Richard M. Buskirk
LAUREATE EDUCATIONAbout Richard M. Buskirk
Senior Vice President and Chief Financial Officer of Laureate Education, Inc. since April 1, 2021, following prior roles as SVP Corporate Development and VP Global FP&A (2015–2018). He previously held finance, strategy, and operations roles at Vodafone Group PLC, NII Holdings (Nextel International), and Sprint Nextel; earlier he was an investment banker at Deutsche Bank and a CPA at Ernst & Young. He holds a dual MBA from Columbia University and London Business School and a B.S. in Accounting from the University of Maryland. Under the NEO team’s leadership in 2024, Laureate delivered revenue of $1,566.6 million (+6% YoY), operating income of $374.0 million, net income of $296.4 million, and total enrollments of 472,000; pay-versus-performance disclosures show TSR rising from a $100 base in 2019 to $223.24 in 2024 and Adjusted EBITDA margin improving to 28.7% in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Laureate Education, Inc. | Senior Vice President & Chief Financial Officer | 2021–present | Led finance through focused Mexico/Peru strategy; certified SOX 302/906 controls and reporting . |
| Laureate Education, Inc. | SVP Corporate Development | pre-2021 | Managed >$5B divestitures, portfolio optimization creating shareholder value . |
| Laureate Education, Inc. | VP Global FP&A | 2015–2018 | Led planning/analysis during strategic review phase . |
| Deutsche Bank | Financial Analyst | n/a | Investment banking experience (capital markets and transactions) . |
| Ernst & Young (EY) | CPA | n/a | Audit/assurance foundation; CPA credential . |
| Vodafone Group PLC; NII Holdings (Nextel International); Sprint Nextel | Finance/Strategy/Operations | n/a | Operating finance leadership at global telecom brands . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 396,688 | 437,504 | 457,979 (3.5% increase effective Mar 1, 2024) |
| Target Bonus (% of Salary) | 100% | 100% | 100% |
| Actual Annual Incentive Paid ($) | 573,445 | 510,148 | 556,375 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Design and Outcomes (Corporate-level)
| Metric | Weight | 2024 Target | 2024 Actual | Payout Contribution |
|---|---|---|---|---|
| Adjusted Financing EBITDA | 40% | $447.4m | $452.4m | 43% |
| Revenues | 30% | $1,552.7m | $1,575.0m | 34% |
| New Enrollments | 20% | 253,800 | 252,400 | 19% |
| Unlevered Free Cash Flow | 10% | $164.9m | $195.8m | 19% |
| Organizational Multiplier | 100% | — | — | 116% |
| Buskirk Actual AIP Payout | — | $460,575 target | — | $556,375 (121% of target) |
Key features: 0% payout if Adjusted Financing EBITDA <85% of target; individual multiplier capped at 200%; payouts interpolated linearly between threshold/target/maximum .
Long-Term Incentive (LTI) – 2024 Grants and PSU Vesting
| Executive | 2024 LTI Target ($) | 2024 PSUs (#) | 2024 RSUs (#) | PSU Metrics/Targets (2024 tranche) | 2024 Actual | Vesting Outcome |
|---|---|---|---|---|---|---|
| Richard M. Buskirk | 667,500 | 26,363 | 26,363 | Adj. EBITDA Margin 28.5%; Total Enrollment 460,000 | 28.7%; 472,000 | 100% of target vested (Mar 2025) |
Special one-time retention RSUs granted May 30, 2024: $2,000,000 grant-date value; 1/3 vests Dec 31, 2026, 2/3 vests Dec 31, 2027; accelerated on change-of-control and upon termination without cause (prorated for time employed) .
Equity Ownership & Alignment
- Beneficial ownership: 136,234 shares; “less than 1%” of outstanding; includes 27,617 vested, exercisable options within 60 days; excludes 171,675 RSUs reported on Form 4 (unvested) .
- Stock ownership guidelines: executives must hold 3x base salary; retain 50% of net profit shares until in compliance .
- Hedging/pledging: Company prohibits hedging and pledging of Laureate securities and margin accounts; 10b5-1 plan pre-clearance required .
- Outstanding awards at 12/31/2024 (market value at $18.29/share):
- RSUs: 5,261 ($96,224); 9,399 ($171,908); 17,575 ($321,447); 127,307 ($2,328,445) .
- PSUs (unearned, subject to annual performance for 2024–2026): 26,363 ($482,179); 18,798 ($343,815) .
- Options: exercisable 7,232 @ $7.64 (exp. 5/14/2025), 2,803 @ $7.64 (exp. 5/02/2026), 4,028 @ $8.09 (exp. 6/14/2027), 5,825 @ $4.17 (exp. 3/07/2028), 7,729 @ $5.10 (exp. 3/06/2029) .
- 2024 stock/PSU vesting activity: Buskirk had 42,644 shares vest; cash dividend equivalents paid $80,873 on vested PSUs/RSUs in 2024 .
Employment Terms
-
Target compensation components: base salary; AIP (100% of base); LTI mix of PSUs and RSUs; no stock options granted since 2019 .
-
Severance Policy (executive-level):
- Prior to change-in-control: 1x base salary + target bonus paid over 12 months; benefits for 12 months; outplacement .
- On/within 12 months after change-in-control: 1.5x base salary + target bonus in lump sum; pro-rated target AIP; benefits for 18 months; outplacement .
- Equity: special retention RSUs accelerate on change-in-control; accelerated/unearned PSU treatment per award terms around year-end performance certification; forfeiture upon resignation/termination for cause .
-
Potential payments (as of 12/31/2024): | Scenario | Cash Severance ($) | Benefits ($) | Equity Acceleration ($) | Total ($) | |---|---:|---:|---:|---:| | Termination without cause/good reason | 921,150 | 7,500 | 457,177 | 1,385,827 | | Death/Disability | — | — | 332,640 | 332,640 | | Change-in-control + qualifying termination | 1,381,725 | 7,500 | 3,744,019 | 5,133,244 |
-
Clawback: SEC/Nasdaq-compliant recovery of erroneously awarded incentive comp after restatement; award-level recoupment for confidentiality/non-compete breach .
Investment Implications
- Pay-for-performance alignment: Corporate AIP achieved 116% multiplier; Buskirk’s payout at 121% of target; PSUs (Adj. EBITDA margin and Total Enrollment) vested 100%—consistent with strong operational delivery and margin expansion .
- Retention risk and selling pressure: $2.0 million retention RSUs vest on 12/31/2026 and 12/31/2027; annual RSU tranches vest each Dec 31; PSU tranches settle mid-March—expect Form 4 activity around these dates; policy prohibits hedging/pledging, limiting leverage-driven selling risk .
- Severance/COC economics: 1.5x cash multiple and large equity acceleration upon change-in-control could incentivize deal-friendly stances; equity acceleration magnitude ($3.74 million as of 12/31/2024) amplifies transaction sensitivity .
- Governance and shareholder sentiment: Say-on-pay support was high (96.5% approval), and annual vote cadence affirmed—reduces near-term compensation-related overhang .
Company Performance Context
- 2024 financials: Revenue $1,566.6m (+6% YoY), operating income $374.0m, net income $296.4m; enrollments 472,000; buyback authorization increased from $100m to $200m in 2024—reinforcing free cash flow strength .
- TSR and margins: $100 initial investment grew to $223.24 by 2024; Adjusted EBITDA margin improved to 28.7% in 2024, supporting PSU vesting outcomes .