Elizabeth Bauer
CSG SYSTEMS INTERNATIONALAbout Elizabeth Bauer
Elizabeth A. Bauer (62) is Executive Vice President and Chief Experience Officer at CSG, leading human capital, marketing, corporate communications, customer centricity, and sales enablement. She has been with CSG since at least 2016, previously serving as SVP, Chief Investor Relations & Communications Officer (2016–2021) and Chief Marketing & Customer Officer (2021–2022), and holds a BSBA in Business and Journalism from Creighton University . Company performance in 2024 included 2.4% revenue growth to $1,197.2M, operating margin expansion to 11.0% from 10.6%, and diluted EPS rising to $3.03 . Over the five years ended 2024, a $100 investment in CSG grew to $110 in the company TSR series versus $142.93 for the Russell 2000 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CSG Systems International | EVP & Chief Experience Officer | Current (age 62) | Leads HCM, marketing, communications, customer centricity, sales enablement to advance customer-first culture and growth strategy . |
| CSG Systems International | Chief Marketing & Customer Officer | 2021–2022 | Advanced customer-first, values-based culture and growth execution . |
| CSG Systems International | SVP, Chief IR & Communications Officer | 2016–2021 | Drove investor relations and corporate communications amid strategic evolution . |
| Midwest-based Advertising Agency | Managing executive | Not disclosed | Combined management, investor relations, and integrated marketing expertise . |
External Roles
No external public company directorships disclosed for Ms. Bauer in the proxy or 10-K biography .
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $395,693 | $442,308 | $469,616 (annual rate $470,000 effective Jan 1, 2024) |
| Target Bonus % | 75% | 75% | 75% |
| Annual Performance Bonus Paid (Non-Equity Incentive) | $189,000 | $385,425 | $212,558 |
| Bonus (other, one-time) | $40,000 (special cash for people function expansion) | $23,945 (special cash) | — |
| Stock Awards (Grant Date Fair Value) | $1,025,570 | $1,011,372 | $1,602,161 |
| All Other Compensation | $54,795 | $69,022 | $91,058 |
| All Other Compensation – Breakdown | |||
| 401(k) Company Contributions | — | — | $18,975 |
| Accrued Dividends on Unvested RS | — | — | $63,793 |
| Perquisites/Other | — | — | $8,290 |
Notes:
- 2024 annual bonus formula based on Company Performance Percentage of 60.3%, People & Culture Modifier of 0%, and individual performance of 100% .
Performance Compensation
Annual Bonus Program Design and 2024 Outcome
| Component | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenue less Transaction Fees | Program factor | Threshold $1,093.0M; Target $1,137.0M; Max $1,177.0M | $1,099.4M | Part of 60.3% Company Performance Percentage | Cash (paid Q1 following year) |
| Non-GAAP Adjusted Operating Margin % | Program factor | Threshold 17.0%; Target 17.25%; Max 18.15% | 18.15% | Part of 60.3% Company Performance Percentage | Cash (paid Q1 following year) |
| People & Culture Modifier | Modifier | ± adjustment | 0.0% (no mod) | No change | — |
| Individual Performance | Modifier | Up to 100% | 100% for all NEOs | Full credit | — |
| Resulting 2024 Bonus (Bauer) | — | Target = 75% of salary | $212,558 | Calculated using 60.3% Company factor | Cash |
Long-Term Incentive (LTI) Structure and Achievements
| Award | Performance Period | Measure | Weighting | Target | Actual | Payout |
|---|---|---|---|---|---|---|
| 2022 Performance-Based LTI | 3 years ending 12/31/2024 | Relative TSR vs Russell 2000 | 25% | 50th percentile | 54th percentile (absolute TSR negative) | 100% (capped) |
| 2023 Performance-Based LTI | 2 years ending 12/31/2024 | Non-GAAP EPS | 37.5% | $3.85 | $4.72 | 200% |
| 2023 Performance-Based LTI | 2 years ending 12/31/2024 | Revenue (GAAP) | 37.5% | $1,300.0M | $1,197.2M | 58.8% |
| 2023 Performance-Based LTI – Total | — | Combined | — | — | — | 129.4% weighted |
| 2024 Performance-Based LTI | 2 years (EPS, Total Revenue, Avg Annual YoY Organic Revenue Growth); 3 years (rTSR) | EPS, Revenue, Organic Growth %, rTSR | Not disclosed | Minimum/Target/Max established (competitive sensitivity) | Not yet certified (periods end 12/31/2025 and 12/31/2026) | 0–200% ranges |
| 2024 Time-Based RS | 3-year | Service vesting | — | 33.3% per year | Ongoing | As scheduled |
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Total Beneficial Ownership (common shares) | 78,122 (less than 1%) |
| Restricted Shares Not Vested | 41,992 |
| Vested vs Unvested | Beneficial includes 41,992 unvested restricted shares; remaining beneficial shares reflect vested holdings |
| Outstanding Unvested Time-Based RS (by grant) | 2,005 (3/10/2021); 1,525 (3/10/2022); 669 (6/10/2022); 5,058 (3/10/2023); 11,956 (3/10/2024) |
| Outstanding Unearned Performance RS (by grant) | 3,430 (3/10/2022, TSR); 1,504 (6/10/2022, TSR); 17,070 (3/10/2023, Financial); 5,690 (3/10/2023, TSR); 26,902 (3/10/2024, Financial); 8,966 (3/10/2024, TSR) |
| Market Value of Unvested/Unearned Awards (12/31/2024) | Time-based: $1,084,197; Performance: $1,624,327 |
| Stock Ownership Guidelines | EVP minimum: 3x base salary; compliance status: 100% |
| Anti-Hedging & Anti-Pledging Policy | Hedging and pledging prohibited; short sales and monetization transactions prohibited |
Employment Terms
Executive Severance Plan – Qualifying Termination (Unrelated to Change in Control)
| Component | Elizabeth Bauer Amount (as of 12/31/2024) |
|---|---|
| Cash Severance (100% base + 100% target bonus) | $822,500 |
| Pro rata annual performance bonus (if after June 1) | $352,500 |
| Pro rata accelerated vesting of time-based RS | $664,634 |
| Pro rata accelerated vesting of performance/market-based LTI | $1,008,503 |
| COBRA benefits (18 months, lump sum) | $33,569 |
| Total Potential | $2,881,706 |
Key terms: Payment over 12 months; Pro-rata vesting of unvested awards; bonus pro-rated if terminated on/after June 1; COBRA 18 months .
Executive Severance Plan – Qualifying Termination (Within 18 Months Following Change in Control)
| Component | Elizabeth Bauer Amount (as of 12/31/2024) |
|---|---|
| Cash Severance (300% base + 300% target bonus) | $2,467,500 |
| Pro rata target annual performance bonus | $352,500 |
| Accelerated vesting of time-based RS (full) | $1,084,197 |
| Accelerated vesting of performance-based RS (at target; TSR valued at COC date) | $1,624,327 |
| COBRA benefits (18 months, lump sum) | $33,569 |
| Total Potential | $5,562,093 |
Additional provisions: Change in Control definition includes >50% stock or assets transfer or board turnover; payments subject to 280G/4999 excise tax limitations; release required; TSR awards valued at COC date .
Clawback and Other Policies
- Clawback policy (Nov 2023) compliant with SEC/Nasdaq; recovery of erroneously awarded incentive compensation on restatement; applies to bonuses and LTI, including severance-paid amounts .
- No excise tax gross-ups; no single-trigger equity vesting; limited perquisites .
Investment Implications
- Pay-for-performance alignment: Bauer’s 2024 bonus reflected a 60.3% company factor despite strong operating margin and record revenue, with rigorous LTI structures tied to multi-year EPS, revenue, organic growth, and rTSR; 2023 LTI paid 129.4% and 2022 rTSR paid 100% (capped) .
- Retention/overhang: Material unvested and unearned equity (41,992 restricted shares; performance awards spanning 2025–2026) and time-based RS vesting 33.3% annually suggest ongoing alignment and structured vesting cadence; anti-hedging/pledging and ownership guidelines reduce hedging/selling risk while maintaining significant skin-in-the-game .
- Change-in-control economics: Bauer has enhanced protection (300% multiple) versus most NEOs (200%), with full acceleration at target post-CIC termination, which could increase retention during strategic transactions while implying higher potential separation costs in M&A scenarios .
- Organizational execution: Her remit across people and customer experience aligns with CSG’s 2024 achievements (record $1.197B revenue, margin expansion, multi-year Comcast extension to 2030) and supports medium-term growth and diversification goals, relevant for sustained TSR and cash flow compounding .