Jesse Geiger
Medpace HoldingsAbout Jesse Geiger
Jesse J. Geiger (age 50) is President of Medpace. He joined in October 2007 as Corporate Controller, became CFO in March 2011, COO, Laboratory Operations in November 2014, and President on August 1, 2021. He holds a BBA in Accounting from the University of Cincinnati and is a CPA (inactive), with prior roles at Arthur Andersen, Cincinnati Bell (Director of Capital Markets), and SENCORP (Corporate Controller & FP&A) . Medpace’s performance during his senior tenure has been strong: 2024 revenue rose 11.8% to $2,109.1M vs. 2023, EBITDA grew 32.5% to $480.2M, and the stock traded at $319.63 on March 20, 2025 vs. an IPO price of $23.00 and first-day trading at $28.15, reflecting exceptional TSR since 2016 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arthur Andersen LLP | Audit practice | Early career (pre-2002) | Foundation in audit and controls |
| Cincinnati Bell | Director of Capital Markets | 2002–2004 | Capital markets and treasury responsibilities |
| SENCORP | Corporate Controller & Manager FP&A | 2004–2007 | Financial reporting and planning leadership |
| Medpace | Corporate Controller; CFO; COO, Lab Ops; President | 2007–present | Progressive leadership across finance and operations culminating in President role |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LIB Therapeutics, Inc. | Director | 2015–present | Governance role at private biopharma |
| CinRx Pharma, LLC | Director | 2015–present | Governance role at private biopharma |
Fixed Compensation
- Base salary rates: $560,000 at 12/31/2023; $616,000 at 12/31/2024; increased to $646,800 effective March 1, 2025 .
- 2024 cash bonus earned: $318,600 (52.5% of base salary, consistent with NEO payouts) .
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $509,167 | $549,250 | $606,667 |
| Bonus ($, annual cash) | $357,500 | $384,578 | $318,600 |
| Stock Awards ($) | $206,460 | — | $3,770,000 |
| Option Awards ($) | — | — | — |
| All Other Compensation ($) | $10,250 | $11,250 | $13,800 |
| Total ($) | $1,083,377 | $945,078 | $4,709,067 |
Performance Compensation
Short-Term Incentive Compensation (STIC) design emphasizes pay-for-performance linked to guidance.
| Metric | Weighting | Target Design (based on full-year guidance) | Actual Outcome (2024) | Payout (2024) | Notes |
|---|---|---|---|---|---|
| EBITDA | 50% | Threshold bands determine % of base salary; achieving guidance merits 75% of target bonus slice | Exceeded guidance | Contributed to 52.5% of base salary bonus for NEOs | CEO payout curve higher than other NEOs |
| Revenue | 25% | Threshold bands determine % of base salary; achieving guidance merits 75% of target bonus slice | Did not exceed guidance | No payout for revenue slice | — |
| Individual/Company Goals | 25% | Discretionary vs. defined goals | Achieved per committee assessment | Included in 52.5% outcome | — |
Equity Awards and Vesting
- 2024 Grant: 10,000 RSUs granted on Aug 5, 2024; grant-date fair value $3,770,000; vests Aug 5, 2029 .
- 2023 Grant (for FY22): 1,000 RSUs granted Feb 17, 2023; cliff vests Feb 17, 2027 .
- Options outstanding: 23,028 (ex. price $166.73; vest Oct 27, 2025; expire Oct 27, 2026), 31,707 (ex. price $138.87; vest Feb 15, 2026; expire Aug 15, 2027), 41,801 currently exercisable (ex. price $107.93; expire Feb 28, 2026) .
- 2024 realized: Exercised 55,000 options for $17,136,964 value realized; 6,382 shares vested from stock awards with $2,575,711 value realized .
| Award Type | Grant Date | Shares/Units | Exercise Price | Vesting Date | Expiration | Value Reference |
|---|---|---|---|---|---|---|
| RSU | 8/5/2024 | 10,000 | — | 8/5/2029 | — | Grant FV $3,770,000 ; MV at 12/31/24 $3,322,300 |
| RSU | 2/17/2023 | 1,000 | — | 2/17/2027 | — | MV at 12/31/24 $332,230 |
| Option | 10/27/2020 (awarded 4/27/2021 for 2020) | 23,028 | $166.73 | 10/27/2025 | 10/27/2026 | — |
| Option | 2/15/2022 | 31,707 | $138.87 | 2/15/2026 | 8/15/2027 | — |
| Option (exercisable) | Various | 41,801 | $107.93 | — | 2/28/2026 | — |
Equity Ownership & Alignment
- Beneficial ownership: 78,304 shares; less than 1% of outstanding shares (30,228,414 as of March 20, 2025) .
- Outstanding awards as of 12/31/2024: RSUs 11,000 not vested (1,000 vest 2/17/2027; 10,000 vest 8/5/2029) and options: 41,801 exercisable; 54,735 unexercisable (23,028 vest 10/27/2025; 31,707 vest 2/15/2026) .
- Ownership guidelines: NEOs must hold stock equal to 3x base salary; 60% of vested RSUs and 60% of option exercise “spread” must be retained until guidelines met; open-market purchases not required .
- Hedging/Pledging: Hedging of Medpace securities is prohibited by policy; pledging is not explicitly addressed in the cited proxy sections .
| Ownership Metric | Value |
|---|---|
| Shares Beneficially Owned | 78,304; less than 1% |
| RSUs Unvested (counts and vest dates) | 1,000 (vest 2/17/2027); 10,000 (vest 8/5/2029) |
| Options Exercisable | 41,801 (ex. price $107.93; exp. 2/28/2026) |
| Options Unexercisable | 23,028 (vest 10/27/2025; exp. 10/27/2026); 31,707 (vest 2/15/2026; exp. 8/15/2027) |
| Ownership Guidelines | 3x base salary; 60% retention on vest/exercise until met |
| Hedging Policy | Prohibits hedging transactions (e.g., collars, forwards) |
Employment Terms
- Contract: Company discloses no employment agreements for executive officers other than the CEO; therefore Geiger has no individual employment agreement .
- Severance: No severance provisions; upon termination, equity treatment governed by plan/grant agreements .
- Change of Control: No CIC agreements; committee has discretion to accelerate vesting under 2016 Plan. Estimated equity value upon hypothetical acceleration at 12/31/2024: $13,596,530 for Geiger (assuming per-share $332.23) .
- Clawback: Incentive Compensation Recoupment Policy adopted effective Dec 1, 2023; mandates recoupment of erroneously awarded compensation after restatements .
- Tax gross-ups: Company states no excise tax gross-ups; no tax gross-ups for personal aircraft use .
| Term | Provision |
|---|---|
| Employment Agreement | None for NEOs other than CEO |
| Severance | None; standard accrued pay and benefits only |
| CIC Treatment | Discretionary acceleration under 2016 Plan; no CIC agreements |
| Hypothetical Acceleration Value (12/31/2024) | $13,596,530 (equity only) |
| Clawback Policy | Effective 12/1/2023; restatement-triggered recoupment |
| Tax Gross-Ups | Not provided (including for aircraft perqs) |
Company Performance Reference
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| EBITDA ($USD Thousands) | $308,106 | $362,498 | $480,177 |
| Net Income ($USD Thousands) | $245,368 | $282,810 | $404,386 |
| Revenue ($USD Millions) | FY 2023 | FY 2024 |
|---|---|---|
| Revenue | $1,885.8 | $2,109.1 |
Compensation Committee Analysis and Governance
- Committee: Compensation Committee members—Fred B. Davenport, Jr. (Chair), Robert O. Kraft, Cornelius P. McCarthy III; all independent .
- Consultant: Total Compensation Solutions (TCS) engaged; reviewed peer group and pay positioning .
- Peer Group: 2024 peer set includes Agilent, ICON, Bio-Techne, IQVIA, Bruker, Labcorp, Catalent, Quest, Charles River, Revvity, Fortrea, Sotera Health .
- Say-on-Pay: 2024 approval >91% of votes cast .
- Equity practices: No repricing; no evergreen; options must be at or above FMV; director annual comp capped; clawback applies .
Risk Indicators & Red Flags
- Hedging: Prohibited for insiders .
- Pledging: Not explicitly addressed in cited sections .
- Related-Party Perqs: Company procures aircraft travel through a charter company controlled by CEO; personal-use incremental costs disclosed in “All Other Compensation” and policy notes—no tax gross-ups .
- No CIC agreements; acceleration discretionary—limiting “golden parachute” risk .
- No option repricing; equity governance aligned with best practices .
Investment Implications
- Alignment/Retention: Large 2024 RSU grant (10,000 units; vesting in 2029) creates long-dated retention and alignment; combined with ownership guidelines and hedging prohibitions, incentives are tightly linked to shareholder outcomes .
- Near-term Liquidity/Selling Pressure: Multiple vesting and option timelines (Oct 27, 2025; Feb 15, 2026; Feb 17, 2027; Aug 5, 2029) plus significant 2024 exercises/vesting suggest periodic windows of potential insider selling activity tied to tax/portfolio management rather than immediate pressure; Form 4 data would refine this view, but 2024 realized exercise value was $17.1M and stock vesting value $2.6M .
- Pay-for-Performance Discipline: STIC linked to EBITDA (50%) and revenue (25%) against formal guidance, with clear payout consequences (no revenue payout when guidance not exceeded); supports operating discipline .
- Governance/Downside Protection: No individual employment or CIC agreements, no severance, robust clawback and equity best-practices lower structural payout risk and deter misalignment .
- Ownership: Beneficial ownership is modest (<1%), but combined with sizable unvested equity and retention requirements, effective “skin-in-the-game” is meaningful despite low absolute share count .