Maureen Reitman
EXPONENTAbout Maureen Reitman
Maureen T.F. Reitman, Sc.D. (age 56) is Group Vice President at Exponent, Inc., having joined the company in 2002, promoted to Principal in 2006, Corporate Vice President in 2014, and Group Vice President on January 4, 2020; she holds MIT degrees in Materials Science and Engineering (Sc.D. 1993; B.S. 1990), is a registered Professional Mechanical Engineer in Maryland, a Fellow of the Society of Plastics Engineers, and was elected to the National Academy of Engineering on February 6, 2024 . Company performance context for FY2024 included net revenue growth of 4.3% and EBITDA margin improvement to 28.4% (from 27.7% in FY2023), with company TSR since 2020 at 133 vs S&P 400 Mid Cap at 166 and FY2024 net income and EBITDA of $109.0M and $147.1M, respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Exponent | Group Vice President | 2020–present | Line leadership in technical consulting; executive oversight |
| Exponent | Corporate Vice President | 2014–2020 | Practice leadership; business development and operations |
| Exponent | Principal Engineer | 2006–2014 | Senior technical delivery; client and practice growth |
| Exponent | Engineer/Scientist | 2002–2006 | Joined firm; technical contributions in materials |
| 3M Company | Research & management roles | Pre-2002 | Technology identification, materials selection/qualification, product development, IP analysis, litigation support |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| National Academy of Engineering | Member (elected) | 2024–present | Elected February 6, 2024 |
| Society of Plastics Engineers | Fellow | Not disclosed | Industry recognition |
| State of Maryland | Registered Professional Mechanical Engineer | Not disclosed | Licensure |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 532,500 | 572,981 | 633,750 |
| Cash Bonus Paid ($) | 360,000 | 495,000 | 480,000 |
| All Other Compensation ($) | 37,275 | 40,109 | 44,363 |
| Total Reported Compensation ($) | 1,449,809 | 1,588,185 | 1,818,233 |
Notes:
- Base salary changes effective March 30, 2024 increased to $625,000 annual rate (2% y/y), reflected pro-rata in FY2024 reported salary .
- Company defined contribution retirement plan contributes 7% of eligible pay; amounts included in “All Other Compensation” .
Performance Compensation
| Component | Structure | Key Metrics/Targets | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Bonus (NEO) | Participation in 33% pre-tax profit pool; performance weighted to direct consulting/business unit contributions; 40% settled in fully vested RSUs; remainder cash | Company emphasizes revenue growth, profitability, leadership; most important measures used to link CAP to NEOs: EBITDA, revenues before reimbursement growth, EBITDA margin | FY2024 cash bonus $480,000; RSU settlement granted March 15, 2024: 4,169 fully vested RSUs (value $230,068), with matching 4,169 unvested RSUs (value $230,068) | Fully vested RSUs deliver after 4 years; matching unvested RSUs cliff vest at 4 years from grant |
| Stock Options | Not granted to Reitman in FY2022–FY2024; options are occasionally granted to select NEOs; options vest 25% annually over 4 years and have 10-year term | N/A | N/A | If granted, vesting continues upon retirement at 59½ subject to conditions |
Additional program safeguards:
- Annual bonus capped at 2x target; 40% settlement in fully vested RSUs not delivered for four years to moderate short-term incentives .
- Equity awards have dividend equivalent rights, paid upon vesting and forfeited if awards are forfeited .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 35,612 shares (as of April 9, 2025) |
| Ownership % of shares outstanding | ~0.07% (35,612 / 50,757,382 shares outstanding as of April 9, 2025) |
| Unvested RSUs (as of Jan 3, 2025) | 1,922 vest 3/12/2025 ($170,885 MV); 2,755 vest 3/11/2026 ($244,947 MV); 2,400 vest 3/10/2027 ($213,384 MV); 4,169 vest 3/5/2028 ($370,666 MV) |
| Options outstanding | None for Reitman |
| Stock ownership guidelines | 1x base salary requirement for non-CEO/CFO NEOs; must retain ≥50% net shares until compliant; valuation uses 365-day avg price (shares) and grant-date fair value (RSUs); all NEOs met or are expected to meet guidelines within the specified period as of April 9, 2025 |
| Hedging/pledging | Prohibited for directors/officers/employees (no margin trading; no pledging) |
Insider transactions and potential selling pressure:
- 3/12/2025: Sold 1,190 shares at $82.33 for $97,973; reported holdings 35,612 after transaction .
- 11/24/2023: Sold 2,000 shares; proceeds ≈$156,500 .
- Recent Form 4 filing date reference: 03/17/2025 .
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreement | No separate employment or severance agreements providing for payments upon termination/change-in-control beyond equity plan provisions |
| Change-in-control | Double-trigger: awards assumed/substituted; if involuntary termination within 2 years post-CIC (other than failure to perform), all awards vest and settle at termination |
| CIC accelerated equity value (as of 1/3/2025) | $1,000,000 for Reitman, using $88.91 share price |
| Retirement treatment | Unvested RSUs and options continue to vest upon retirement at 59½ subject to conditions (consulting via the Company; no employment by clients/competitors) |
| Clawback | Mandatory recovery of excess incentive-based compensation for restatements, lookback of 3 fiscal years; applies regardless of misconduct; adopted per SEC/Nasdaq rules |
| Deferred compensation | Company contributions to nonqualified plan: $16,908 in 2024; aggregate balance $173,501 as of Jan 3, 2025; earnings not above-market |
| Section 16 compliance | Company reports timely compliance for FY2024 except for one director (Paul Johnston); no issues noted for Reitman |
Compensation Committee Analysis
- Governance: Human Resources Committee (4 independent directors) sets executive compensation; met 5 times in FY2024 .
- Consultant: Compensia engaged; peer benchmarking used for CEO/CFO vs eight professional services peers (CRA International, FTI Consulting, Heidrick & Struggles, Huron Consulting Group, ICF International, Korn Ferry, Resources Connection, The Hackett Group); no specific percentile targeted; Radford survey referenced; no consultant conflicts .
- Say-on-pay: 92.8% approval on FY2023 NEO compensation, with FY2024 policy continuity .
Related Party Transactions and Governance Red Flags
- Hedging/pledging prohibited; director/NEO ownership guidelines and retention requirements in place .
- Clawback policy robust; options not repriced; equity grant timing policies avoid material nonpublic information windows .
- No related party transactions involving Reitman disclosed; broader related party framework overseen by Audit Committee .
Investment Implications
- Alignment and retention: Reitman’s compensation has a meaningful equity component with 4-year cliff vesting and double-trigger CIC protection; combined with retirement continued vesting conditions, this supports retention and long-term alignment while moderating short-term selling pressure .
- Insider activity: Modest recent sales (1,190 shares in Mar-2025 and 2,000 in Nov-2023) suggest routine liquidity rather than significant disposal; upcoming RSU vest dates through 2028 indicate periodic potential supply, but hedging/pledging prohibitions and ownership guidelines mitigate adverse signaling .
- Performance linkage: While NEO-specific weightings aren’t disclosed, the bonus pool and equity settlement structure link pay to company profitability and growth (EBITDA, revenue, margin), supporting pay-for-performance; strong FY2024 execution (4.3% revenue growth, margin improvement) underpins incentive payouts .
- Governance quality: No severance cash multiples, robust clawback, and independent committee oversight reduce shareholder risk; high say-on-pay support indicates investor acceptance of comp design .