Leigh Vosseller
TANDEM DIABETES CAREAbout Leigh Vosseller
Leigh Vosseller is Executive Vice President, Chief Financial Officer, and Treasurer of Tandem Diabetes Care, serving as CFO since January 2018 (EVP since June 2018). She joined Tandem in 2013 as VP of Finance, was promoted to SVP Finance in 2017, and is the company’s principal financial and accounting officer. Vosseller holds a B.S. in Accounting from Missouri State University and is a certified public accountant (inactive). She is 52 years old as of March 31, 2025 . Company performance metrics used for executive pay linkage include Sales, Gross Margin, Adjusted EBITDA Margin, regulatory submission timing, and customer satisfaction; in 2024, Tandem reported Sales of $940.2 million, Net Loss of $(96.0) million, and TSR value of $60.43 on a $100 base (company-selected measure: Sales) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tandem Diabetes Care | VP Finance; SVP Finance; EVP CFO & Treasurer | 2013–present (CFO since 2018) | Principal financial and accounting officer; leadership through product launches and margin objectives . |
| Genoptix | VP & CFO; senior finance roles | 2008–2013 (CFO beginning 2011) | Financial leadership after joining in 2008; progressed to CFO . |
| Biosite (Diagnostics) | Senior finance position | Prior to 2008 | Key role developing financial and administrative infrastructure for international expansion . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Girls Inc. of San Diego | Director & Chair of Finance Committee | Jan 2021–present | Non-profit providing STEM-focused programming to underserved girls . |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) |
|---|---|---|
| 2024 | 450,203 | 6,900 (401(k) employer contributions) |
| 2023 | 437,091 | 7,946 |
| 2022 | 437,091 | 95,714 |
Performance Compensation
Short-Term Incentive (2024 Cash Bonus Plan)
| Component | Weighting | Target | Actual Achievement | Weighted % of Total Payout |
|---|---|---|---|---|
| Financial Performance (Worldwide revenue) | 80% | Company revenue target | 86.9% | 69.5% |
| Product Development | 10% | Commenced launch of 3 new products | 100% | 10% |
| Customer Satisfaction | 10% | KPI score vs target | 100% | 10% |
| Total Payout Rate | — | — | — | 89.5% |
| Executive | 2024 Base Salary ($) | Target Bonus % | Target Bonus ($) | Actual 2024 Cash Bonus ($) |
|---|---|---|---|---|
| Leigh Vosseller | 450,203 | 60% | 270,122 | 239,863 |
Plan design features: minimum 90% revenue threshold for 50% payout; up to 200% payout above 110% of revenue target; product-launch and customer metrics also include defined thresholds and caps .
Long-Term Incentive Equity (2024 Grants)
| Grant Date | Instrument | Shares (#) | Grant Date Fair Value ($) | Vesting / Measurement |
|---|---|---|---|---|
| 5/23/2024 | RSUs | 17,946 | 891,557 | 33% at 12 months, remaining 67% in equal quarterly installments over next 24 months |
| 5/23/2024 | PSUs | 17,946 | 891,557 | Measured on 12/31/2026, released in 2027; metrics: Gross Margin FY2026 (60%), TSR vs Russell 3000 over 2024–2026 (40%) |
Program mix and governance: Non-CEO NEO PSU weighting aligned to CEO; no stock option grants since 2022; three-year vesting schedules; no single-trigger vesting on change-of-control .
Outstanding Equity and 2024 Vesting/Exercises
| Metric | 2024 |
|---|---|
| Shares acquired on vesting (stock awards) | 7,925 |
| Value realized on vesting ($) | 514,825 |
| Option exercises | None |
Equity Ownership & Alignment
Beneficial Ownership (as of March 14, 2025)
| Holder | Beneficial Shares | RSUs Vesting by May 13, 2025 | Options Exercisable by May 13, 2025 | % of Shares Outstanding |
|---|---|---|---|---|
| Leigh Vosseller | 39,085 | — | 167,683 | 0.0587% (39,085 / 66,521,267) |
Footnote: Vosseller holds 27,225 shares directly and 11,860 via the Leigh A. Vosseller Trust dated January 17, 2010 . Shares outstanding: 66,521,267 .
Outstanding RSUs/PSUs (as of Dec 31, 2024)
| Grant Date | RSUs Unvested (#) | RSUs Market Value ($) | PSUs Unvested (#) | PSUs Market Value ($) |
|---|---|---|---|---|
| 5/18/2021 | 325 | 11,707 (at $36.02) | 1,380 | 49,708 (at $36.02) |
| 5/25/2022 | 948 | 34,147 | 5,523 | 198,938 |
| 5/25/2023 | 9,019 | 324,864 | 8,883 | 319,966 |
| 5/23/2024 | 17,946 | 646,415 | 17,946 | 646,415 |
Note: Market values use 12/31/2024 closing price $36.02 .
Options Held (as of Dec 31, 2024)
| Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| 2,711 | — | 119.20 | 5/21/2025 |
| 3,390 | — | 69.50 | 2/16/2026 |
| 6,780 | — | 23.00 | 12/16/2026 |
| 2,340 | — | 9.00 | 5/17/2027 |
| 15,160 | — | 18.86 | 6/14/2028 |
| 105,000 | — | 51.50 | 2/15/2029 |
| 15,012 | — | 82.34 | 5/27/2030 |
| 7,113 | 827 | 81.63 | 5/18/2031 |
| 7,357 | 1,187 | 65.28 | 5/25/2032 |
As of 12/31/2024, unvested stock options were all above the $36.02 closing price, implying no in-the-money value for unvested options . Company ceased granting options in 2022 .
Policies:
- Hedging and pledging of company stock are prohibited; no outstanding pledged shares .
- Stock ownership guidelines: 1x base salary for executive vice presidents; all exec officers and directors except the CEO were compliant or within phase-in periods as measured; CEO became compliant upon 2/18/2025 vesting .
Employment Terms
| Topic | Terms |
|---|---|
| Employment Agreements | Company indicates “What We Don’t Do: Employment agreements” . |
| Severance (Change-of-Control) | Double trigger; upon involuntary termination or resignation for good reason within 3 months before/12 months after a change of control: 18 months of base salary + target bonus for EVP roles; CEO receives 24 months . |
| Estimated CoC Benefits (as of 12/31/2024) | Severance: $1,080,487; Accelerated RSUs (incl. PSUs): $2,276,068; accelerated options: $0 (all unvested options OTM at $36.02) . |
| Clawback | Adopted 2020; amended effective 10/2/2023 to comply with Exchange Act Rule 10D-1 and Nasdaq 5608; applies to incentive compensation received on/after 10/2/2023; recovery for restatements or misconduct as specified . |
| Insider Trading Policy | Prohibits hedging (short sales, derivatives) and pledging of company stock; policy filed as exhibit to 2024 10-K . |
| Ownership Guidelines | CEO 3x salary; EVPs 1x salary; phase-in period 3 years for execs; excludes unvested RSUs/PSUs and vested unexercised options; annual compliance evaluation . |
Governance & Say-on-Pay Context
- Compensation Committee: independent directors; uses independent consultant, benchmarks moved from 60th to 50th percentile beginning in second half of 2024, retains discretion based on retention, performance, and market practice; double-trigger change-of-control; no option repricing or discounted awards .
- 2024 Say-on-Pay vote (May 22, 2024): For 47,949,063; Against 2,300,733; Abstain 299,108; approved .
- Compensation program highlights: diversified short/long-term metrics; 3-year vesting; PSU metrics include Gross Margin (FY2026) and relative TSR; NEOs awarded cash bonuses at 89.5% of target for 2024 .
Investment Implications
- Pay-for-performance alignment: STIP payout tied primarily to revenue (80%) with product and customer metrics, paying 89.5% of target as revenue underperformed (86.9% of target) while product/customer objectives met—suggesting balanced incentives but sensitivity to top-line execution .
- Retention dynamics: 2024 RSU/PSU grants are sizable (17,946 each), with RSU tranches vesting through 2027 and PSUs measured at end-2026—creating ongoing retention hooks and potential insider selling pressure at tranche vest dates due to tax withholdings .
- Skin-in-the-game: Direct/indirect ownership is modest at ~0.06% of shares outstanding, but significant option holdings exist; unvested options were OTM as of year-end, and no option exercises occurred in 2024, consistent with equity value tied more to RSUs/PSUs than legacy options .
- Downside protections: Double-trigger severance (18 months salary + target bonus) and full acceleration of equity on qualifying CoC termination limit retention risk in strategic scenarios, while robust clawback and hedging/pledging prohibitions mitigate governance red flags .
- Performance lens: Pay-versus-performance shows 2024 Sales at $940.2m and Net Loss $(96.0)m with TSR at $60.43 on a 2019 $100 base; LTI PSUs emphasize margin expansion and market-relative TSR into 2026, aligning incentives with profitability and shareholder returns .