Kevin Brady
Medpace HoldingsAbout Kevin Brady
Kevin M. Brady (age 50) is Medpace’s Chief Financial Officer and Treasurer. He joined Medpace in November 2018 as Executive Director, Finance; became Treasurer in February 2019; and was appointed CFO on August 1, 2021. He holds a BBA from the University of Cincinnati and is a Certified Public Accountant. Under his finance leadership, Medpace delivered strong 2024 performance: revenue up 11.8% to $2,109.1M, EBITDA up 32.5% to $480.2M, and GAAP net income up 43.0% to $404.4M; the stock closed at $319.63 on March 20, 2025, evidencing robust TSR since the 2016 IPO .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Medpace | Executive Director, Finance | Nov 2018–Jul 2021 | Led finance functions preceding CFO transition |
| Myriad Genetics, Inc. | Vice President of Finance | 2016–2018 | Post-acquisition integration and finance leadership following Assurex acquisition |
| Assurex Health | Vice President & Corporate Controller | May 2015–Aug 2016 | Built controllership and reporting ahead of strategic exit |
| Champion Window Manufacturing | Corporate Controller | 2014–2015 | Strengthened controllership in manufacturing environment |
| Procter & Gamble | Various finance roles | 2003–2014 | Large-cap CPG finance experience; FP&A and control rigor |
| Ernst & Young LLP | Audit practice | Early career | External audit foundation (Big 4) |
External Roles
No public company directorships or external board roles disclosed .
Fixed Compensation
| Item | 2023 | 2024 | 2025 (effective Mar 1) |
|---|---|---|---|
| Base Salary ($) | $399,500 | $424,320 (+4.0%) | $466,770 (+10.0%) |
| Annual Cash Bonus ($) | $279,731 | $221,350 | N/A (2025 not disclosed) |
Performance Compensation
| Component | Metric | Weighting | Target Framework | 2024 Outcome | Payout to Brady |
|---|---|---|---|---|---|
| Short-Term Incentive | EBITDA | 50% | Guidance bands set in Feb 2024; payout scales with $410M–$440M+ ranges | Exceeded EBITDA guidance | Contributed to 52.5% of base salary |
| Short-Term Incentive | Revenue | 25% | Guidance bands set in Feb 2024; payout scales with $2,170M–$2,220M+ ranges | Did not exceed revenue guidance; no payout on this portion | 0% from revenue metric |
| Short-Term Incentive | Individual/Company | 25% | Discretionary based on individual goals and Company performance | Assessed by CEO/Comp Committee | Included in 52.5% payout |
| STIC Maximum | — | — | Max 70% of base salary for NEOs (non-CEO) | — | Brady earned 52.5% of base salary ($221,350) |
Long-Term Incentives (LTI)
| Grant Date | Type | Shares/Units | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Aug 5, 2024 | RSUs | 7,500 | $2,827,500 | Cliff vest Aug 5, 2029 |
| Feb 17, 2024 (outstanding at YE) | RSUs | 1,000 | Market value $332,230 at $332.23/share | Cliff vest Feb 17, 2027 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 18,000 shares (<1% of outstanding) |
| Ownership Components | 6,000 common shares + 12,000 options exercisable within 60 days of Mar 20, 2025; excludes 8,500 unvested RSUs |
| Stock Options (Exercisable) | 12,000 @ $57.94; expire Nov 12, 2025 |
| Stock Options (Unexercisable) | 3,000 @ $166.73 vest Oct 27, 2025; 13,803 @ $138.87 vest Feb 15, 2026 |
| Unvested RSUs | 1,000 vest Feb 17, 2027; 7,500 vest Aug 5, 2029 |
| Ownership Guidelines | NEOs must hold stock equal to 3x base salary; retain 60% of vested shares/spread until compliant |
| Hedging/Pledging | Hedging prohibited; no specific pledging disclosures for Brady |
Upcoming vesting/expirations and potential selling pressure
| Date | Instrument | Quantity | Note |
|---|---|---|---|
| Oct 27, 2025 | Stock options | 3,000 | Vesting; strike $166.73 |
| Nov 12, 2025 | Stock options | 12,000 | Expiration; strike $57.94 (in-the-money vs $332.23 YE price) |
| Feb 15, 2026 | Stock options | 13,803 | Vesting; strike $138.87 |
| Feb 17, 2027 | RSUs | 1,000 | Cliff vest |
| Aug 5, 2029 | RSUs | 7,500 | Cliff vest |
Employment Terms
| Term | Brady Status |
|---|---|
| Employment Agreement | None; only CEO has an employment agreement |
| Severance Provisions | No specific severance; only accrued pay/benefits; equity per plan rules |
| Change-in-Control (CIC) | No CIC agreements; Compensation Committee may accelerate vesting under 2016 plan |
| CIC/Acceleration Value (Illustrative) | $5,989,403 if all unvested equity accelerated at $332.23/share (as of Dec 31, 2024) |
| Clawback | Company-wide Incentive Compensation Recoupment Policy adopted Dec 1, 2023 |
| Tax Gross-Ups | None (no excise tax gross-ups) |
| Insider Policy | Hedging prohibited; company follows SEC/Nasdaq trading compliance |
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($M) | $1,885.8 | $2,109.1 (+11.8% YoY) |
| EBITDA ($M) | $362.5 | $480.2 (+32.5% YoY) |
| GAAP Net Income ($M) | $282.8 | $404.4 (+43.0% YoY) |
| GAAP Diluted EPS ($) | $8.88 | $12.63 (+42.2% YoY) |
| TSR Context | IPO at $23.00; first day trade $28.15; Mar 20, 2025 close $319.63 |
Governance and Say‑on‑Pay
- Compensation Committee: Independent directors Davenport (Chair), Kraft, McCarthy; met 4x in 2024 .
- Say‑on‑Pay Approval: Over 91% support at 2024 Annual Meeting .
Compensation Structure Analysis
- Pay-for-performance emphasis: STIC tied 75% to EBITDA/revenue guidance; LTI delivered via RSUs/options with multi-year vesting horizons .
- Market benchmarking: Committee targets around the 50th percentile (±20%) and used a CRO/services-oriented peer set with TCS as independent consultant .
- Risk controls: Clawback policy; hedging ban; no option repricing; governance best practices in Amended 2016 Plan; no CIC tax gross-ups .
Equity Ownership & Alignment
| Alignment Factor | Details |
|---|---|
| Skin-in-the-game | Direct and option-derived holdings; significant unvested RSUs and vesting options |
| Ownership guideline compliance | 3x salary guideline; retention requirement until met (individual compliance status not disclosed) |
| Potential forced exercises | 12,000 options expiring Nov 2025 may require exercise; monitor 10b5‑1 plan filings |
Employment Terms
| Provision | Company Policy/Brady |
|---|---|
| Non-compete/Non-solicit | Not disclosed in proxy |
| Auto-renewal/Garden leave | Not disclosed in proxy |
| Post-termination consulting | Not disclosed in proxy |
Investment Implications
- Near-term insider trading signals: A 12,000-share in-the-money option tranche expires Nov 12, 2025; expect potential 10b5‑1 adoption or exercises near expiry; additional option vesting in Oct 2025 and Feb 2026 may increase potential insider selling pressure, albeit tempered by ownership retention guidelines (60% retention until guideline met) .
- Strong pay-performance linkage: 2024 bonus outcomes favored EBITDA performance and penalized revenue shortfall; LTI structure aligns Brady’s incentive with multi-year value creation and TSR continuity .
- Governance quality: Independent Compensation Committee, >91% Say‑on‑Pay support, clawback, no hedging and no repricing reduce governance risk; absence of CIC agreements limits golden parachute exposure .
- Alignment and retention: Multi-year RSU cliff vesting (2027, 2029) and option schedules support retention; stock ownership guidelines increase alignment with shareholders .