Paul Laird

About Paul Laird

Paul Laird, 59, is Senior Vice President, Secure Services at The GEO Group, effective January 1, 2025, after joining GEO in 2015 and progressing through regional operations leadership roles . He has over 38 years in corrections, including 29 years with the Federal Bureau of Prisons (Regional Director, North Central Region) and five years as COO of Federal Prison Industries; he holds a B.A. in Political Science and Criminal Justice from Gustavus Adolphus College and a Certificate in Public Administration from USC . His appointment coincides with strong company performance context: 2024 revenue of $2.42B and Adjusted EBITDA of $463.5M, a stock price move from $10.76 (Jan 2, 2024) to $27.98 (Dec 31, 2024), and a 2022–2024 TSR of 272.8% with ROCE of 14.0% driving 200% performance share payouts for that cycle . GEO named Laird to the senior management team as it invested to expand ICE capacity and transportation services and reorganized leadership heading into 2025 .

Past Roles

External Roles

Fixed Compensation

• Target bonus opportunity: Senior Vice Presidents have a target annual cash incentive equal to 75% of base salary under GEO’s Senior Management Performance Award Plan .
• Stock ownership guideline: Senior executive officers must hold GEO equity equal to at least 3x base salary, to be satisfied within five years of appointment (Laird’s deadline: by January 1, 2030) .

Performance Compensation

Annual Cash Incentive (Plan Design and 2024 Outcomes)

• Metrics and weights: Adjusted EBITDA (65%), Revenue (35%); straight-line payout from 50% at 90% of target to 200% at 110% of target .
• 2024 corporate result: Weighted payout factor 94.7% of target (Adjusted EBITDA 95.8% of target; Revenue 100.1% of target) .

Notes:

• Plan metrics and payout curve apply company-wide for senior management; payout factor shown was applied to NEOs for 2024. Laird’s role-specific participation and 2024 payout are not individually disclosed .

Long-Term Equity Incentives (LTI)

• 2024 design (for NEOs): 100% performance-based restricted stock with three-year performance period, vesting by March 15, 2027 if earned; metrics: Relative TSR (50%) vs S&P 600 Commercial & Professional Services peers and ROCE (50%); payouts: 30%/100%/200% at threshold/target/maximum; TSR governor caps at 100% if absolute TSR is negative .
• 2025 design change: Senior management LTIP shifted to 50% time-based restricted stock (three-year vest) and 50% performance-based restricted stock (TSR/ROCE), with performance cap reduced to 180% (from 200%) .

Historical outcome reference: For the 2022–2024 performance cycle, company TSR ranked at the 100th percentile and ROCE reached 14.0%, resulting in 200% payouts for participating executives in that grant cohort (illustrated for NEOs) .

Equity Ownership & Alignment

• Stock ownership guidelines: CEO 6x salary; other executive officers (including SVPs) 3x salary; compliance required within five years of appointment; counts actual, vested/unvested restricted stock, and unvested performance shares at threshold (not at target/max) .
• Clawback: In place since Oct 2023; recovery of incentive-based compensation for covered executives upon an accounting restatement for three completed fiscal years preceding the restatement date, per SEC/NYSE rules .
• Hedging/pledging: Hedging and short sales prohibited; pledging generally prohibited absent waiver by CEO or Compensation Committee Chair (waiver example disclosed for former CEO Evans; separate from Laird) .
• Trading/vesting timing considerations: Annual equity grants typically approved in late February with a March grant date; 2024 performance-based awards vest, if earned, by March 15, 2027; beginning 2025, 50% of senior management awards are time-based with three-year vesting, potentially creating calendar-driven vesting events .

Employment Terms

• Appointment: Laird promoted to Senior Vice President, Secure Services effective January 1, 2025; compensation agreement terms for Laird were not filed .

• GEO precedent for SVP-level severance/change-in-control (illustrative): Prior SVP/Secure Services head (James Black) had an agreement providing, upon termination other than for cause or voluntary resignation, two years’ base salary, continuation of benefits (two years), transfer of company automobile, and accelerated vesting (performance-based equity subject to certification); COO had a six-month salary severance construct; company compensation practice is double-trigger for change-in-control and no excise tax gross-ups .

  • Note: These are precedents for comparable roles; Laird’s specific severance/change-in-control terms are not disclosed .

• Non-compete precedent: Executive agreements at GEO (e.g., Executive Chairman; CEO) include a three-year post-termination non-compete and confidentiality; Laird’s specific restrictive covenants are not disclosed .

Investment Implications

• Pay-for-performance alignment: Annual bonus tied 65% to Adjusted EBITDA and 35% to revenue, directly linking cash pay to operating execution; 2024 payout factor (94.7%) reflects slight EBITDA shortfall offset by revenue outperformance . The shift in 2025 to 50% time-based equity moderates at-risk LTI leverage (cap to 180%) but enhances retention for senior leaders like Laird .
• Vesting/selling pressure: Company-wide grant/vesting cadence (March grants; performance cycles culminating with March vesting) can cluster potential insider selling windows; Laird’s specific grants/holdings are not disclosed, but as an SVP he would typically receive restricted stock under policy for “Director and above” employees .
• Alignment and downside protection: 3x salary ownership guideline and clawback bolster long-term alignment and governance; prohibitions on hedging/pledging reduce misalignment risk (no pledging disclosed for Laird) .
• Retention risk: Laird’s promotion into a core operating role during GEO’s ICE capacity expansion suggests criticality of his retention; peer SVP agreements at GEO often include multi-year severance/benefit protections, reducing near-term flight risk, although Laird’s contract is not filed .

Data gaps: GEO did not disclose Laird’s base salary, actual bonus paid, individual equity grant sizes, beneficial ownership, or specific severance/change-in-control contract. Where relevant, company program designs and comparable role precedents are cited; no individual amounts are inferred.

Sources

• Executive officers, biography, age and appointment:
• Compensation program design, outcomes, LTIP metrics, grant/vesting timing, governance practices:
• Company performance context and TSR/ROCE outcomes:
• Security ownership/pledging policy example (Evans):
• SVP/COO severance precedents and change-in-control posture:
• Non-compete precedents (Executive Chairman; CEO):