John Saich
SELECT MEDICAL HOLDINGSAbout John Saich
John A. Saich is President of Select Medical Holdings (SEM), appointed sole President on September 2, 2025 after serving as Co‑President since October 1, 2023; he previously served as Executive Vice President & Chief Administrative Officer (2018–2023) and led senior human resources roles since 1998, with a 27‑year tenure at the company and prior roles at Continental Medical Systems and Integrated Health Services . As of February 20, 2025, Saich was age 56 and carried oversight of outpatient rehabilitation and shared services operations, taking on expanded responsibilities across the organization . Company performance context during his recent tenure: SEM reported EPS from continuing operations of $1.23 (2022), $1.91 (2023) and $1.66 (2024); cumulative TSR on $100 invested was $87.71 (2022), $86.03 (2023) and $131.60 (2024), with net income of $198.7M (2022), $299.7M (2023), and $296.7M (2024) .
Company pay vs performance context (EPS, TSR, Net Income)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| EPS (from continuing ops, $) | $1.23 | $1.91 | $1.66 |
| Total Shareholder Return ($100 initial) | 87.71 | 86.03 | 131.60 |
| Peer Group TSR ($100 initial) | 79.93 | 83.61 | 84.80 |
| Net Income ($) | $198,026,000 | $299,731,000 | $296,704,000 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Select Medical Holdings | President (Co‑President → President) | Oct 2023–present; sole President effective Sept 2, 2025 | Expanded enterprise responsibilities; continued oversight of outpatient rehab and shared services |
| Select Medical Holdings | EVP & Chief Administrative Officer | Oct 2018–Sept 2023 | Oversaw Outpatient Rehabilitation Division and Shared Services operations |
| Select Medical Holdings | EVP & Chief Human Resources Officer | Dec 2010–Sept 2018 | Led HR through growth and transitions |
| Select Medical Holdings | SVP, Human Resources | Feb 2007–Dec 2010 | Senior HR leadership |
| Select Medical Holdings | VP, Human Resources | Nov 1999–Jan 2007 | HR leadership |
| Select Medical Holdings | Director, HR & HRIS | Feb 1998–Oct 1999 | Built HRIS capabilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Integrated Health Services | Director of Benefits & HR | 1997 | Benefits/HR leadership prior to SEM |
| Continental Medical Systems, Inc. | Director of HR | Aug 1993–Jan 1997 | Hospital operator HR leadership |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $600,000 (in effect since Jan 1, 2022) | $600,000 | $600,000 |
No disclosure of target bonus % or actual annual bonus for Saich; base salary disclosed in Item 5.02 8‑K .
Performance Compensation
Saich’s participation or payouts under annual bonus plans are not disclosed. For context, SEM’s 2024 NEO bonus framework tied payouts to EPS and ROE; the company set targets of $1.88 EPS and 16.40% ROE, achieved adjusted EPS of $2.28 and ROE of 19.1%, resulting in 250% of target payouts for NEOs (not attributed to Saich) .
| Metric (2024 NEO plan context) | Target | Actual | Payout Basis |
|---|---|---|---|
| Earnings Per Share ($) | $1.88 | $2.28 (adjusted) | 250% of target (for NEOs) |
| Return on Equity (%) | 16.40% | 19.1% | 250% of target (for NEOs) |
Equity Ownership & Alignment
- Ownership guidelines and trading policy: SEM requires NEOs to hold stock at multiples of salary (3.0x CEO/Chair; 1.5x other NEOs) and prohibits executive officers from selling shares for one year after vesting (net of shares for taxes/exercise); anti‑hedging policy prohibits derivatives and hedging of company stock .
- Clawbacks: A general recoupment policy (2015) allows recovery of incentive compensation in case of restatements or misconduct; a Rule 10D‑1 recovery policy (effective Oct 2, 2023) mandates recovery of erroneously awarded incentive compensation upon accounting restatements for certain current or former executive officers .
- Pledging: No explicit pledging policy disclosure; anti‑hedging is disclosed .
Saich equity awards and vesting
| Grant Date | Award Type | Shares | Vesting Terms | Notes |
|---|---|---|---|---|
| Aug 3, 2021 | Restricted Stock | 60,000 | Cliff vest in full on Aug 3, 2024 | Granted under 2020 Equity Incentive Plan |
| 2022 (per 8‑K) | Restricted Stock | 75,000 | Three‑year cliff vesting (full vest at 3‑year mark) | Annual grant |
| Aug 1, 2023 | Restricted Stock | 75,000 | Cliff vest in full on Aug 1, 2026 | Awarded under 2020 Equity Incentive Plan |
As Co‑President appointee, Saich’s annual base salary and RSU grants were disclosed; beneficial ownership totals for Saich were not included in the 2025 proxy’s officer/director table (he was not an NEO or director) .
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment changes | Co‑President effective Oct 1, 2023; sole President effective Sept 2, 2025 |
| Base salary | $600,000 since Jan 1, 2022 |
| Bonus / performance metrics | Not disclosed for Saich; NEO plan used EPS and ROE |
| Employment agreement | No employment contract, non‑compete, non‑solicit, severance or change‑of‑control terms disclosed for Saich; 8‑K states no arrangements requiring disclosure and no family relationships |
| Equity plan | Awards under 2020 Equity Incentive Plan; vesting as above |
| Recoupment / trading | Subject to company‑wide clawback policies and anti‑hedging; sale restrictions for executive officers (1‑year post‑vesting) |
Investment Implications
- Alignment and retention: Time‑based RSUs with three‑year cliff vesting (2022, 2023 awards) and a one‑year post‑vesting sale restriction for executive officers support retention and moderate near‑term selling pressure; notable vest dates: Aug 3, 2024 (2021 grant), Aug 1, 2026 (2023 grant) .
- Incentive design: Company’s use of EPS and ROE in NEO bonus plans ties cash incentives to profitability and capital efficiency; Saich’s bonus participation is not disclosed, increasing uncertainty in pay‑for‑performance assessment for his role .
- Change‑of‑control economics: No publicly disclosed severance or CoC protections for Saich, unlike several NEOs who have defined CoC arrangements; this may indicate lower CoC cash exposure tied to Saich but leaves retention protections opaque .
- Track record: Extended tenure (27 years) and operational leadership across outpatient rehab and shared services suggest deep execution capability; company context shows strong 2024 adjusted EPS/ROE outcomes and improved TSR, but future equity supply overhang may emerge after lock‑ups expire on vested RSUs (policy‑driven one‑year delay) .
Sources: SEM DEF 14A (Mar 5, 2025) ; SEM 8‑K Item 5.02 (Sept 7, 2023; Aug 2, 2023; Aug 5, 2021) ; SEM press release (Sept 2, 2025) ; SEM 10‑K Business sections (Feb 20, 2025; Feb 22, 2024; Feb 23, 2023; Feb 20, 2020) .