Renae Cormier
About Renae Cormier
Renae Cormier is Chief Financial Officer (CFO) and Corporate Secretary of Semler Scientific (SMLR), appointed effective July 10, 2023; she is age 53 and previously led corporate communications and business strategy since May 2022 . She holds dual bachelor’s degrees in accounting and finance from the University of Colorado and has prior buy-side investing and accounting/audit experience (Aravt Global partner, Ziff Brothers Investments equity research, PwC audit/M&A advisory) . Company performance context: FY revenues were $56.3mm in 2024 vs $68.2mm in 2023 and $56.7mm in 2022; net income was $40.9mm in 2024 vs $20.6mm in 2023 and $14.3mm in 2022; cumulative TSR proxy metric moved from $36 (2022) to $48 (2023) to $59 (2024) [GetFinancials: Revenues, Net Income - (IS); S&P Global]* . Since adopting its Bitcoin treasury strategy (May 2024), SMLR shares appreciated ~83% through July 16, 2025 (vs S&P 500 ~18%) per the 2025 proxy letter .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Semler Scientific | CFO; Corporate Secretary | 2023–present | Principal financial and accounting officer; SOX 302 certification signer . |
| Semler Scientific | Head of Corporate Communications & Business Strategy | 2022–present | Led investor relations and helped shape overall direction . |
| Aravt Global | Partner | 2013–2022 | Allocated investment capital; led accounting‑focused risk management across portfolio holdings . |
| Ziff Brothers Investments | Equity Analyst & Director of Financial Research | 2001–2010 | Equity research leadership and financial analysis . |
| PricewaterhouseCoopers | Auditor & M&A Transaction Advisory | 1997–2001 | Audit and transaction advisory experience . |
Fixed Compensation
| Year | Base Salary (policy) | Salary Paid | Target Bonus | Actual Bonus Paid | All Other Compensation |
|---|---|---|---|---|---|
| 2024 | $375,000 | $374,375 | $90,000 | $90,000 | $42,024 (insurance premiums) |
| 2023 | $360,000 (effective with promotion) | $273,724 (pro rata; includes vacation policy change) | 20% of base | $72,000 | $28,987 |
Notes:
- CFO role is at‑will under a May 2022 employment agreement; titles/compensation may be modified; eligible for equity grants and standard employee benefits .
Performance Compensation
Equity incentives (options)
| Grant Date | Instrument | Shares | Exercise Price | Term | Vesting |
|---|---|---|---|---|---|
| Jul 10, 2023 | Stock Option | 5,000 | $25.47 | 10 years | 25% at 1‑year; remaining monthly; fully vested at 4 years . |
| May 10, 2024 | Stock Option | 15,000 | $22.92 | 10 years | Standard form under 2014 Plan; specific schedule not disclosed . |
| Jan 6, 2025 | Stock Option | 40,000 | $58.94 | 10 years | Standard form under 2024 Plan; specific schedule not disclosed . |
| May 2, 2025 | Stock Option | 20,000 | $36.16 | 10 years | Standard form under 2024 Plan; specific schedule not disclosed . |
Pay-for-performance metrics
| Executive | Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|---|
| CFO (NEO) | None (NEO comp fixed; not linked to financial metrics) | n/a | n/a | n/a | n/a . |
Equity Ownership & Alignment
Beneficial ownership (as of June 30, 2025)
| Holder | Total Beneficial Ownership (shares) | Ownership % of Outstanding | Components |
|---|---|---|---|
| Renae Cormier | 11,336 | <1% | Includes 7,590 shares underlying options; 3,746 common held in a family trust (co‑Trustee with spouse) . |
Outstanding equity awards (as of Dec 31, 2024)
| Option (by grant/exp date) | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration |
|---|---|---|---|---|
| 2032 option | 3,226 | 1,774 | $30.48 | 05/16/2032 |
| 2033 option | 1,770 | 3,230 | $25.47 | 07/09/2033 |
| 2034 option | — | 15,000 | $22.92 | 05/10/2034 |
Alignment policies:
- Insider trading policy prohibits short sales, derivative transactions, or hedging; discusses risks of margin accounts or pledging but does not state an explicit ban on pledging in the excerpted policy description .
Employment Terms
- Employment Agreement: At‑will; may modify titles/compensations; eligible for equity and standard benefits; payment of life insurance/telecom charges; governed by May 2022 agreement .
- Indemnification: Executed Semler’s standard indemnification agreement upon promotion to CFO (effective July 10, 2023) .
- Severance / Change‑of‑Control: No CFO‑specific severance or change‑of‑control economics disclosed in the proxied materials; CEO provisions are described separately in the filings .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $56.686mm [GetFinancials: Revenues; S&P Global]* | $68.184mm [GetFinancials: Revenues; S&P Global]* | $56.294mm [GetFinancials: Revenues; S&P Global]* |
| EBITDA ($USD) | $17.406mm [GetFinancials: EBITDA; S&P Global]* | $25.758mm [GetFinancials: EBITDA; S&P Global]* | $21.216mm [GetFinancials: EBITDA; S&P Global]* |
| Net Income ($USD) | $14.325mm | $20.583mm | $40.899mm |
Additional context:
- TSR proxy metric (cumulative value of $100 investment): $36 (2022), $48 (2023), $59 (2024) .
- SOX 302 certification: CFO signed the FY 2024 10‑K certifications .
Values retrieved from S&P Global* (for table cells marked with asterisk).
Governance, Policies, and Risk Indicators
- Section 16 Compliance: One late Form 3 and one late Form 4 in 2023 for Ms. Cormier due to EDGAR code issuance timing; company states compliance otherwise .
- Compensation Committee: Comprised of independent directors; did not engage a compensation consultant in 2024; oversees executive pay, equity plans, and severance/CoC terms .
- Insider Trading Policy: Prohibits hedging/derivatives; highlights risks of margin/pledge, aligning with best practices to avoid misalignment .
- Board & Roles: CFO serves as Corporate Secretary and co‑signs proxy materials (notice and proxy statement administration) .
Investment Implications
- Pay-for-performance alignment: CFO cash comp is primarily fixed with no disclosed financial performance linkage; alignment comes via meaningful multi‑year option grants (2023–2025), increasing sensitivity to equity value creation .
- Vesting and potential selling pressure: 2023 grant vests over 4 years with 25% cliff in 2024; 2024–2025 grants are sizable and long‑dated, with ongoing monthly vesting likely (standard forms), which can create periodic Form 4 activity but also sustained retention incentives .
- Ownership alignment and risk: Beneficial ownership is <1%; policy prohibits hedging but does not expressly ban pledging in the excerpt, suggesting monitoring of any margin/pledge disclosures is prudent .
- Retention/transition economics: CFO agreement is at‑will with no disclosed severance/CoC—lower termination cost to shareholders but potentially higher retention risk vs peers with protective economics .
- Governance quality: Independent compensation committee and formal SOX 302 certification by CFO support control environment; Section 16 late filings in 2023 were administrative and resolved .