Option Care Health taps new CFO

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Name: Meenal Sethna

Previous title: Executive vice president and chief financial officer, Littelfuse

New title: Executive vice president and chief financial officer, Option Care Health

Sethna will assume the head finance role at the infusion therapy provider on Oct. 1.

She’ll succeed Michael Shapiro, who joined Option Care as CFO in 2015. Shapiro will continue to work for the company in a non-executive role through March 31, 2026, in order to facilitate a smooth transition, according to a Wednesday securities filing.

Previously, Sethna served as CFO of Littelfuse, an industrial technology manufacturing company. She also held leadership roles at specialized industrial equipment and consumables manufacturer Illinois Tool Works and has worked at Motorola and Baxter International.

Sethna will receive a base salary of $655,000, a target annual “incentive opportunity” equal to 90% of her base salary and annual long-term compensation valued at $2.4 million. Option Care will also grant Sethna a restricted stock unit award valued at $1.5 million that vests on her three-year employment anniversary.

Shapiro’s base salary will be reduced from $615,000 to $246,000 as he transitions into his new role, according to Option Care.

Option Care provides infusion services in homes and across its 93 stand-alone ambulatory infusion suites. Its infusions target chronic disorders, nutrition services, specialized therapies and others. Formerly known as Walgreens Infusion Services, the pharmacy chain sold its remaining stake in Option Care in 2023 for about $330 million to pay down debt.

On its second quarter earnings call in July, Option Care said it’s actively assessing M&A opportunities. In 2023, the company attempted to acquire home care company Amedisys, but was outbid by UnitedHealth. The deal would have given Option Care greater reach into the home care market.

UnitedHealth’s acquisition of Amedisys closed this month after being held up in a years-long dispute by antitrust regulators.

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Walgreens sells remaining stake in Option Care Health for $330M

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