Pat Van Bakel
About Pat Van Bakel
Senior Vice President and President, Loss Adjusting, North America at Crawford & Company. Age 53 (2025), 52 (2024). He has been with Crawford since 1998, served as President of Crawford Canada from 2013, and was appointed to lead North America Loss Adjusting in January 2021, reflecting deep operating experience across claims and adjusting leadership roles . Company performance context during his recent tenure: revenues grew ~5.5% in 2024 while adjusted operating earnings softened and margins compressed; five‑year TSR has trailed the S&P P&C peer index.
Company performance context (oldest → newest):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue before reimbursements ($MM) | $1,226.9 | $1,293.9 |
| Adjusted Operating Earnings ($MM) | $86.3 | $82.5 |
| Adjusted Operating Margin (%) | 7.0% | 6.4% |
| Earnings Per Share used in LTIP (adjusted) | $0.81 (2023–25 LTIP) | $0.74 (2024–26 LTIP) |
| Value of $100 investment – Class A / Class B | $129 / $145 (2023) | $116 / $133 (2024) |
| Peer Index – Value of $100 (S&P P&C) | $164 (2023) | $220 (2024) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Crawford & Company (North America) | SVP & President, Loss Adjusting, North America | 2021–present | Leads North American loss adjusting operations, core engine of service delivery |
| Crawford & Company (Canada) | President, Crawford Canada | 2013–2020 | Scaled Canadian operations; platform for subsequent North America leadership |
| Crawford & Company | Various leadership roles | 1998–2012 | Progressive leadership across adjusting/services, building domain and operating depth |
External Roles
- Not disclosed for Van Bakel in company filings reviewed .
Fixed Compensation
- Individual base salary and cash compensation for Van Bakel are not itemized in the proxy (he is not a named executive officer); Crawford states executive pay is composed of base salary, annual cash incentive, and long‑term incentives, with benefits and limited perquisites .
- Stock ownership guidelines apply to Senior Vice Presidents (SVP): 1.0x base salary or 45,000 shares; until compliant, executives are expected to retain at least 75% of shares net of taxes; hedging and pledging of company stock are broadly prohibited .
Performance Compensation
Company program design (context for senior executives; detailed payout disclosure is provided for named executive officers):
- Short‑Term Incentive Plan (STIP) metrics and weights (2024): Revenue 25%, Adjusted Operating Earnings 50%, Adjusted Operating Margin 25%; thresholds 95/90/95% of target; FX‑adjusted and with discretion to exclude unusual items .
- Corporate STIP results (2024): Revenue $1,293.9MM (90.3% funding), Adj. Operating Earnings $82.5MM (31.1% funding), Operating Margin 6.4% (0% funding) → overall 38.2% of target for participants measured on a total company basis .
STIP detail (2024, company-wide basis; oldest → newest target/actual):
| Metric | Weight | Threshold | Target | Maximum | Actual FY 2024 | Payout Contribution |
|---|---|---|---|---|---|---|
| Revenue ($MM) | 25% | 95% of target | $1,302.9 | 110% of target | $1,293.9 | 90.3% funding |
| Adjusted Operating Earnings ($MM) | 50% | 90% of target | $91.5 | 115% of target | $82.5 | 31.1% funding |
| Adjusted Operating Margin (%) | 25% | 95% of target | 7.0% | 110% of target | 6.4% | 0% funding |
| Overall Achievement Factor | — | — | — | — | — | 38.2% of target |
- Long‑Term Incentive Plan (LTIP) PSUs: 3‑year cumulative EPS; 30% payout at ≥$2.64; 100% at $2.95–$3.11; 200% at ≥$3.42 for the 2024–2026 cycle; 50% of 2024 target LTIP was PSUs, 50% time‑vested RSUs vesting ratably over 3 years (NEO design) . The 2022–2024 PSU cycle paid 0% due to below‑threshold EPS, evidencing downside performance risk .
Equity Ownership & Alignment
- Stock ownership guidelines (executive levels) and retention (applies to SVP level of Van Bakel):
| Executive Level | Ownership multiple or shares | Retention Until Compliance |
|---|---|---|
| CEO | 3.0x base salary or 300,000 shares | Must retain ≥75% of net shares until compliant |
| President | 2.5x or 200,000 shares | Same retention |
| Executive Vice Presidents | 2.0x or 120,000 shares | Same retention |
| Senior Vice Presidents | 1.0x or 45,000 shares | Same retention |
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Hedging and pledging are prohibited for directors and officers; Crawford implemented a Dodd‑Frank/NYSE‑compliant clawback policy effective July 28, 2023 covering incentive‑based compensation for restatements and certain misconduct .
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Beneficial ownership for Van Bakel is not separately disclosed; management and director group holdings are provided, but Van Bakel is not listed individually among named executive officers in the stock ownership section .
Employment Terms
- Individual employment agreement terms for Van Bakel are not disclosed in the proxy. Crawford discloses that certain named executive officers have employment/severance protections (e.g., 12–18 months base salary and pro‑rata bonus for terminations without cause or upon change in control, subject to releases and restrictive covenants), as well as equity acceleration features per plan documents . No Pat‑specific non‑compete, non‑solicit, or severance economics were provided in filings reviewed.
Investment Implications
- Pay-for-performance alignment: Corporate STIP paid 38.2% of target in 2024 vs 109% in 2023, and the 2022–2024 LTIP PSU tranche paid 0%, indicating real downside for equity-linked pay when earnings and margins lag plan—supportive of discipline around incentive outcomes that likely affect senior operators including Loss Adjusting leaders .
- Operating leverage focus: 2024 company results show revenue growth (+5.5% YoY) but margin compression (7.0%→6.4%), putting a premium on execution in North American Loss Adjusting to improve operating earnings and margins—key levers under Van Bakel’s remit .
- Alignment and retention: SVP‑level ownership requirements (1.0x salary or 45k shares), 75% net share retention, and hedging/pledging bans enhance alignment; the 2023 clawback further mitigates risk—positive governance signals for investors tracking insider incentives and potential selling pressure .
- Governance and shareholder sentiment: “Say‑on‑pay” support was 92.1% at the 2023 meeting, indicating broad investor acceptance of the overall compensation framework that governs executive incentives; 2024 and 2025 proxies continue to emphasize risk controls and independent benchmarking .
- Related‑party and control factors: No related‑party transactions were reported in 2024; note the controlling Class B ownership by the Crawford family (context for governance dynamics), though this does not directly implicate Van Bakel .
Disclosure notes: Van Bakel is an executive officer but not a named executive officer; therefore, his individual salary, bonus, equity grants, ownership and severance terms are not itemized in the proxy. The compensation structures, metrics, policies, and governance controls above are those that apply to Crawford’s executive program and named executive officers, and provide the best available view into the incentives and constraints that likely shape his compensation and retention profile .