Bradley Camden
KEMPERAbout Bradley Camden
Executive Vice President and Chief Financial Officer of Kemper Corporation (KMPR). Age 46; joined Kemper in 2020 as SVP & Treasurer; appointed Interim CFO on September 13, 2023 and permanent CFO on February 12, 2024. Education: B.A. in Economics from DePauw University; Chartered Financial Analyst (CFA). Kemper returned to profitability in 2024; Camden’s 2024 contributions included capital optimization, operating expense reductions, and stabilizing finance leadership through transitions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kemper Corporation | EVP & CFO | Feb 2024–present | Led capital optimization; reduced operating expenses; guided finance through senior leadership changes |
| Kemper Corporation | Interim CFO (Principal Financial Officer) | Sep 13, 2023–Feb 12, 2024 | Ensured continuity during CFO transition; elevated to permanent CFO |
| Kemper Corporation | SVP & Treasurer | 2020–Sep 2023 | Led capital markets, ALM, risk management; corporate development; formation of Kemper Bermuda Ltd. and Kemper Reciprocal |
| Northern Trust Asset Management | Leadership roles incl. Head of Long Duration Fixed Income; Head of Active & Quantitative Strategies; Director of Fixed Income Strategy | 15 years | Led long-duration fixed income team and strategy; deep ALM/investment expertise |
External Roles
No public company board roles or external director positions disclosed in KMPR filings for Camden .
Fixed Compensation
| Year | Base Salary ($) | STI Target (% of salary) | LTI Target (% of salary) | Notes |
|---|---|---|---|---|
| FY 2023 | 425,000 | N/A – did not participate in NEO STI program | — | 2023 bonus of $600,000 paid in 2024 since not in STI plan |
| FY 2024 | 575,000 | 125% (per 2025 proxy) | 225% | Initial appointment 8‑K disclosed STI target of 75%; later set to 125% in proxy |
2023 Cash Outcomes
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Bonus ($) | 600,000 (paid in 2024) | — |
Perquisites and Retirement Contributions (2023)
| Year | Perquisites and Other Personal Benefits ($) | Company Contributions to Defined Contribution Plans ($) |
|---|---|---|
| 2023 | 1,267 | 16,500 |
Performance Compensation
2024 Short-Term Incentive (STI) Structure and Weighting
| NEO | Adjusted Operating Income | Distributable Cash Flow | Qualitative Factors | STI Target (% of salary) |
|---|---|---|---|---|
| Bradley T. Camden | 45% | 25% | 30% | 125% |
- Adjusted Operating Income measures profitability from core operations, excluding significant unusual or nonrecurring items; Distributable Cash Flow measures cash generated across the enterprise including dividends to parent and adjusted catastrophe impacts .
Performance-Based Retention RSUs (2024)
| Award Type | Grant Timing | Award Value ($) | Vesting Schedule | Performance Conditions |
|---|---|---|---|---|
| Performance-based RSUs | Granted in 2024; first vest on Feb 6, 2025 | 1,200,000 | 1/3 on each of the first three anniversaries of grant (Feb 6, 2025; Feb 6, 2026; Feb 6, 2027) subject to continued employment and performance | 2024: Adjusted Book Value Per Share (ABVPS) increase ≥ $2.00; 2025: ABVPS increase ≥ $2.50 and Kemper Auto policies-in-force at 12/31/2025 > 12/31/2024 |
Additional Retention RSUs (2025)
| Award Type | Grant Timing | Award Value ($) | Vesting Schedule | Conditions |
|---|---|---|---|---|
| Time-based RSUs | Expected grant first trading day of Dec 2025 | 775,000 | 50% on first anniversary; 50% on second anniversary | Continued service requirement |
2023 Equity Grants
| Award Type | Grant Date | Grant Value ($) | Allocation | Vesting |
|---|---|---|---|---|
| Annual LTI | Jan 31, 2023 | 454,376 | 50% PSUs / 50% RSUs | RSUs vest 1/3 annually starting first anniversary; PSUs subject to plan performance conditions |
| One-time retention equity | Apr 2023 | 372,779 | 75% PSUs / 25% stock options | Subject to same plan conditions for PSUs; options terms not detailed in proxy |
2023 Plan-Based Awards Detail (Targets)
| Award Description | Target Shares (#) | Grant Price ($/sh) | Max Shares (#) | Max Payout ($) |
|---|---|---|---|---|
| Plan-based award | 3,474 | 58.73 | 6,948 | 408,056 |
| Plan-based award | 4,043 | 55.66 | 8,086 | 450,067 |
- 2021 PSU cycle paid out at 0% due to performance below thresholds (Relative TSR and 3‑yr Adjusted ROE), illustrating long-term pay-for-performance alignment .
Equity Ownership & Alignment
| As of Date | Common Shares | Options/RSUs Vesting within 60 days | Total Beneficial Ownership | Percent of Class |
|---|---|---|---|---|
| Mar 7, 2024 | 14,361 | 1,796 | 16,157 | <1% |
- Stock ownership guidelines: minimum 2x base salary for NEOs; retention ratio requires holding 50% of net shares until guideline met; time-based RSUs count toward compliance; stock options and performance-based awards do not .
- One‑year post‑vesting/exercise holding period applies to all executive equity awards (except shares used to cover taxes/exercise price) .
- Hedging and pledging of company stock are prohibited for directors and equity award recipients .
- Clawback policy adopted (Dodd-Frank-compliant) providing for recoupment upon certain restatements; terms incorporated in award agreements .
Employment Terms
| Term | Details |
|---|---|
| Employment status | At‑will; no employment contracts for NEOs |
| Change‑in‑control | Double‑trigger benefits only upon qualified termination; no excise tax gross‑ups |
| Agreements | Camden has indemnification and change‑in‑control agreements (forms filed as exhibits historically) |
| Ownership/retention | 2x salary guideline; 50% net share retention until compliance; 1‑year holding period for exercised/vested shares |
| Hedging/pledging | Prohibited |
| Clawback | Adopted; applies to incentive compensation upon certain restatements |
Performance & Track Record
- Company returned to profitability in 2024; Camden’s first year as CFO included capital optimization, operating expense reductions, and talent development in finance .
- Prior Kemper achievements include leading capital market management, ALM and risk management initiatives, and corporate development; formation of Kemper Bermuda Ltd. and Kemper Reciprocal exchange .
- 2021 PSU cycle paid out at 0% (Relative TSR and Adjusted ROE), reinforcing pay-for-performance alignment over multi-year periods .
Compensation Committee & Shareholder Feedback
- HR&CC engaged FW Cook as independent compensation consultant in 2024; no independence conflicts identified; peer-based competitive reviews performed .
- Policy “What We Do/Do Not Do” includes pay-for-performance, robust ownership guidelines, no employment contracts, double-trigger CIC, no tax gross‑ups, no repricing of underwater options without shareholder approval, and prohibition on hedging/pledging .
- 2022 say‑on‑pay support was 54%; KMPR implemented program changes in 2023, including adding time-based RSUs to strengthen retention; 2024 special performance‑based RSU retention awards addressed ongoing retentive gaps during turnaround .
Compensation Structure Analysis
- Shift toward RSUs: KMPR added time-based RSUs in 2023 and extended RSUs to CEO in 2024 to enhance retention; Camden received both performance-based and time-based RSU awards, indicating increased emphasis on retentive equity .
- Special retention PSUs (2024) with ABVPS and policy-in-force growth conditions align leadership’s incentives to profitability and top‑line expansion during turnaround .
- Initial STI target set at 75% in appointment 8‑K; later increased to 125% in proxy—suggests competitive alignment of cash incentives with role scope .
- 2021 PSUs forfeited at 0% payout underscores discipline in equity outcomes; no option repricing permitted under plan .
Vesting Schedules and Insider Selling Pressure
- Upcoming vest dates: 2024 retention PSUs/RSUs vest one‑third annually on Feb 6, 2025/2026/2027 subject to performance and continued employment; 2025 retention RSUs vest 50%/50% on first/second anniversaries of Dec 2025 grant .
- Selling pressure mitigants: 50% net‑share retention until guideline compliance and mandatory one‑year holding period post‑exercise/vesting reduce immediate sell‑through of vested shares; hedging/pledging prohibited .
Equity Ownership & Alignment Policies (Summary)
- Minimum ownership: 2x salary; continuous progress required; RSUs count, options/PSUs do not .
- Retention ratio: 50% of net shares until guideline achieved .
- Holding requirement: one year for shares acquired via vesting/exercise (tax/exercise settlements excepted) .
- Prohibitions: Hedging and pledging banned; clawback policy in place .
Investment Implications
- Strong retention focus and multi‑year performance gates (ABVPS and Auto policy growth) create aligned incentives through 2027, lowering near‑term CFO turnover risk during the turnaround .
- Ownership/holding requirements and hedging/pledging bans reduce adverse alignment risks and near‑term sell pressure from vesting cycles .
- Cash incentive construct emphasizes profitability (Adjusted Operating Income) and enterprise liquidity (Distributable Cash Flow), suggesting compensation is geared toward durable margin recovery and capital discipline .
- No employment contracts, double‑trigger CIC, and no excise tax gross‑ups reflect shareholder‑friendly governance; equity outcomes remain sensitive to performance (e.g., 2021 PSUs = 0%), reinforcing pay‑for‑performance .
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