Greg Firestone
About Greg Firestone
Greg Firestone is Chief Commercial Officer (CCO) of TELA Bio, age 66, appointed effective May 20, 2024 after serving as Chief Business Officer and VP, Strategic Customer Relations since joining TELA in October 2017 . He studied Psychology and Business Administration at the University of Toledo and the University of Michigan, and brings 35+ years across MedTech commercialization, GPO/IDN contracting, and supply chain logistics . Company performance under the current team delivered FY2024 revenue of $69.3M (+19% YoY) and an improving quarterly revenue trajectory through 2025; TSR values in the proxy’s pay-versus-performance framework were 26.26 for 2024 and 57.57 for 2023, while the company remains loss-making on EBITDA with sequential improvement in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TELA Bio | Chief Commercial Officer | May 2024–present | Leads commercial operations, key launches, sales training, market access/reimbursement, and GPO/IDN market share execution . |
| TELA Bio | Chief Business Officer | Aug 2023–May 2024 | Led strategic customer relations team and executive commercial strategy . |
| TELA Bio | VP, Strategic Customer Relations | Oct 2017–Aug 2023 | Built IDN/GPO/health system relationships; deep MedTech stakeholder network . |
| Mercy/ROi | Leadership roles | Not disclosed | Provider-owned supply chain/GPO leadership experience . |
| MedSpeed | Leadership roles | Not disclosed | Healthcare logistics and transportation leadership . |
| NCI (IDN Summit & Expo) | Owner/CEO; Founder of IDN Summit & Expo | Not disclosed | Created leading IDN networking/expo; authored “Swimming with the Supertankers” for supplier sales/marketing . |
| Dermal Life, LLC | Founder & CEO | Not disclosed | Executive leadership in medical device . |
| Mossberg Labs | Co-founder & President | Not disclosed | Executive leadership in medical device . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDN Summit & Expo | Founder | Not disclosed | Established major IDN networking/education forum . |
| Dermal Life, LLC | Founder & CEO | Not disclosed | Executive leadership in MedTech venture . |
| Mossberg Labs | Co-founder & President | Not disclosed | Executive leadership in MedTech venture . |
| Mercy/ROi | Leadership | Not disclosed | Supply chain/GPO leadership for health systems . |
| MedSpeed | Leadership | Not disclosed | Healthcare logistics/transportation leadership . |
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Base Salary (CCO) | $390,000 | May 20, 2024 | Increased from $341,550 during promotion period; company may later revert title/salary without constituting “Good Reason” . |
| Target Bonus % | 50% of Base Salary | Per employment agreement (Aug 3, 2023) | Bonus based on Board-determined performance goals; target unchanged by promotion letter . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate revenue and sales targets; cost control; manufacturing; education programs; capital/liquidity communication (company-wide NEO metrics for 2024) | Not disclosed for Firestone | Not disclosed | Not disclosed | Not disclosed | RSUs generally vest in four equal annual tranches; options 25% at year 1 then monthly over 36 months (company standard) . |
| Firestone Annual Bonus (individual) | Not disclosed | 50% of base salary | Not disclosed | Not disclosed | Bonus based on Board-set goals per employment agreement . |
- Clawback: Company-adopted Dodd-Frank/Nasdaq-compliant clawback recoups excess incentive compensation over 3 years upon a required restatement .
- Hedging/pledging: Executives/directors prohibited from hedging, short sales, margin accounts, or pledging company stock .
- Consultant: Compensation Committee engages Aon Human Capital Solutions for market analysis and program design .
Equity Ownership & Alignment
| Security/Position | Quantity | Terms/Price | Status |
|---|---|---|---|
| Common Stock (direct as of Form 3) | 14,961 | — | Direct ownership at initial statement of beneficial ownership (Aug 3–4, 2023) . |
| Stock Option (Right to Buy) | 31,793 | $5.93; exp. 11/01/2027 | Fully vested/exercisable . |
| Stock Option (Right to Buy) | 2,308 | $5.93; exp. 02/28/2028 | Vests 25% then monthly over 36 months; service-based vesting . |
| Stock Option (Right to Buy) | 45,362 | $13.00; exp. 11/07/2029 | Vests 25% then monthly over 36 months; service-based vesting . |
| Public Offering Participation (Oct 2024) | 6,666 shares | Paid $14,998.50 | Aligns interests via direct purchase in capital raise . |
| Pledging/Hedging | — | Prohibited | Alignment preserved by policy restrictions . |
| Stock Ownership Guidelines | — | Executives subject to ownership guidelines per company policy | Compliance status not disclosed . |
Employment Terms
- Agreement: Employment agreement dated Aug 3, 2023 (Chief Business Officer), later adjusted via promotion letter on May 20, 2024 to CCO with salary increase .
- Severance (general): Base salary continuation and COBRA contributions if terminated without “Cause” or resigns for “Good Reason,” subject to release; “Good Reason” includes material reduction in title/comp, material breach, and relocation >50 miles after a change-of-control .
- Change-of-Control (CoC): If termination occurs on/within CoC period, pays 100% of then-current target bonus in installments plus pro-rated annual bonus based on actual performance; vesting acceleration terms for equity awards are handled under executive agreements/plan terms (company RSUs accelerate on double-trigger within 12 months post-CoC for NEOs) .
- Reversion Clause (Promotion): Company may revert CCO title/base salary back to pre-promotion terms without constituting “Good Reason” .
Performance & Track Record
TELA’s last six reported quarters since Firestone’s CCO appointment (oldest → newest):
| Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|
| Revenues ($USD) | $16,091,000 | $18,957,000 | $17,649,000 | $18,520,000 | $20,197,000 | $20,689,000 |
| EBITDA ($USD) | -$11,321,000* | -$9,102,000* | -$8,088,000* | -$10,205,000* | -$8,811,000* | -$7,284,000* |
*Values retrieved from S&P Global.
Qualitative highlights:
- Q2 2024 results underscored appointment of Firestone to “drive next phase of revenue growth” focusing on sales rep training, regional supervision, performance measurement, and operational leverage; FY2024 revenue guidance reiterated at $74.5–$76.5M .
- FY2024 revenue reached $69.3M (+19% YoY) with expanded adoption of OviTex IHR and cost reduction initiatives to offset commercial investments .
Investment Implications
- Compensation alignment: Firestone’s variable compensation framework follows Board-set performance goals and company-wide focus on revenue and sales execution; RSU/option vesting schedules encourage multi-year retention .
- Retention risk: The promotion letter’s reversion clause (title/base salary can revert without “Good Reason”) reduces the likelihood of a compensation-triggered departure, stabilizing leadership continuity in the commercial organization .
- Insider selling pressure: Available disclosures show Firestone’s purchase of 6,666 shares in the Oct 2024 offering (incremental alignment) and legacy option holdings; no pledging allowed under policy, mitigating forced-sale risks .
- CoC economics: Double-trigger equity acceleration applies to company NEOs; Firestone’s agreement provides 100% target bonus and pro-rated bonus upon CoC termination, typical for growth-stage MedTech and supportive of continuity through strategic events .
- Execution track record: Quarterly revenue progression through 2025 alongside EBITDA loss reduction suggests improving operating leverage; commercial initiatives emphasized at the time of his appointment directly target productivity, market penetration, and GPO/IDN share capture .
Policies: Hedging/pledging prohibited; Dodd-Frank/Nasdaq clawback adopted; Aon engaged as independent compensation consultant .