Eric Dube
About Eric Dube
Eric Dube, Ph.D., has been President & CEO of Travere Therapeutics and a director since January 4, 2019, following senior leadership roles at ViiV Healthcare (Head of North America) and GlaxoSmithKline (Global Respiratory Franchise; Respiratory Japan) . He holds a B.S. from Santa Clara University and an M.A./Ph.D. from Cornell University . 2024 CEO total compensation was $5,204,877; 2022 annual bonus paid was $590,625 on 105% corporate achievement, indicating pay-for-performance linkage . Stock award vesting continues to be a meaningful component with 89,402 shares vesting in 2024 ($829,715 realized) vs. 54,927 in 2023 ($1,121,491) and 71,250 in 2021 ($1,754,525), supporting retention and alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ViiV Healthcare | Head of North America | 2018 | Led commercial operations for HIV-focused pharma subsidiary . |
| GSK Pharmaceuticals | SVP & Head, Global Respiratory Franchise | 2015–2017 | Ran global respiratory; oversight across sales, marketing, access, medical and supply chain . |
| GSK Pharmaceuticals | SVP & Business Unit Head, Respiratory Japan | 2013–2015 | Led Japan respiratory BU; execution in high-regulation market . |
| GSK (earlier) | Strategy, Planning & Operations; Oncology; Managed Markets; Marketing | Pre‑2013 | Progressive leadership across core functions . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Biotechnology Innovation Organization (BIO) | Director | Current | Industry trade association board . |
| Reneo Pharmaceuticals (RPHM) | Director | Since Mar 2021 | Served on board; disclosed in Reneo proxy and 10‑K/A . |
| Biocom California | Director | Prior | Regional life sciences association . |
| AIDS United | Board of Trustees | Prior | Non-profit governance . |
Fixed Compensation
| Component | 2019 | 2021 | 2022 |
|---|---|---|---|
| Base Salary ($) | 618,188 | — | — |
| Target Bonus (% of Base) | 60% (initial CEO package noted) | 65% | 75% |
| Sign‑on Cash Bonus ($) | 100,000 | — | — |
Notes:
- The Compensation Committee moved Dr. Dube’s target bonus from 60% (2020) to 65% (2021) and 75% (2022) to align with peer medians .
- 2019 on‑hire equity grants (see Performance Compensation) were sized near the 25th percentile ownership for peers to align incentives .
Performance Compensation
Annual Bonus Outcomes (selected year)
| Year | Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|---|
| 2022 | Corporate performance (composite) | 100% | Committee-set | 105% achieved | $590,625 (78.75% of base; 75% target × 105%) |
Equity Awards and Vesting
| Year | Option Exercise (Shares) | Value Realized on Exercise ($) | Stock Awards Vested (Shares) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| 2019 | — | — | — | — |
| 2020 | — | — | 40,500 | 741,000 |
| 2021 | — | — | 71,250 | 1,754,525 |
| 2022 | — | — | 35,565 | 987,910 |
| 2023 | — | — | 54,927 | 1,121,491 |
| 2024 | — | — | 89,402 | 829,715 |
2019 on‑hire multi‑year package:
- Options: 400,000 shares; vest 25% at 1‑year anniversary, remainder monthly over 3 years .
- PSUs: 50,000 shares; vest on specified regulatory and clinical milestones .
- RSUs: 50,000 shares; vest 25% annually over 4 years .
- Committee emphasized long‑term value creation; ~87% of 2019 total compensation subject to multi‑year vesting/performance .
Equity Ownership & Alignment
| As of | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Mar 1, 2021 | 367,053 | <1% |
| Mar 1, 2023 | 890,240 | 1.36% |
Observations:
- Ownership increased materially from 2021 to 2023, reflecting ongoing vesting and retention .
- Company stock ownership guidelines, hedging/pledging prohibitions, or Rule 10b5‑1 policy details were not located in retrieved TVTX documents (we did not find TVTX‑specific disclosures in the returned results).
Employment Terms
Key provisions (Dube Employment Agreement):
- At‑will employment with annual base and discretionary bonus; current bonus target 75% of base .
- Termination without cause or constructive termination (non‑CIC): cash severance equal to 1.5× (base + target bonus) paid over 18 months; COBRA up to 18 months; partial acceleration to add 18 months of continued vesting .
- Change‑in‑control termination (double trigger): cash severance equal to 2× (base + target bonus) lump sum; COBRA up to 24 months; full acceleration of all outstanding equity .
Potential severance (without cause, non‑CIC) – CEO
| Component | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Severance ($) | 1,406,250 | 1,590,000 | 1,757,250 | 1,968,751 | 2,100,000 | 2,163,000 |
| Accrued Comp ($) | 7,843 | 34,049 | 55,878 | 47,776 | 57,423 | 72,140 |
| Stock Awards ($) | 752,600 | 2,308,013 | 5,794,882 | 3,194,917 | 1,576,864 | 5,893,886 |
| Medical ($) | 35,952 | 21,301 | 10,520 | 18,829 | 20,450 | 68,914 |
| Total ($) | 2,202,645 | 3,953,363 | 7,618,530 | 5,230,273 | 3,754,737 | 8,197,940 |
Potential severance upon change‑in‑control (double trigger) – CEO
| Component | 2020 | 2021 | 2023 |
|---|---|---|---|
| Severance ($) | 2,120,000 | 2,120,000 | 2,800,001 |
| Accrued Comp ($) | 34,049 | 34,049 | 57,423 |
| Stock Awards ($) | 8,101,690 | 8,101,690 | 2,100,190 |
| Medical ($) | 28,401 | 28,401 | 27,267 |
| Total ($) | 10,284,140 | 10,284,140 | 4,984,881 |
Termination by death (reference)
| Component | 2023 | 2024 |
|---|---|---|
| Bonus ($) | 600,000 | 618,000 |
| Accrued Comp ($) | 57,423 | 72,140 |
| Stock Awards ($) | — (PSUs excluded) | — |
| Total ($) | 657,423 | 690,140 |
Board Governance
- Board service: Dube is a director since 2019; Gary Lyons has served as Chair since 2016, reflecting separation of CEO and Chair roles (mitigates CEO‑Chair dual‑role concerns) .
- Committees/attendance/independence: Not disclosed in retrieved TVTX documents; no evidence of Dube chairing board committees.
- External directorships: Dube served on Reneo Pharmaceuticals board concurrent with TVTX CEO role; also on BIO board .
Employment & Contracts – Additional Details
- 2019 appointment via 8‑K confirms CEO transition and inducement awards; relocation expenses and taxes recorded in 2019 SCT .
- 2020 long‑term incentive grant fair value targeted at ~$4.3M, delivered in options/PSUs/RSUs (maintained performance emphasis) .
Performance & Track Record
- Execution highlights (qualitative): Management commentary through 2025 emphasized FILSPARI demand strength, KDIGO guidelines reinforcement, REMS modification tailwinds, and FSGS launch preparation; cash runway cited into 2028 with milestone support .
- Quantitative TSR/revenue/EBITDA growth metrics were not disclosed in the retrieved documents for this profile.
Compensation Structure Analysis
- Mix evolution: Early tenure featured large, multi‑year, performance‑dependent inducement awards (options, PSUs), shifting to recurring annual LTI awards and increasing bonus target from 65% to 75% of base (greater at‑risk pay) .
- Discretion and metrics: Annual bonus governed by corporate performance alone (0–150% range), with 2022 payout at 105% confirming linkage . Specific financial metric weightings were not disclosed in TVTX proxies returned here.
- Retention: Substantial unvested equity acceleration under separation/CIC; termination tables show large intrinsic value in unvested awards that would vest, indicating strong retention hooks .
Risk Indicators & Red Flags
- Change‑in‑control economics include 2.0× cash multiple and full equity acceleration (standard in biotech; can be generous), but no tax gross‑up provisions were found in retrieved TVTX disclosures; clawback/hedging/pledging policies were not located (no conclusion) .
- Executive transitions: CFO retirement/transition in 2022 was structured without severance, continued vesting of certain equity, and advisory support (orderly transition) .
Equity Ownership & Alignment – Vesting and Selling Pressure Indicators
- Annual stock vesting volumes and values for Dube have been sizable (e.g., 89,402 shares in 2024), implying periodic supply from vesting; however, no insider sale/exercise data was retrieved here to assess selling pressure beyond vesting realization .
Investment Implications
- Alignment: High proportion of multi‑year, performance‑dependent equity awards (PSUs/options) and increasing bonus targets support pay‑for‑performance orientation; corporate-only bonus framework reduces metric gaming risk .
- Retention: Large unvested equity values under non‑CIC and CIC scenarios create strong retention incentives; however, full equity acceleration on CIC (double trigger) could incent support for strategic transactions .
- Governance: Separation of Chair and CEO mitigates dual‑role concerns; external board roles (BIO, Reneo) broaden industry insight but warrant monitoring for time allocation and potential information flow/conflicts .
- Trading signals: Regular vesting volumes may add episodic share supply; absence of TVTX-specific hedging/pledging/clawback disclosures in the retrieved materials limits assessment of enforcement mechanisms (investors should confirm in current insider trading and clawback policies).