Jeffrey Hackman
About Jeffrey Hackman
Jeffrey B. Hackman (age 46) is Kforce’s Chief Financial Officer and Principal Financial Officer since September 2023, and Corporate Assistant Secretary since February 2024. He oversees investor relations, legal, internal audit, finance and accounting, tax, treasury, procurement and real estate functions; prior roles include Senior Vice President of Finance & Accounting (2015–2023), Chief Accounting Officer and Principal Accounting Officer (2009–2013), and SEC Reporting Director (2007–2009). Before rejoining Kforce in 2015, he served as Global Chief Accounting Officer at Cunningham Lindsey (2013–2015) and began his career at Arthur Andersen, later as Audit Senior Manager at Grant Thornton LLP. Kforce’s three-year TSR for the 2022–2024 LTI cycle was -19% with a 9th place peer rank (driving 2024 LTI grant outcomes), while the prior 2020–2022 cycle delivered +46% TSR and a 4th place peer rank; 2024 annual incentives paid only the MBO component (180% of target) with no payout for revenue/EPS, reflecting stringent targets amid macro headwinds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kforce | Chief Financial Officer & Principal Financial Officer | Sep 2023–present | Leads IR, legal, internal audit, finance/accounting, tax, treasury, procurement, real estate; added Corporate Assistant Secretary in Feb 2024 . |
| Kforce | SVP Finance & Accounting; Principal Accounting Officer | Mar 2015–Sep 2023 | Led finance, accounting, SEC reporting, tax, treasury, procurement, real estate; expanded FP&A and IR oversight . |
| Kforce | Chief Accounting Officer & Principal Accounting Officer | Feb 2009–Sep 2013 | Led accounting, controls, SEC reporting . |
| Kforce | SEC Reporting Director | Sep 2007–Feb 2009 | Managed SEC reporting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cunningham Lindsey | Global Chief Accounting Officer | Sep 2013–Mar 2015 | Led global accounting; returned to Kforce in 2015 . |
| Grant Thornton LLP | Audit Senior Manager | Pre-2007 | Led audit engagements . |
| Arthur Andersen | Various (early career) | Pre-2007 | Foundation in audit/accounting . |
Fixed Compensation
Multi-year compensation (Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 400,000 | 400,000 | 400,000 |
| Stock Awards ($) | 462,491 | 452,517 | 819,995 |
| Non-Equity Incentive Plan Compensation ($) | 655,200 | 144,000 | 129,600 |
| All Other Compensation ($) | 45,077 | 43,654 | 41,998 |
| Total ($) | 1,562,768 | 1,040,171 | 1,391,593 |
Key salary and bonus terms:
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | 400,000 | 400,000 | 500,000 (increase to align with market median) |
| Target Annual Incentive (%) | 90% of salary | 90% of salary (target $360,000) | Unchanged target %; weighting modified |
| Actual Annual Incentive Paid ($) | 144,000 | 129,600 | N/A (current year) |
Perquisites: Kforce does not provide perquisites to NEOs .
Performance Compensation
Annual Incentive (2024 structure and outcome)
| Metric | Weighting | Target Allocation ($) | Actual Attainment (% of Target) | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Revenue | 40% | 144,000 | 0% | — | Cash (annual) |
| Adjusted Diluted EPS | 40% | 144,000 | 0% | — | Cash (annual) |
| MBO (Objectives) | 20% | 72,000 | 180% | 129,600 | Stock for 2023 MBO; cash in 2024 MBO payout |
| Total | 100% | 360,000 | — | 129,600 | — |
Notes:
- 2024 annual incentive was comprised of revenue (40%), EPS (40%), and MBO (20%) targets; only MBOs paid at 180% of target due to rigorous financial goals .
- 2025 framework maintains target incentive percentages but modifies weighting between Financial and MBO Incentives to align with strategic priorities .
Equity Long-Term Incentive (100% performance-based; granted as time-vested restricted stock upon TSR results)
2024 LTI (measurement period 2022–2024; peer group relative TSR rank = 9; TSR = -19%):
| Item | Threshold ($) | Target ($) | Max ($) | TSR Rank | Grant Date | Shares Granted | Grant Date Closing Price | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|---|---|---|---|
| Annual LTI (Hackman) | 500,000 | 900,000 | 1,500,000 | 9 | 12/31/2024 | 14,462 | $56.70 | 819,995 | 25% annually on Dec 27, 2025–2028 |
Historical LTI context (2020–2022 cycle):
- TSR +46%, peer rank 4th; Hackman 2022 LTI at threshold/target/max of $320k/$400k/$625k; 8,435 shares granted at $54.83 .
Option awards: Kforce generally does not grant stock options; none outstanding as of and for year ended December 31, 2024 .
Stock vesting realized (2024):
| Metric | Shares Vested | Value Realized ($) |
|---|---|---|
| Hackman | 10,532 | 612,126 |
Equity Ownership & Alignment
Ownership, restrictions, and guidelines:
| Item | Detail |
|---|---|
| Beneficial Ownership (Record Date: Feb 21, 2025) | 48,901 shares; <1% of class |
| Shares Outstanding | 19,111,072 |
| Ownership % of Outstanding | ~0.256% (48,901 / 19,111,072) |
| Unvested Restricted Stock (12/31/2024) | 14,462 (2024 grant), 6,786 (2023), 4,424 (2022), 4,302 (2021), 1,847 (2015) |
| Market Value of Unvested Shares | Calculated at $56.70/share (12/31/2024 close) |
| Vesting Schedules | 2024 grant: 25% on Dec 27, 2025–2028 ; 2023 grant: 25% on Dec 27, 2024–2027 ; 2022 grant: 25% on Dec 27, 2023–2026 ; 2021 grants: standard 25% on Dec 27, 2022–2025 and Special Leadership award — 25% on Dec 27, 2026 & 2027, 50% on Dec 27, 2028 ; 2015 grant: 10% annually May 15, 2016–2025 |
| Hedging/Pledging | Prohibited; no executive officers/directors held securities in margin accounts or pledged in 2024 |
| Ownership Guidelines | NEOs required to hold 2x salary; all directors/NEOs in compliance as of proxy date |
| Dividends on Unvested RS | Paid as additional restricted shares, same vesting as underlying award |
Employment Terms
Severance and change-in-control (CIC) economics:
Policy framework:
- No excise tax gross-ups in new/amended agreements since 2009; Hackman’s agreement does not include gross-ups .
- Severance caps adopted in 2017: ≤1x cash compensation for severance; ≤2x for CIC severance (company-wide policy benchmark; Hackman’s specific multiple is 1.5x under CIC) .
Contract terms for Hackman:
- Termination without cause / good reason (non-CIC): Severance equals salary at termination plus average cash bonus over prior two years .
- CIC + termination without cause / good reason (double-trigger): Severance equals 1.5x the sum of salary at termination plus average cash bonuses over prior two years; continuation of healthcare benefits for one year; all unvested restricted stock vests upon CIC .
Potential payments (as of 12/31/2024):
| Scenario | Severance ($) | Equity-Based Compensation ($) | Continuation of Health Benefits ($) | Total ($) |
|---|---|---|---|---|
| Termination Without Cause / Good Reason | 464,666 | — | — | 464,666 |
| Following CIC – Termination Without Cause / Good Reason | 696,999 | 1,804,251 | 9,382 | 2,510,632 |
| CIC – No Termination | — | 1,804,251 | — | 1,804,251 |
| Death | — | 1,804,251 | — | 1,804,251 |
| Disability | — | 1,804,251 | — | 1,804,251 |
Restrictive covenants:
- Severance/CIC benefits conditioned on confidentiality and client/employee non-solicitation; typical non-solicit duration two years; standard non-disparagement in severance releases .
Deferred compensation:
- Hackman did not participate in Kforce’s nonqualified deferred compensation plan in 2024 .
Investment Implications
- Pay-for-performance alignment: Heavy emphasis on variable compensation (annual incentive and 100% performance-based LTI), with strict revenue/EPS hurdles causing 2024 financial components to pay zero; LTI awards tied to relative TSR with four-year vesting, balancing performance orientation and retention .
- Retention and selling pressure: Material unvested RS over multiple grant cohorts with specific vesting dates (Dec 27 and May 15 schedules) indicates ongoing retention hooks; absence of options reduces leverage-driven selling; hedging/pledging prohibited, reducing forced-sale risk .
- CIC economics: Double-trigger CIC provisions include full acceleration of RS and 1.5x cash severance plus one year of healthcare, creating potential event-driven supply if a transaction closes; however, standard severance is modest outside CIC, which limits unconditional downside protection .
- Ownership alignment: Beneficial ownership of ~0.256% of shares outstanding, compliance with 2x salary ownership guideline, and dividend equivalents accruing as additional RS support long-term alignment; no perquisites or gross-ups (for Hackman) are governance positives .
- Track record: Transition to CFO in Sep 2023 coincided with a tougher macro leading to no payout on revenue/EPS in 2023–2024, while prior LTI cycle (2020–2022) delivered strong TSR and higher LTI grants; 2025 adjustments increased salary to $500k and raised target LTI to $1.175m, with refined peer set for TSR benchmarking—watch for 2025 incentive weight changes to assess future payouts .