Kimberly A. Kuryea
GENERAL DYNAMICSAbout Kimberly A. Kuryea
Senior Vice President and Chief Financial Officer at General Dynamics since 2024, Kuryea is a career finance executive at GD who previously served as VP & Controller, Head of Internal Audit, and CFO of GD Advanced Information Systems; she holds a B.S. in Accounting (Georgetown) and an MBA (Duke) . In 2024, GD delivered 12.9% revenue growth and 13% operating earnings growth with 10 bps margin expansion, alongside disciplined capital deployment; Kuryea’s 2024 strategic/operational score was 190% of target, reflecting execution against growth, cash generation, tax planning, and capital allocation goals . Her compensation is heavily performance-weighted: annual incentives tied to EPS (25%), FCF (25%), operating margin (20%) and strategic objectives (30%), and long-term PSUs based on three‑year ROIC with an rTSR modifier; GD prohibits hedging/pledging and maintains stringent 8x–10x salary ownership guidelines for officers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Dynamics | Senior Vice President & Chief Financial Officer | 2024–present | Led company-wide efforts supporting 12.9% revenue growth, 13% operating earnings growth, cash generation, and balanced capital deployment; 2024 strategic/operational score 190% of target . |
| General Dynamics | Senior Vice President, Human Resources & Administration | 2017–2024 | Corporate officer overseeing HR and administration; appointed effective April 1, 2017 . |
| General Dynamics | Vice President & Controller (corporate) | 2011–2017 | Corporate accounting, reporting, and controls . |
| GD Advanced Information Systems | Chief Financial Officer | 2007–2011 | BU finance leadership . |
| General Dynamics | Staff Vice President, Internal Audit | 2004–2007 | Internal controls and audit . |
| General Dynamics | Director, Financial Planning & Analysis | 2000–2004 | Corporate FP&A; joined GD in 2000 . |
| Arthur Andersen LLP | Government contracting practice | Pre‑2000 | External advisory prior to joining GD . |
External Roles
- Not disclosed in GD’s proxy; no public board roles identified in company filings. Skip.
Fixed Compensation
| Item | 2024 |
|---|---|
| Base Salary (Rate) | $950,000 |
| Salary Paid (SCT) | $914,166 |
| Target Annual Bonus ($) | $1,092,500 |
| Actual Annual Bonus Paid (Cash) | $1,175,000 |
| All Other Compensation (Total) | $70,992 |
| Perquisites (detail) | $23,975 |
| Retirement Plan Contributions & Allocations | $35,400 |
| Term Life Insurance Payments | $8,758 |
| Tax Reimbursements (Dining room benefit) | $2,859 |
Notes:
- Annual incentive design (2024): EPS 25%, FCF 25%, Operating Margin 20%, Strategic/Operational 30% .
- Her 2024 strategic/operational score: 190% of target .
- Implied bonus payout vs. target: $1,175,000 / $1,092,500 ≈ 108% (computed from disclosed amounts) .
Performance Compensation
2024 Annual Incentive Mechanics and Outcome
| Component | Weight | Target | Actual/Payout |
|---|---|---|---|
| EPS | 25% | Not disclosed | Included in overall payout; cash paid $1,175,000 . |
| Free Cash Flow | 25% | Not disclosed | Included in overall payout; cash paid $1,175,000 . |
| Operating Margin | 20% | Not disclosed | Included in overall payout; cash paid $1,175,000 . |
| Strategic & Operational | 30% | 100% | 190% of target for Kuryea . |
| Overall Cash Incentive | — | $1,092,500 target | $1,175,000 paid (~108% of target; computed) . |
2024 Long-Term Incentive Grants (Granted March 6, 2024; Committee action March 5, 2024)
| Award Type | Grant Date | Shares/Options (Threshold/Target/Max) | Exercise Price | Vesting / Performance | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| PSUs | 03/06/2024 | 2,795 / 8,380 / 16,760 | n/a | 3-year performance (2024–2026) on ROIC; rTSR modifier can adjust by ±33%; payout range 33%–200%; release after 3 years . | Included in Stock Awards $3,495,285 (total for PSUs+RS) |
| Restricted Stock | 03/06/2024 | 3,350 | n/a | Cliff-vest at 3 years; release first NYSE business day after 3rd anniversary . | Included in Stock Awards $3,495,285 |
| Stock Options | 03/06/2024 | 22,840 | $274.51 | 50% exercisable 3/6/2026; 50% exercisable 3/6/2027; 10-year term (exp. 03/05/2034) . | $1,379,764 |
Outstanding and Scheduled Vesting (as of 12/31/2024)
| Instrument | Quantity | Key Dates | Value/Notes |
|---|---|---|---|
| Unvested Restricted Shares/Units | 8,695 | Releases: Mar 3, 2025 (2,650); Mar 9, 2026 (2,695); Mar 8, 2027 (3,350) . | Market value $2,291,046 . |
| Unearned PSUs | 14,107 | PSUs released/eligible: 2,880 released Mar 5, 2025; may release Q1 2026: 5,592; Q1 2027: 17,004 (subject to performance) . | Market/payout value $3,716,973 (as shown) . |
| Options (unexercisable tranches) | 22,840 @ $274.51; 25,820 @ $227.58; 15,930 @ $232.90 | Become exercisable: 3/6/2026 (11,420) and 3/6/2027 (11,420) for 2024 grant; 3/8/2025 (12,910) and 3/8/2026 (12,910); 3/2/2025 (15,930) . | Staged exercisability may create periodic liquidity windows . |
| Options (older exercisable) | 42,360 @ $168.56; 47,370 @ $165.47; 28,300 @ $223.93 | Already exercisable; expirations 2031, 2030, 2028 . | Near‑to‑in‑the‑money leverage depending on stock price . |
Equity Ownership & Alignment
Beneficial Ownership (as of March 12, 2025)
| Holder | Shares Owned | Options Exercisable within 60 Days | % of Class | Total Beneficial |
|---|---|---|---|---|
| Kimberly A. Kuryea | 84,523 | 162,800 | <1% | 247,323 |
Policies and Alignment
- Stock ownership guidelines: CEO 15x base salary; other officers (including CFO) 8x–10x; cannot sell until guidelines met; options/PSUs excluded from calculation .
- Anti‑hedging/anti‑pledging: Hedging prohibited; pledging of directly held GD stock prohibited; no margin accounts; broad insider trading restrictions and blackout periods .
- Clawback: SEC/NYSE‑compliant recoupment policy covering performance-based cash and equity upon a financial restatement; full policy filed as 10‑K exhibit .
Employment Terms
Retirement & Deferred Compensation
| Plan | Years Credited Service | Present Value of Accumulated Benefit (12/31/2024) | Notes |
|---|---|---|---|
| Salaried Retirement Plan | 13 | $298,049 | Benefits frozen as of 12/31/2013 for HQ participants . |
| Supplemental Retirement Plan | 13 | $262,060 | — |
| Total Service (Years) | 25 | — | Early retirement eligible; standard reductions apply . |
| Nonqualified Deferred Compensation (2024) | Amount |
|---|---|
| Executive Contributions | $44,100 |
| Registrant Contributions | $14,700 |
| Aggregate Earnings | $68,894 |
| Aggregate Balance (12/31/2024) | $662,162 |
Other Terms and Policies
- No employment agreements with NEOs; no excise tax gross‑ups; double‑trigger change-in‑control (CiC) arrangements .
- New policy (Feb 2024): shareholder approval required for any new/modified severance >2.99x salary+annual incentive .
Potential Payments Upon Termination or Change in Control (as of 12/31/2024)
| Scenario / Component | Ms. Kuryea ($) |
|---|---|
| Termination for Cause or Voluntary Resignation – Retiree Life Insurance | 190,659 |
| Termination for Cause or Voluntary Resignation – Retiree Medical & Dental | 56,740 |
| Total (Cause/Resignation) | 247,399 |
| Termination without Cause or Retirement – Stock Options | 1,414,495 |
| Termination without Cause or Retirement – Restricted Stock | 2,291,046 |
| Termination without Cause or Retirement – PSUs (prorated, if earned) | 1,237,349 |
| Termination without Cause or Retirement – Retiree Benefits | 247,399 |
| Total (No Cause/Retirement) | 5,190,289 |
| Death – Life Insurance | 1,900,000 |
| Total (Death) | 1,900,000 |
| Change in Control with Qualifying Termination – Annual Incentive | 990,000 |
| Change in Control with Qualifying Termination – Severance | 5,800,600 (2.99x salary+bonus applies to NEOs) |
| Change in Control – Benefits/Services/Other | 44,518 (benefits), 10,000 (outplacement), 30,000 (financial counseling), 93,789 (supplemental retirement) |
| Change in Control – Equity (PSUs) | 1,739,561 (double-trigger acceleration per plan) |
| Total (CiC + Qualifying Termination) | 8,708,468 |
Mechanics and Governance
- Double‑trigger: CiC plus qualifying termination within 24 months; equity awards accelerate under plan on double‑trigger; no excise tax gross‑ups; cutback applied if optimal vs. full delivery for 280G/4999 .
Insider Trading, Vesting Schedules, and Potential Selling Pressure
- Recent Form 4 activity (May 2024): Kuryea exercised options (58,900 shares at $167.61–$191.71) and sold shares totaling over $3.9 million at ~$296–$301; filings show additional same‑day “F” transactions (share withholding) around $300.593 per share; she retained a substantial position post‑transactions .
- Aggregated trackers (for reference) also show May 2024 sells and option exercises and subsequent March 2025 Form 4 filings .
- Near‑term vesting calendar may create periodic liquidity windows: RS releases in March 2025/2026/2027; PSUs released March 5, 2025 and may release in Q1 2026 and Q1 2027, subject to performance; options become exercisable in March 2025/2026/2027 per schedules .
Compensation Structure Observations
- Strong pay‑for‑performance: 50% of LTI delivered in PSUs with three‑year ROIC and rTSR modifier; annual incentive blends EPS/FCF/margin with strategic metrics; no employment agreements; market‑leading ownership rules; clawback/anti‑hedging/anti‑pledging in place .
- 2024 mix skewed toward equity: Stock awards $3.50m and options $1.38m vs. salary $0.91m and bonus $1.18m; at‑risk compensation dominates .
- Governance protections: Double‑trigger CiC; severance capped (2.99x) absent shareholder approval; no gross‑ups .
Investment Implications
- Alignment and retention: High ownership requirements (8x–10x salary), prohibition on hedging/pledging, and multi‑year PSU metrics align incentives with TSR and capital efficiency; the double‑trigger CiC with 2.99x cap limits shareholder downside from undue severance .
- Vesting/selling pressure: March‑dated RSU and PSU releases (2025–2027) and option exercisability in 2025–2027 create predictable liquidity windows; May 2024 option‑exercise‑and‑sell pattern suggests periodic monetization around vest dates, but she retains substantial beneficial ownership (<1% of class), mitigating signal risk .
- Execution track record: 2024 results (12.9% revenue growth, 13% operating earnings growth, margin expansion) and a 190% strategic score indicate strong CFO execution in growth, cash generation, tax rate management (<17%), and capital deployment—supportive for continued FCF compounding and shareholder returns .