP since prior filing (report accepted 9/3/2024) |
| Stock ownership guidelines | Executive officers must hold stock equal to 3x base salary; CEO 6x; directors 5x; officers must hold at least half of net shares until guideline met; “subject to phase-in, all directors and executive officers are in compliance” |
| Hedging/pledging | Prohibited (no short sales, no derivatives, no margin/pledging, unless pre-approved by the Compensation Committee) |
Employment Terms
| Provision | Senior Vice President Terms |
|---|---|
| Employment agreement | Insulet has “no employment agreements with executives” |
| Severance (involuntary termination) | 1x base salary; 1x target annual incentive (installments); prorated AIP; up to 12 months health/dental at employee rates; up to $25,000 outplacement |
| Change-in-control (double-trigger) | Lump sum 2x base salary + 2x higher of target/most recent annual incentive; prorated AIP; up to 24 months health at employee rates; $25,000 outplacement; full accelerated vesting of all outstanding equity awards |
| Non-compete / non-solicit | Non-compete and non-solicitation during employment and for 12 months post-termination; confidentiality and IP assignment terms apply |
| Clawback | SEC Rule 10D-1 compliant recoupment policy covering incentive-based pay for restatements; recovery over prior 3 completed fiscal years; methods include set-off/reduction of future comp |
| Tax gross-ups | No excise tax assistance (gross-ups) upon change in control |
| Perquisites/pension | No significant executive perquisites; no defined benefit pension |
Performance & Track Record
- Operational footprint: Company opened a 400,000 sq ft manufacturing facility in Malaysia in 2024 to strengthen global manufacturing and supply chain capabilities—aligned with Singh’s operational remit .
- Financial trajectory: 2024 adjusted revenue reached $2,074.1M; adjusted EBIT performance exceeded stretch goals, driving AIP payout of 177.8% .
- TSR context: Insulet’s pay-versus-performance disclosure shows TSR recovery from 2023 to 2024 ($100 initial investment valued at $152.49 in 2024 vs. $126.74 in 2023) .
Compensation Governance, Peer Group, and Say-on-Pay
- Governance practices include double-trigger CIC, robust stock ownership guidelines, no hedging/pledging, independent compensation consultant, and clawback policy .
- Compensation peer group (used for 2024 benchmarking) includes Align Technology, DexCom, IDEXX, Hologic, Masimo, ResMed, Shockwave, Teleflex, among others; methodology focused on medtech comparables by size and growth .
- Say-on-pay support: ~96% approval at the 2024 Annual Meeting for the 2023 program; 2025 program adds a relative TSR modifier to PSUs .
Company Performance Metrics (FY)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $1,305.3M* | $1,697.1M | $2,071.6M |
| EBITDA ($USD) | $120.8M* | $281.3M* | $389.7M* |
*Values retrieved from S&P Global.
Investment Implications
- Alignment: Strong governance with no hedging/pledging and 3x salary ownership guideline for executive officers promotes long-term alignment; executives must hold half of net shares until meeting the guideline .
- Selling pressure: Two Rule 10b5-1 plans authorize sales up to 4,992 shares (Jun 2025–Mar 2026) and 3,987 shares (Mar–Sep 2026), with actual sales in Aug–Sep 2025; monitor execution for incremental supply over plan windows .
- Retention risk: Standard SVP severance and double-trigger CIC (including accelerated vesting) reduce near-term retention risk and incentivize continuity through strategic milestones .
- Execution: Expansion of global manufacturing (Malaysia) and continued Omnipod adoption underpin operating demands within Singh’s remit; sustained performance against adjusted revenue/EBIT targets strengthens pay-for-performance linkage .
- TSR backdrop: TSR recovery in 2024 and addition of relative TSR modifier in 2025 PSUs increase external performance linkage, potentially tightening alignment with shareholder outcomes .