Patrick Brown
CENTRUS ENERGYAbout Patrick Brown
Patrick Sidney Brown is Senior Vice President, Field Operations at Centrus Energy (LEU). He joined Centrus on April 21, 2025 as the successor to retiring SVP Larry Cutlip and served in an advisory capacity before assuming the SVP role on August 1, 2025 . Company performance context during his tenure: Centrus reported Q3 2025 net income of $3.9 million on $74.9 million in revenue, with nine‑month 2025 net income of $60.0 million, and highlighted operational hiring and planned enrichment plant expansion initiatives . Executive incentives at Centrus emphasize pay‑for‑performance via annual corporate goals (2024 paid at 167% of target) and LTIP equity awards tied to three‑year cumulative net income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Centrus Energy | Advisor (transition to SVP Field Operations) | Apr 21, 2025 – Jul 31, 2025 | Supported orderly transition into Field Operations leadership |
| Centrus Energy | Senior Vice President, Field Operations | Aug 1, 2025 – Present | Operations leadership amid planned expansion of the Piketon enrichment plant and scaling of workforce |
Fixed Compensation
- Not disclosed for Patrick Brown in available filings. Patrick was not a named executive officer in 2024; the 2025 proxy identifies his succession timing but does not enumerate his base salary or bonus target .
Performance Compensation
| Program | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Award (EIP, 2024) | Corporate Goals (revenue, gross margin, cash balance) | Not disclosed | Board‑approved annual plan goals | Paid at 167% of target, certified Feb 2025 | Cash payment (no vesting) |
| LTIP 2022–2024 | 3‑yr cumulative net income | Not disclosed | CN&G‑set net income goal | Goal met; settled in Class A common stock on vesting | Vests end of performance period (payout 2025) |
| LTIP 2023–2025 | 3‑yr cumulative net income | Not disclosed | CN&G‑set net income goal | Performance period ongoing | Vests end of performance period (potential payout 2026) |
| LTIP 2024–2026 | 3‑yr cumulative net income | Not disclosed | CN&G‑set net income goal | Performance period ongoing | Vests end of performance period (potential payout 2027) |
| LTIP 2025–2027 | 3‑yr cumulative net income | Not disclosed | CN&G‑set net income goal | Performance period ongoing | Vests end of performance period (potential payout 2028) |
Design notes: Beginning with the 2025 EIP, LTIP awards no longer accelerate upon death, disability, retirement, or termination without cause, increasing long‑term alignment . The company maintains a clawback policy compliant with Exchange Act Section 10D and NYSE American requirements .
Equity Ownership & Alignment
| Category | Details |
|---|---|
| Class A Common Stock owned (non‑derivative) | 1,245 shares, Direct ownership (Form 3 filed for Patrick Sidney Brown; event date 08/01/2025) |
| RSUs (derivative) | 1,596 RSUs; vest April 21, 2026, subject to continued employment (Form 3/A explanation) |
| Ownership Guidelines (Officers) | CEO: ≥2x base salary; other officers: ≥1x base salary; until targets met, must retain at least 50% of shares from grants/exercise/vesting (awards after guideline effective date) |
| Hedging/Pledging | Proxy includes “Hedging and Pledging Prohibitions”; Code bars directors, officers, employees from entering hedging instruments designed to offset changes in Centrus stock value |
| LTIP Acceleration | Starting with the 2025 EIP, LTIP awards do not accelerate upon death/disability/retirement/termination without cause, tightening performance‑based equity realization |
Employment Terms
- Appointment and role: Joined April 21, 2025; served in advisory capacity prior to becoming SVP, Field Operations on August 1, 2025 .
- Incentive framework: Participation in the Executive Incentive Plan (EIP) structure—annual cash awards based on corporate goals and LTIP equity awards tied to three‑year cumulative net income .
- Change‑in‑control economics (company policy): Centrus has change‑in‑control agreements with named executive officers providing a lump sum equal to 2× (base salary + bonus) and continuation of life/health benefits for two years, subject to non‑compete/non‑solicit/confidentiality covenants .
- Clawback: Company‑wide clawback policy adopted in 2023 applicable to executives consistent with Section 10D and NYSE American .
- Ownership/retention: Officers subject to stock ownership guidelines; retention of ≥50% of shares from equity awards until targets met .
Investment Implications
- Alignment: Brown’s compensation is governed by Centrus’ EIP structure linking pay to multi‑metric corporate goals and LTIP equity contingent on 3‑year net income, with clawbacks and no LTIP acceleration starting 2025—hallmarks of pay‑for‑performance and reduced windfall risk .
- Near‑term vesting overhang: Brown has 1,596 RSUs vesting on April 21, 2026, creating a potential liquidity event; however, officer stock ownership guidelines require retaining at least 50% of shares until targets are met, which moderates insider selling pressure .
- Risk controls: Hedging instruments are prohibited by policy, supporting true economic exposure; change‑in‑control terms for NEOs are at 2× salary+bonus (no tax gross‑ups disclosed), which is moderate relative to market and reduces excessive parachute risk .
- Corporate execution context: Q3 2025 profitability and strategic steps—cash balance expansion, waivers for Russian deliveries, workforce scaling, and enrichment expansion planning—provide a constructive backdrop for Field Operations leadership, but payout realization remains subject to sustained net income under LTIP cycles .