Kurt McMaken

About Kurt McMaken

Kurt B. McMaken is Executive Vice President and Chief Financial Officer of The Brink’s Company, overseeing finance, IT, and sustainability; he joined Brink’s on August 24, 2022 and reports to CEO Mark Eubanks . He is 55 and holds a B.S. from Georgetown University and an MBA from the University of Chicago Booth School of Business . Company performance relevant to his incentive metrics: 2024 revenue $5.0B, adjusted EBITDA $911.9M, GAAP net cash from operations $426.0M, and free cash flow before dividends $399.9M; non-GAAP operating profit was $629.4M (12.6% margin) . Long-term PSUs for the 2022–2024 period paid out at 200% (adjusted EBITDA above maximum) and relative TSR PSUs at 124% (62nd percentile vs comparator group), underscoring delivery against multi‑year metrics .

Past Roles

Organization	Role	Years	Strategic Impact
Eaton Corporation plc	Senior Vice President, Operations Finance and Transformation; prior finance roles	2001–2022	Led complex global finance transformation, margin expansion and productivity initiatives .
PricewaterhouseCoopers LLP	Audit & Business Advisory Services	1992–1999	Foundational audit and advisory experience supporting later finance leadership .

External Roles

Organization	Role	Years	Committees / Impact
DuPont de Nemours, Inc. (NYSE: DD)	Director	2025–present	Audit; Nomination & Governance – adds cross‑industry finance and governance perspective .

Fixed Compensation

Metric	2022	2023	2024
Base Salary ($)	212,500	620,833	648,333
Annual Salary at Dec 31 ($)	625,000	625,000	653,000 (4.5% increase)
Target Bonus as % of Salary	85% (2023 level, reference)	85%	90% (increased for 2024)

Notes: Kurt’s base moved to $653k for 2024 year-end; target annual incentive increased from 85% to 90% of salary .

Performance Compensation

Annual Incentive (BIP) Structure and 2024 Outcomes

Metric	Weight	Target	Actual (Adj.)	Outcome
Non-GAAP Operating Profit	50%	$700M	$648M	Below target
Revenue	10%	$5.15B	$5.136B	Slightly below target
AMS/DRS Revenue	15%	$1.2B	$1.235B	Above target
Free Cash Flow	25%	$420M	$451M	Above target
Company Performance Factor	—	—	—	100.5%
Individual Performance	—	—	—	CEO recommended 100% for McMaken
Payout vs Target	—	—	—	100.5% of target; payment $590,639

Long-Term Incentive Design and Recent Payouts

Plan / Grant	Metric	Weight / Structure	Period	Outcome / Payout
2024 LTI Mix	IM PSUs with RTSR Modifier; RSUs	75% PSUs; 25% RSUs	2024 grants	No options granted
2022–2024 IM PSUs	3-year adjusted EBITDA	PSU payout schedule (50/100/200% vs threshold/target/max)	2022–2024	200% (adjusted EBITDA $3.045B)
2022–2024 Relative TSR PSUs	TSR vs comparator peers	Linear schedule; 25th/50th/90th percentiles	2022–2024	124% (62nd percentile)
2024 PSU Grant (Kurt)	IM PSUs w/ RTSR Mod (shares)	Target 15,947; Max 39,867; FV $1,312,438	2024–2026	Vests after Committee certification in early 2027, subject to service and RTSR cap if absolute TSR negative
2024 RSU Grant (Kurt)	Time-based RSUs (shares)	5,416; FV $437,433	3 equal annual installments	Vests ratably over 3 years

Equity Ownership & Alignment

Ownership Detail	Value
Beneficially owned shares	43,872
Other units (deferred comp units + unvested RSUs)	15,197 total (2,949 deferred comp units; 12,248 RSUs)
% of shares outstanding	~0.10% (43,872 ÷ 43,140,100) based on outstanding shares
Stock ownership guideline	3x base salary for executive officers
Hedging/pledging	Prohibited for directors and executive officers

Outstanding equity awards (as of FY-end 2024):

IM PSUs (8/24/2022 grant): 40,956 target; TSR PSUs (8/24/2022): 5,780 target; RSUs (8/24/2022): 1,815 unvested .
IM PSUs w/ RTSR Mod (3/3/2023): 6,705 target; RSUs (3/3/2023): 3,263 unvested .
IM PSUs w/ RTSR Mod (3/1/2024): 7,973 target; RSUs (3/1/2024): 5,416 unvested .

Employment Terms

Severance Pay Plan: As an EVP reporting to the CEO, McMaken is a Tier 2 participant; upon a qualifying termination, severance equals 1.0× (base salary + target annual incentive), plus prorated annual incentive, health care continuation (12 months), continued vesting for one year for ordinary-cycle equity, and outplacement services, subject to release and covenants .
Change-in-Control Plan: Double-trigger required; benefits include 2.0× (base salary + average annual incentive of past three years), plus Accrued Obligation Payment, outplacement, and continued medical reimbursement up to 18 months; unvested equity treated per plan terms .
Illustrative payouts (as of 12/31/2024): Without CIC termination total $4,681,856 (includes $1,240,700 cash severance; $587,700 prorated bonus; $2,819,559 LTI value; $33,897 other) . With CIC termination total $9,143,801 (includes Accrued $587,700; $2,481,400 base+bonus multiple; $6,029,308 LTI; $45,393 benefits) .
Clawbacks: Dodd-Frank compliant clawback policy and supplemental policy adopted Oct 2, 2023; applies to incentive-based compensation in the event of accounting restatements .
Insider Trading Policy: Pre-clearance, blackout periods; prohibits hedging and pledging; listed as exhibit to 2024 10-K .
Restrictive covenants: LTI awards include non-competition and non-solicitation provisions .

Compensation & Incentives (Multi-Year)

Component ($)	2022	2023	2024
Salary	212,500	620,833	648,333
Bonus (Sign-on)	500,000	—	—
Stock Awards	2,499,847	1,299,959	1,749,871
Non-Equity Incentive	753,600	536,244	590,639
All Other Compensation	28,390	87,608	160,736
Total	3,994,337	2,544,645	3,149,579

Additional details:

2024 LTI target award opportunity increased to $1,750,000 (34.6% YoY), aligned to median market data .
2024 perquisites: personal/spousal travel $5,419; financial planning $7,500; total $12,919 .
Deferred compensation: 2024 executive contributions $153,554; company matching $137,466; aggregate balance $573,727 .

Performance & Track Record

Capital allocation under McMaken’s CFO leadership included repurchasing ~1.5 million shares YTD 2025 and maintaining disciplined shareholder returns (over 50% of FCF), while increasing full-year revenue guidance by ~$75M and EBITDA by ~$20M following strong AMS/DRS growth .
Quarterly execution comments: Q2 2025 adjusted EBITDA of $232M; strong productivity and mix; free cash flow >$100M in quarter; tax and FX dynamics explained; targeting leverage between 2–3× .
Pay vs performance context: 2024 compensation actually paid (PEO) $11.7M; adjusted EBITDA $911.9M; TSR value-based metric shown (company $106.46 vs peer group $248.51 on $100 base) in the disclosure framework .

Compensation Committee & Say-on-Pay

Say‑on‑Pay approval at the 2024 annual meeting exceeded 97%; no changes made in direct response to the vote .
Compensation philosophy targets median market positioning for cash and TDC, with pay-for-performance emphasis; independent consultant FW Cook supports peer group design and governance reviews .

Risk Indicators & Red Flags

No hedging/pledging, no option repricing or exchanges; no tax gross-ups other than limited relocation policy; related person transactions none in 2024 .
Robust clawbacks and insider trading governance; double-trigger CIC benefits reduce windfall risks .

Expertise & Qualifications

Finance and transformation leadership across industrials; deep audit and accounting background; education BS (Georgetown), MBA (Chicago Booth) .
External governance experience via DuPont Board (Audit; Nom/Gov) adds cross-industry insights .

Investment Implications

Pay-for-performance alignment is strong: annual metrics balanced across profitability, growth (AMS/DRS), and FCF, with multi‑year PSUs driven by adjusted EBITDA and relative TSR; recent PSU outcomes (200% EBITDA, 124% TSR) confirm delivery against strategic priorities .
Retention risk appears contained: enhanced 2024 LTI value, strict anti‑hedging/pledging, and double‑trigger CIC terms coupled with continued vesting for one year on ordinary-cycle awards under severance support continuity .
Trading signals: continued buybacks (~1.5M shares YTD 2025) and raised guidance under CFO stewardship suggest management confidence; watch FX in LatAm and tax-rate normalization that can mute EPS translation near-term .
Governance quality: high say‑on‑pay support (>97%), independent consultant, clear clawbacks and stock ownership requirements (3× salary) reinforce shareholder alignment .