Andras Bende
About Andras Bende
Andras Bende, age 50, has served as Chief Financial Officer of International Money Express, Inc. (Intermex/IMXI) since December 7, 2020. He previously served as CFO of Computer Services, Inc. (2018–2019) and held international CFO and controller roles at GE Capital (including CFO of Bank BPH, 2012–2016). He holds a bachelor’s degree in financial management from Clemson University and completed GE’s Financial Management Program and Corporate Audit Staff . Company TSR rose to $173 on a $100 base from 12/31/2019 to 2024, while net income was $58.8m and Adjusted EBITDA $121.3m in 2024, the latter serving as a primary incentive metric .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Computer Services, Inc. | Chief Financial Officer | 2018–2019 | Guided the company during a period of significant growth and share price appreciation . |
| GE Capital / Bank BPH | CFO (Bank BPH), various CFO/Controller roles | 2005–2017; Bank BPH 2012–2016 | Senior finance leadership across international businesses; led finance at Bank BPH . |
| International Money Express (IMXI) | Chief Financial Officer | 2020–present | Joined Dec 7, 2020; principal financial officer certifications and oversight . |
External Roles
No public company directorships or external board roles disclosed for Bende in IMXI filings .
Fixed Compensation
| Component | 2023 | 2024 | 2025 (as stated) |
|---|---|---|---|
| Base Salary | $472,500 | $500,000 | $525,000 effective Jan 1, 2025 |
| Target Bonus % of Salary | 60% | 60% | 60% (plan terms unchanged) |
| Actual Annual Bonus Paid | $262,053 (2023 NEIP) | $225,516 (2024 NEIP) | — |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | Target / Component Target $ | Actual Performance | Payout $ | Vesting/Timing |
|---|---|---|---|---|---|
| Adjusted EBITDA | 75% | $225,000 (75% of $300,000 target bonus) | $121.3m vs $125.8m target (67% of target payout) | $150,750 | Paid quarterly (binary 12.5% per quarter) and annual true-up . |
| Individual Objectives | 25% | $75,000 | 99.7% of target (annual average) | $74,766 | Measured and paid quarterly (0–150% of target) . |
Program design: CEO bonus is 100% Adjusted EBITDA; NEOs split 75% Adjusted EBITDA and 25% Individual. Threshold at 90% of EBITDA target; maximum at 115% (linear interpolation) .
Equity Incentives
| Award Type | Grant Date | Shares / Target | Grant Date Fair Value | Performance Metric | Vesting |
|---|---|---|---|---|---|
| RSU | Feb 15, 2024 | 21,157 shares | $450,000 | — | 25% per year over 4 years, service-based . |
| PSU (target) | Mar 1, 2024 | 23,352 target (11,676 thr; 46,704 max) | $450,000 | 3-year cumulative Adjusted EPS; 50%/100%/200% payout at threshold/target/max (specific EPS targets not disclosed for 2024) . | |
| PSU (2012/2023 cycle outcome) | Mar 23, 2022 (Bende target 13,986) | Earned 125.7% → 17,580 shares after service period end (12/31/2024) | — | 2-year cumulative Adjusted EPS (2022–2023); 3-year service condition . |
Outstanding awards at 12/31/2024: RSUs 3,750 (2021), 9,340 (2022), 11,674 (2023), 21,157 (2024); PSUs at target 15,564 (2023), 23,352 (2024) .
Equity Ownership & Alignment
- Beneficial ownership: 68,189 shares; <1% of outstanding .
- Vested vs unvested (12/31/2024): Unvested RSUs 3,750 (2021), 9,340 (2022), 11,674 (2023), 21,157 (2024); PSUs at target 15,564 (2023), 23,352 (2024). No outstanding options for Bende .
- Stock ownership guidelines: Executives must hold at least 2x annual base salary; all NEOs in compliance as of 12/31/2024 (either achieved or adhering to 50% retention rule) .
- Hedging/pledging: Prohibited (short sales, derivatives, hedging/monetization, pledging, margin accounts) .
- Shares pledged as collateral: None disclosed; policy prohibits pledging .
Employment Terms
- Start date/role: CFO effective Dec 7, 2020 .
- Contract: CFO Employment Agreement; at-will, indefinite term .
- Compensation terms: Base salary increased to $500,000 (1/1/2024) and to $525,000 (1/1/2025); target bonus increased to 60% effective 1/1/2023 .
- Restrictive covenants: Non-solicitation of customers/employees for 3 years post-employment; non-compete for 9 months post-employment; NDA and perpetual non-disparagement .
- Severance: If terminated without cause or resigns for good reason, 9 months of base salary continuation plus pro-rata target bonus (less any bonus paid) .
- Change-in-control (plan terms): RSUs fully vest if not assumed at closing or upon termination without cause within 2 years post-CIC if assumed; PSUs convert to RSUs at target or per certified performance through CIC, then follow RSU vesting rules; pro-rata PSU vesting possible after year 1 upon termination without cause .
- Transaction retention bonus (Merger context): In connection with pending Western Union merger, retention payment of $525,000, paid 50% at closing and 50% at six months post-closing (accelerated if terminated without cause/for good reason/death/disability) .
- Golden parachute quantification (Merger proxy): Cash $525,000 and equity $1,742,064; total $2,267,064 (equity assumes target and $16.00 per share consideration; RSUs 32,803; PSUs 76,076) .
Performance & Track Record
Company Performance (Annual)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $469,162,000 * | $561,540,000 * | $554,801,000 * |
| EBITDA ($USD) | $95,383,000* | $110,015,000* | $114,110,000* |
*Values retrieved from S&P Global.
Additional context:
- 2024 Adjusted EBITDA used for incentives: $121.3m vs $125.8m target; quarterly attainment: Q1 100%, Q2 94%, Q3 101%, Q4 91% .
- Pay vs performance table indicates TSR $173 in 2024 and net income $58.8m .
- Bende’s 2024 NEIP payout reflected corporate underperformance on Adjusted EBITDA offset by near-target individual achievements .
Compensation Committee Analysis & Peer Group
- Compensation consultant: FW Cook; independent; no conflicts .
- Peer group (2024 benchmarking): Cass Information Systems; CSG Systems; CURO; Enova; Everi; EVERTEC; EZCORP; goeasy; Green Dot; Information Services Group; LendingClub; PRA Group; Regional Management; Repay; Triumph Financial; World Acceptance .
- Ownership/retention policy and clawback: Stock ownership requirements for executives and directors; SEC/Nasdaq-compliant clawback adopted in 2023 (recovers incentive comp upon certain restatements; SOX 304 applicable to CEO/CFO) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; no pledging disclosed .
- Clawback policy in place (SEC and Nasdaq rules) .
- Legal proceedings: No reportable legal proceedings involving executive officers in past ten years .
- Equity award practices: No option grants currently; no timing of grants around MNPI .
- Transaction retention bonuses with effective waiver of standard severance upon closing are disclosed in the merger proxy .
Equity Ownership & Vesting Detail (Bende)
| Category | Shares / Value | Notes |
|---|---|---|
| Beneficially owned common | 68,189 | As of April 21, 2025 . |
| Unvested RSUs | 3,750 (2021); 9,340 (2022); 11,674 (2023); 21,157 (2024) | Market values detailed in proxy; vest annually . |
| PSUs (target) | 15,564 (2023); 23,352 (2024) | Earned contingent on Adjusted EPS targets over 3 years . |
| 2022 PSUs earned | 17,580 | 125.7% of target; service completed 12/31/2024 . |
Employment Terms Summary (Severance/CIC Scenarios)
| Scenario (as of 12/31/2024) | Cash Severance | Equity Vesting Value | Notes | |---|---|---| | Termination without cause / resign for good reason | $675,000 | $216,132 | 9 months of base + pro-rata target bonus; standard vesting outcomes . | | Death or disability | — | $1,767,154 | Accelerated vesting; PSUs at target or certified performance . | | CIC (awards assumed) + termination without cause within 2 years | $675,000 | $1,767,154 | Double-trigger vesting for RSUs; PSU conversion per plan . | | CIC (awards not assumed) | — | $1,767,154 | Single-trigger full vesting of RSUs; PSUs at target . |
Investment Implications
- Pay-for-performance alignment remains solid: 75% of Bende’s annual incentive tied to Adjusted EBITDA, with equity PSUs based on three-year cumulative Adjusted EPS; 2024 payouts were reduced in line with EBITDA underperformance .
- Retention/cycle risk around merger: A $525k retention bonus and single-trigger cash-out of existing RSUs/PSUs at $16 per share indicate potential near-term liquidity for Bende, but retention requires continued service post-closing; monitor for insider selling after vesting and payout windows .
- Alignment safeguards: Strict anti-hedging/pledging and ownership guidelines (2x salary) reduce misalignment risk; clawback provides recourse on restatements .
- Execution credibility: Prior GE and Bank BPH CFO experience plus Computer Services growth tenure support operational rigor; however, 2024 EBITDA shortfall vs target suggests cautious incentive calibration going forward .