Stephen Ewald
Medpace HoldingsAbout Stephen Ewald
Stephen P. Ewald is General Counsel and Corporate Secretary of Medpace Holdings, Inc., having joined the company in June 2012; he also leads Human Resources and other administrative functions since 2017. He is 55 years old and holds a B.S. in Political Science and a J.D. from the University of Cincinnati . Medpace’s recent operating performance tied to executive incentives: 2024 revenue grew 11.8% to $2,109.1M, EBITDA rose 32.5% to $480.2M, and GAAP net income increased 43.0% to $404.4M . Since MEDP’s 2016 IPO, the share price increased from first-day $28.15 to $319.63 as of March 20, 2025, underscoring strong TSR .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Brevet Capital Management | Managing Director & Chief Legal Officer | May 2011–June 2012 | Led legal affairs at an investment firm |
| Cantor Fitzgerald Securities/Cantor Fitzgerald & Co. | Managing Director & Assistant General Counsel | May 2009–May 2011 | Senior legal role supporting markets operations |
| Bank of America | Various roles in Legal and Global Markets; Managing Director & COO, Principal Capital Group | 1999–2009 | Legal and capital markets operating leadership |
External Roles
| Organization | Role | Years |
|---|---|---|
| Mercy Health Foundation Cincinnati | Director; Chair; Immediate past chair | Director since 2015; Chair 2018; Immediate past chair 2024 |
| LIB Therapeutics, Inc. | Director | Since 2015 |
| CinRx Pharma, LLC | Director | Since 2015 |
| Cincinnati USA Regional Chamber | Director | Since 2024 |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $479,917 | $531,325 | $564,200 |
| Annual cash bonus ($) | $336,000 | $372,068 | $296,250 |
| Stock awards ($) | $206,460 (RSUs) | — | $2,827,500 (RSUs) |
| Option awards ($) | — | — | — |
| All other compensation ($) | $10,250 | $11,250 | $11,500 |
Base salary rates (administrative setting):
- Annual base salary rate at 12/31/2023: $546,000
- Annual base salary rate at 12/31/2024: $567,840
- Effective March 1, 2025: $596,240
Performance Compensation
Short-term incentive compensation (STIC) design:
- Weighting: 50% EBITDA; 25% Revenue; 25% Individual/Company performance
- Maximum payout caps: CEO up to 100% of base; other NEOs up to 70% of base
2023 and 2024 design, outcomes and payout:
| Item | 2023 | 2024 |
|---|---|---|
| Performance metrics and weights | EBITDA 50%; Revenue 25%; Individual/Company 25% | EBITDA 50%; Revenue 25%; Individual/Company 25% |
| Corporate outcome vs guidance | Exceeded EBITDA and revenue guidance | Exceeded EBITDA; did not exceed revenue guidance |
| Ewald bonus payout (% of base) | 70% | 52.5% |
| Ewald bonus ($) | $372,068 | $296,250 |
Long-term equity awards (grants):
| Grant date | Type | Shares/Options | Strike | Vesting | Grant-date fair value |
|---|---|---|---|---|---|
| 2/17/2023 | RSUs | 1,000 | — | 2/17/2027 | $206,460 |
| 8/5/2024 | RSUs | 7,500 | — | 8/5/2029 | $2,827,500 |
| 10/27/2016/8/15/2017 awards | Options (unexercised) | 18,230 / 23,349 (unexercisable as of 12/31/2024) | $166.73 / $138.87 | Fully vest 10/27/2025 and 2/15/2026 | — |
Option exercises and stock vesting:
- 2023: Exercised 21,850 options; value realized $3,200,151
- 2024: Stock vested 3,336 shares; value realized $1,346,376
Equity Ownership & Alignment
Beneficial ownership:
| Date | Shares owned | % of outstanding |
|---|---|---|
| March 21, 2024 | 13,341 | Less than 1% |
| March 20, 2025 | 13,343 | Less than 1% |
Unvested awards and upcoming vesting (retention levers):
| Instrument | Quantity | Vest date |
|---|---|---|
| RSUs | 1,000 | 2/17/2027 |
| RSUs | 7,500 | 8/5/2029 |
| Stock options | 18,230 (unexercisable) | 10/27/2025 |
| Stock options | 23,349 (unexercisable) | 2/15/2026 |
Ownership policy and compliance indicators:
- Stock ownership guideline: 3× base salary; retain 60% of vested stock and 60% of option spread until in compliance .
- Hedging: Company policy prohibits all hedging transactions in Medpace securities .
- Pledging: No pledging disclosed for Ewald in beneficial ownership tables .
Illustrative value of Ewald’s holdings vs guideline:
| Item | Figure |
|---|---|
| Shares owned | 13,343 |
| Stock price (3/20/2025) | $319.63 |
| Implied value of shares | ≈ $4.27M (13,343 × $319.63) |
| 3× base salary threshold (2025 rate) | $1,788,720 (3 × $596,240) |
Employment Terms
- Contract: Only the CEO has an employment agreement; other executive officers (including Ewald) are not party to employment agreements .
- Severance/change-in-control: No standalone change-in-control agreements; 2016 Incentive Plan provides Compensation Committee discretion to accelerate equity upon death, disability, termination, or change-in-control .
- Potential payments (equity acceleration) as of 12/31/2024: Ewald $10,355,783 (assumes full acceleration at $332.23 per share) . Prior year guidepost (as of 12/29/2023): $7,792,361 .
- Clawback: Incentive Compensation Recoupment Policy adopted effective December 1, 2023, enabling recovery of erroneously awarded compensation upon restatement .
- Tax gross-ups: Company does not provide excise or income tax gross-ups to NEOs .
Compensation Structure Analysis
| Element | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cash (salary+bonus) mix ($) | $816, - salary $479,917; bonus $336,000 | $903, - salary $531,325; bonus $372,068 | $860, - salary $564,200; bonus $296,250 |
| Equity awards ($) | $206,460 RSUs | — | $2,827,500 RSUs (one-time catch-up) |
| At-risk pay drivers | EBITDA, revenue, individual goals | EBITDA, revenue, individual goals | EBITDA, revenue, individual goals; revenue leg unpaid; EBITDA achieved |
Governance and shareholder feedback:
- Say-on-Pay support: 89% (2023) and 91% (2024) approval .
- Compensation Committee: Independent members; authority over pay design and grants .
Investment Implications
- Alignment and retention: Material unvested RSUs (7,500 units vesting in 2029) and unexercisable options vesting in 2025–2026 provide multi-year retention hooks; expect potential selling pressure around 10/27/2025, 2/15/2026, and 2/17/2027 as awards vest/become exercisable .
- Pay-for-performance: STIC tied to EBITDA and revenue guidance; 2024 payout reduced due to revenue shortfall, indicating discipline and direct linkage to financial performance .
- Risk controls: No hedging permitted; clawback policy in place; no severance or excise gross-ups—lower moral hazard and shareholder-unfriendly features mitigated .
- Ownership and skin-in-the-game: Beneficial ownership of 13,343 shares and 3× salary ownership guidelines with retention provisions suggest continued alignment; no pledging disclosed for Ewald .
- Corporate performance context: Strong TSR since IPO and robust 2024 profitability growth bolster the strategic value of performance-linked compensation and equity grants for retention and alignment .