Joel Goldberg
About Joel Goldberg
Joel S. Goldberg is Senior Vice President, Administration, General Counsel and Secretary at Revvity; age 56; he joined Revvity (then PerkinElmer) in July 2008 after seven years at Millennium Pharmaceuticals and earlier practice at Edwards & Angell LLP; he holds a JD and MBA from Northeastern University and a BA from the University of Wisconsin–Madison . Company performance in 2024 included GAAP revenue of $2,755 million, GAAP EPS of $2.30, adjusted EPS of $4.90, and GAAP operating margin of 12.6% . The company’s pay-versus-performance table shows a 2024 TSR value of 116.71 for an initial fixed $100 investment and adjusted revenue of $2,756 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Millennium Pharmaceuticals, Inc. | Vice President, Chief Compliance Officer and Secretary | Seven years | Led M&A, strategic alliances, financing, securities and healthcare compliance, and employment law initiatives . |
| Edwards & Angell, LLP | Associate | Not disclosed | Legal training and practice prior to joining industry . |
External Roles
No external public company board roles or committee positions are disclosed for Goldberg in Revvity’s filings .
Fixed Compensation
Multi-year compensation (Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $538,115 | $547,308 | $550,000 |
| Bonus ($) | — | — | — |
| Stock Awards ($) | $1,214,971 | $1,443,756 | $1,031,208 |
| Option Awards ($) | $404,768 | $480,244 | $1,029,084 |
| Non-Equity Incentive (GICP) ($) | $703,688 | $122,719 | $732,188 |
| All Other Compensation ($) | $44,015 | $50,715 | $39,086 |
| Total ($) | $2,905,558 | $2,644,742 | $3,381,566 |
Additional fixed compensation details:
- 2024 base salary rate: $550,000; no YoY increase .
- 2024 employer deferred compensation contribution: $10,363; 2024 plan earnings: $59,555; year-end balance: $332,825 .
- All-other comp includes 401(k) contributions, life insurance premiums, executive physical, charitable donation matching .
Performance Compensation
Short-Term Incentive (GICP) – Structure and 2024 Outcomes
| Component | Details |
|---|---|
| Target bonus (% of base) | 75% for Goldberg . |
| Corporate metrics & weight | Organic revenue growth (40%), Adjusted EPS (40%), Free cash flow conversion (20%) . |
| 2024 goals (min/target/max) | Organic revenue growth: 0.0% / 2.0% / 4.0%; Adjusted EPS: $4.50 / $4.65 / $4.90; FCF conversion: 70% / 80–85% / 100% . |
| 2024 actuals & achievement | Organic revenue growth 1.0% → 65%; Adjusted EPS $4.95 → 200%; FCF conversion 96% → 180%; overall achievement 142% . |
| Individual performance modifier | 125% for Goldberg . |
Goldberg’s 2024 GICP award calculation:
| Item | Amount/Rate |
|---|---|
| Target Award ($) | $412,500 |
| Corporate Performance | 142% |
| Calculated Award ($) | $585,750 |
| Individual Performance Modifier | 125% |
| Approved Award ($) | $732,188 |
| Payout (% of Target) | 178% |
2024 strategic objectives for Goldberg (qualitative, used in individual modifier): divestiture of Applied, Food & Enterprise Services and transfer of former brand name; regulatory/compliance and government affairs; organizational restructuring/integration; digital/AI and business development initiatives; talent retention/development .
Long-Term Incentive (LTIP) – Program Design and Grants
| Component | Allocation | Vesting | Performance Metrics |
|---|---|---|---|
| PRSUs (2024 cycle) | 50% | Performance-based; vest at end of 3-year cycle | Organic revenue growth and adjusted operating margin expansion, with relative TSR modifier . |
| Stock Options (2024 cycle) | 50% (via equity choice; Goldberg elected options) | Time-based; vests 1/3 annually; 7-year term | N/A (time-based) . |
Goldberg’s 2024 LTIP grants:
| Grant Type | Grant Date | Shares/Options | Exercise Price | Closing Price (grant) | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| PRSUs (target) | 2/5/2024 | 9,925 target; 3,970 threshold; 23,820 max | — | $103.90 | $1,031,208 |
| Stock Options | 2/5/2024 | 27,528 options | $104.635 | $103.90 | $1,029,084 |
Historical LTIP outcome (2012 LTIP structure applied to 2022 award; payout assessed in 2024):
- 2022 PRSUs (grant date 2/4/2022) performance result: Adjusted revenue $2.78B vs $3.1B min; adjusted EPS $4.95 vs $5.65 min; achievement 0%; relative TSR at 35th percentile (no modification); 0 PRSUs vested (Goldberg 4,427 granted, 0 vested) .
2024 Vesting and Exercises
| Item | Amount |
|---|---|
| Options exercised (shares) | 22,613 |
| Value realized on exercise ($) | $1,163,793 |
| Stock awards vested (shares) | 8,591 |
| Value realized on vesting ($) | $907,381 |
Equity Ownership & Alignment
Beneficial Ownership Breakdown (as of Feb 14, 2025)
| Category | Shares |
|---|---|
| Stock (Aggregate Amount) | 37,689 |
| Stock-Based Holdings | 63,709 |
| Acquirable Within 60 Days | 59,455 |
| Total Beneficially Owned | 160,853; less than 1% of class |
Outstanding Equity Awards at FY 2024 Year-End (selected items)
| Award | Unexercised/Unvested | Key Terms |
|---|---|---|
| Stock Options (2/5/2031 expiration) | 27,528 unexercisable; grant 2/5/2024; exercise price $104.635 | Vests 1/3 annually on grant anniversary; 7-year term . |
| Stock Options (2/16/2030 expiration) | 6,844 unexercisable; 3,421 exercisable; exercise price $133.200 | Vests 1/3 annually; 7-year term . |
| Stock Options (2/4/2029 expiration) | 2,622 unexercisable; 5,243 exercisable; exercise price $184.605 | Vests 1/3 annually . |
| Unvested Restricted Shares | 3,568 shares; market value $399,580 at $111.99 close | Time-based vesting per grant agreement . |
| PRSUs (2024 grant target) | 9,925 target; market/payout value $1,111,501 at $111.99 (target) | 3-year performance vest; metrics and TSR modifier . |
| PRSUs (2023 grant target) | 7,136 target; market/payout value $799,161 at $111.99 (target) | 3-year performance vest . |
| PRSUs (2022 grant target) | 4,427 target; payout value indication $495,780 at $111.99 (target) | 3-year performance vest; actual 0% payout as assessed for 2022–2024 . |
Trading restrictions and alignment policies:
- Securities Trading Policy prohibits short sales, derivatives, hedging/monetization (e.g., collars, swaps), and prohibits officers from pledging Revvity stock or holding Company securities in margin accounts .
- Clawback policy applies to incentive plans and certain option gains .
Insider Trading Activity (selling pressure/10b5-1 plans)
Recent Form 4 filings indicate sales under a 10b5-1 plan:
- Feb 5, 2024: sales totaling 11,546 shares; weighted average prices $105.62–$105.68 .
- Feb 23, 2024: sale disclosure referencing tax withholding mechanics .
- Jun 7, 2024: sales pursuant to 10b5-1 plan adopted on Feb 7, 2024 .
Employment Terms
Severance and Change-in-Control Economics (Goldberg)
| Scenario | Cash Multiple | Bonus Treatment | Benefits Continuation | Equity Vesting | Excise Tax Gross-Up |
|---|---|---|---|---|---|
| Termination without cause (outside CIC) | “Full salary” (base + prior year’s bonus) for 1 year | Prior year’s bonus included in “full salary” concept | Continued participation in all employee benefit plans and arrangements for 1 year | Not accelerated by this cash severance clause; equity per award terms | N/A |
| Termination within 36 months after CIC (without cause or for good reason) | 2× “full salary” (base + prior year’s bonus) paid lump sum | Pro rata portion of prior year’s bonus, plus included in full salary multiple | 24 months of continued participation in employee benefit plans | Equity accelerates 100% upon change in control per Goldberg’s agreement (single-trigger) | Eligible for 280G excise tax gross-up per pre-2010 agreement |
Potential payments table (illustrative values as of 12/29/2024):
- Termination without cause: Base $550,000; Bonus $122,719; Health & Welfare lump sum $29,196; total $701,915 .
- Disability/Death/CIC without termination: Restricted stock $647,526; Options $202,468; PRSUs $2,406,441; total $3,256,435 .
- CIC with qualifying termination: cash and benefits plus equity values aggregate $4,782,984 .
Contract provisions and governance:
- Goldberg’s agreement provides single-trigger 100% acceleration of stock options, restricted shares and PRSUs upon change in control (legacy agreement) .
- No excise tax gross-ups in post-2010 agreements for other NEOs; Goldberg’s legacy agreement includes gross-up .
Investment Implications
- Pay-for-performance alignment: The 2022 LTIP PRSUs vested at 0%, demonstrating a stringent long-term design; 2024 GICP paid 178% of Goldberg’s target on corporate outperformance (EPS and cash conversion) and individual execution—indicative of near-term performance sensitivity .
- Equity and retention: Significant unvested options and PRSUs through 2026–2031 align Goldberg with medium-term outcomes; company policy bans pledging and hedging (reduces leverage/hedging risk) .
- Change-in-control risk/reward: Single-trigger equity acceleration plus 2× cash severance and 24 months benefits (with excise tax gross-up eligibility) could incentivize neutrality in strategic transactions but also create potential dilution/acceleration overhang; other NEOs have double-trigger structures, highlighting Goldberg’s legacy terms variance .
- Trading signals: Sales under a pre-established 10b5-1 plan and option exercises in 2024 suggest ongoing liquidity management rather than discretionary bearish signals; continued monitoring of Form 4 activity is prudent .
Say-on-pay support was strong in 2024 (95.7%), and Pearl Meyer advises the compensation committee, indicating established governance and market benchmarking .