Troy Anderson
KELLY SERVICESAbout Troy Anderson
Troy R. Anderson, 58, became Executive Vice President and Chief Financial Officer of Kelly Services on December 2, 2024, after joining as CFO-designate on October 14, 2024 . He previously served as CFO at Universal Technical Institute (2019–2024), Global Finance Leader & Corporate Controller at Conduent (2016–2019) where he managed the spin-out from Xerox, and held senior finance roles at Xerox including SVP & CFO of the Industry Group and Director of Investor Relations . In 2024, Kelly delivered adjusted EBITDA of $143.5M (+31.2% YoY) and expanded adjusted EBITDA margin by 100 bps to 3.3% even as revenue declined 10.4% to $4.3B; cumulative TSR index values (base $100 in 2019) stood at $65.24 for Class A, $143.93 for Class B vs sector peers $67.64 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Universal Technical Institute | EVP & CFO | Sep 2019–Oct 2024 | Led finance for a workforce education provider |
| Conduent, Inc. | Global Finance Leader & Corporate Controller | Nov 2016–Sep 2019 | Managed financial aspects of the spin-out from Xerox |
| Xerox | SVP & CFO, Industry Group | 2015–2016 | Business unit CFO leadership |
| Xerox | Director of Investor Relations | 2013–2015 | Capital markets communications and investor engagement |
External Roles
No public company directorships or external board roles disclosed for Troy Anderson .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $650,000 | Set per offer terms upon hire |
| Sign-on Bonus ($) | $750,000 | Cash sign-on to offset forfeited prior bonus |
| Target STIP (% of Salary) | 85% | Enterprise funding based 100% on Corporate EBITDA $ |
| All Other Compensation ($) | $3,750 | Company matching contributions to MRP |
Performance Compensation
| Metric | Weighting | Threshold (50%) | Target (100%) | Max (200%) | Actual | Funding/Payout |
|---|---|---|---|---|---|---|
| Corporate EBITDA ($mm) | 100% | $128.0 | $160.0 | $200.0 | $133.7 | Plan funding 58.9% |
| 2024 STIP Payout ($) | — | — | $106,250 (85% of $125,000 earned base) | — | — | $63,000 (59.3% of target) |
| LTI (PSUs) | — | — | — | — | — | Not granted due to hire date |
| LTI (Restricted Stock) | — | — | — | — | — | $3,499,998 grant-day fair value (10/15/2024) |
Notes:
- 2024 STIP funding for enterprise participants was based 100% on Corporate EBITDA $, with final plan funding at 58.9% of target; Anderson’s payout equaled $63,000 (59.3% of target) .
- Anderson did not receive 2024–2026 PSUs; his LTI consisted of a special restricted stock award .
Equity Ownership & Alignment
| Item | Value | Detail |
|---|---|---|
| Beneficial Ownership (Class A Shares) | 201,262 | <1% of Class A outstanding |
| Unvested Restricted Shares (12/29/2024) | 172,244 | Market value $2,270,176 at $13.18 close |
| Stock Ownership Guideline | 3x base salary | EVP requirement; counts unvested RS and earned unvested PS; all NEOs met as of 2/11/2025 |
| Hedging/Pledging | Prohibited | Company policy forbids hedging, margin accounts, and pledging |
| Clawback | In place | Incentive Comp Recovery policy compliant with SEC/Nasdaq |
| Deferred Compensation (MRP) | $7,500 exec deferral; $3,750 company match; $11,003 balance | 2024 contributions and year-end balance |
Vesting schedule of 10/15/2024 restricted stock:
| Vest Date | Shares | Terms |
|---|---|---|
| 10/15/2025 | 86,122 | 50% vests on 1st anniversary |
| 10/15/2026 | 86,122 | 50% vests on 2nd anniversary |
Employment Terms
| Provision | Terms | Economics/Amounts |
|---|---|---|
| Plan Coverage | Senior Executive Severance Plan Tier 2 | Applies to Anderson |
| Non-Compete / Non-Solicit | 12 months post-termination; non-disparagement & confidentiality | Required for severance eligibility |
| Benefits Continuation | COBRA medical/dental/vision for 18 months at employee rates | Tier 2 duration |
| Outplacement | Up to $10,000 | Within 12 months post-termination |
| Severance (Not for Cause, no CIC) | Base salary continuation for 18 months + prorated STIP at actual | Cash severance $975,000; prorated STIP $63,000; benefits $12,750; outplacement $10,000; total $1,060,750 (assuming 12/29/2024 termination) |
| Severance (CIC double-trigger) | Lump sum 1.5x (salary + target STIP) + prorated STIP at target | Cash $1,803,750; prorated STIP $552,500; RS accelerates ($2,270,176); benefits $12,750; outplacement $10,000; total $4,649,176 (assuming 12/29/2024 termination) |
| Equity Treatment | Double-trigger vesting under EIP | If not assumed, immediate vesting at target on CIC; if assumed, vest on qualifying termination within 2 years |
Performance & Track Record
- Early tenure coincided with company margin expansion: adjusted EBITDA margin rose to 3.3% (+100 bps) and adjusted EBITDA reached $143.5M (+31.2% YoY) on $4.3B revenue (-10.4% YoY), reflecting portfolio mix shifts and efficiency initiatives described in the proxy .
- Corporate actions included sale of EMEA staffing operations and acquisitions of Motion Recruitment Partners and Children’s Therapy Center, supporting higher-margin specialties and SET/OCG capabilities .
Investment Implications
- Retention and alignment: A large, two-tranche restricted stock grant (172,244 shares) vesting in October 2025 and October 2026, plus 3x salary ownership guidelines and hedging/pledging prohibitions, signal strong retention incentives and alignment; potential liquidity events around vest dates could create near-term insider selling pressure to cover taxes .
- Pay-for-performance: Cash incentive tightly linked to Corporate EBITDA, with 2024 payout at ~59% of target amid challenging conditions, indicating disciplined incentive funding .
- Change-in-control economics: Tier 2 status with 1.5x salary+target bonus and full RS acceleration on qualifying CIC termination (~$4.65M illustrated), offering standard protection without excise tax gross-ups (best-net cutback), and double-trigger equity—neutral governance stance .
- Governance risk low: Robust clawback, ownership, and anti-hedging/pledging policies; 2024 say-on-pay approval at 99% supports investor acceptance of executive pay design .