William Plovanic
About William Plovanic
William Plovanic, age 56, was appointed to TELA Bio’s Board as a Class I director on October 31, 2025, with a term expiring at the 2026 Annual Meeting. He is deemed independent under Nasdaq rules and has no family relationships or related-party transactions requiring disclosure. Plovanic is Managing Director, Healthcare Equity Research at Canaccord Genuity (since May 2020); previously President/CEO/CFO and a board member at Obalon Therapeutics (2016–2021). He holds a B.S. in Finance from Bradley University and is a CFA Charterholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Canaccord Genuity LLC | Managing Director, Healthcare Equity Research | May 2020–present | Leads medtech equity research coverage (cardiovascular, diabetes, neuromodulation) |
| Obalon Therapeutics, Inc. (Nasdaq: OBLN, prior) | President, CEO, CFO, and Board Member | Mar 2016–Jun 2021 | Guided commercialization and merger with ReShape LifeSciences |
| Equity Research (prior positions) | Equity Research Analyst (medtech, orthopedics, biomaterials) | ~20 years pre-2016 | Senior sell-side coverage experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Canaccord Genuity LLC | Managing Director | May 2020–present | Global investment bank; research leadership |
| Obalon Therapeutics, Inc. | Director (board member) | 2016–2021 | Public company board experience |
Board Governance
- Independence: Board determined Plovanic is independent under Nasdaq listing rules .
- Board structure: TELA’s Board is seven members, majority independent; roles of CEO and Chairman separated; independent directors meet in regular executive sessions; committees are fully independent .
- Committee assignments: Not disclosed for Plovanic at appointment; the 8-K notes only Class I seat and independence .
- Attendance: TELA disclosed that in 2024 each director attended ≥75% of Board/committee meetings; Plovanic joined in late 2025, so no attendance data yet .
- Lead/Chair roles: Independent Chairman of the Board in place (Doug Evans); Plovanic does not hold lead/chair roles per available disclosures .
Fixed Compensation
| Component | Amount | Details |
|---|---|---|
| Annual Board cash retainer | $45,000 | Paid quarterly in arrears; may elect stock in lieu of cash |
| Committee chair retainers | Audit $20,000; Compensation $15,000; NCGC $10,000 | Policy amounts; Plovanic’s assignments not disclosed |
| Committee member retainers | Audit $10,000; Compensation $7,500; NCGC $5,000 | Policy amounts; Plovanic’s assignments not disclosed |
| Non-Executive Chairman retainer | $35,000 | Applies to Board Chair role (not Plovanic) |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Vesting | Change-in-Control Treatment |
|---|---|---|---|---|
| Initial Stock Options | Oct 31, 2025 | 17,550 | 36 equal monthly installments, subject to continuous service | Initial equity awards vest in full upon change in control (policy) |
| Initial RSUs | Oct 31, 2025 | 11,925 | Three equal annual installments, subject to continuous service | Initial equity awards vest in full upon change in control (policy) |
| Annual Stock Options (from 2026) | At 2026 Annual Meeting | 11,700 | Vest on earlier of first anniversary, subsequent annual meeting, or change in control, subject to service | |
| Annual RSUs (from 2026) | At 2026 Annual Meeting | 7,950 | Same schedule as annual options |
Performance metrics table (directors):
| Metric Category | Disclosed? |
|---|---|
| Revenue, EBITDA, TSR, ESG or other performance conditions tied to director awards | None disclosed; director equity awards are time-based per policy |
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict Noted |
|---|---|---|
| Obalon Therapeutics, Inc. | Prior public company directorship (2016–2021) | None disclosed with TELA; 8-K states no related-party transactions |
| Canaccord Genuity LLC | Current employer (sell-side research) | Board determined independence; no related-party transactions requiring disclosure |
Expertise & Qualifications
- Finance and capital markets: CFA Charterholder; 20+ years medtech equity research; corporate finance leadership as CFO .
- Medtech operating experience: Led commercialization and strategic transactions at Obalon .
- Industry coverage: Cardiovascular, diabetes, neuromodulation; orthopedics and biomaterials sectors .
- Education: B.S. Finance (Bradley University) .
Equity Ownership
| Item | Status |
|---|---|
| Form 3 (Initial Statement) | Filed Nov 3, 2025; “No securities are beneficially owned.” |
| Beneficial ownership (shares) | None reported as of Form 3 filing |
| Options granted (non-beneficial until exercise) | 17,550 initial options (time-based vesting) |
| RSUs granted (unvested) | 11,925 initial RSUs (time-based vesting) |
| Pledging/Hedging | Prohibited by Insider Trading Policy (no pledging, margin, derivatives, or hedging) |
Insider filings and transactions:
| Date | Filing/Type | Key Details |
|---|---|---|
| Sep 30, 2025 | Form 24 Power of Attorney | Delegates Section 16 filings authority; signed by Plovanic |
| Nov 3, 2025 | Form 3 | Initial filing; no securities beneficially owned |
Governance Assessment
- Board effectiveness and independence: Plovanic strengthens finance and medtech expertise; independence affirmed; committees comprised solely of independent directors; regular executive sessions bolster oversight .
- Attendance/engagement: 2024 attendance for directors ≥75%; Plovanic’s attendance not yet measurable due to late-2025 appointment .
- Compensation alignment: Director pay is modest in cash ($45k retainer) with primary alignment via time-based equity awards; single-trigger vesting on change-in-control is shareholder-unfriendly relative to double-trigger norms but common for non-employee directors .
- Conflicts/related parties: Company affirmatively discloses no related-party transactions with Plovanic; independence determination mitigates conflict concerns; hedging/pledging prohibitions support alignment .
- RED FLAGS:
- Single-trigger acceleration on change-in-control for director equity grants (could be viewed as misaligned in some governance frameworks) .
- No current beneficial ownership reported at Form 3 (alignment will depend on vesting and future holdings) .
- Positive signals:
- Expertise in medtech and capital markets; prior public company CEO/CFO/Director experience .
- Independent Board leadership and committee composition; regular executive sessions .
Overall, Plovanic adds seasoned medtech and capital markets depth. Key watch items for investors are future committee assignments, evolving ownership levels as equity vests, and adherence to insider trading policies; current disclosures show independence, no related-party exposures, and standard director pay structures .