Susan Burwig
Medpace HoldingsAbout Susan Burwig
Susan E. Burwig, age 62, is Executive Vice President, Operations at Medpace. She joined Medpace in August 1993, served as SVP, Clinical Operations (Feb 2003–May 2015), SVP, Operations (Jun 2015–Jan 2017), and has been EVP, Operations since January 2017. She holds a BSN and an MA in Sports Administration from Kent State University and previously led heart failure clinical research studies at the University of Cincinnati . Company performance during her recent tenure has been strong: 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; Medpace highlights exceptional TSR since its 2016 IPO (IPO price $23.00; March 20, 2025 close $319.63) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Medpace | SVP, Clinical Operations | Feb 2003 – May 2015 | Oversaw clinical trial management, clinical monitoring, start-up (feasibility), and new business proposals |
| Medpace | SVP, Operations | Jun 2015 – Jan 2017 | Led broader operations following Clinical Ops leadership |
| Medpace | EVP, Operations | Jan 2017 – Present | Executive leadership across operations |
| University of Cincinnati | Clinical research leadership | Pre-1993 (dates not disclosed) | Led heart failure clinical research studies |
Fixed Compensation
| Year | Base Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2021 | $482,500 | $338,800 | — | $1,612,060 | $88,986 | $2,522,346 |
| 2022 | $524,333 | $367,000 | $206,460 | — | $112,946 | $1,210,739 |
| 2023 | $598,100 | $418,880 | — | — | $107,319 | $1,124,299 |
Notes:
- 2024 cash bonus paid: $352,700 (52.5% of base salary) .
Performance Compensation
| Plan Year | Metric | Weighting | Target Basis | Actual Outcome | Payout |
|---|---|---|---|---|---|
| 2024 STIC | EBITDA | 50% | FY 2024 guidance (Feb 2024) | Company exceeded EBITDA guidance | Included in $352,700 cash bonus |
| 2024 STIC | Revenue | 25% | FY 2024 guidance (Feb 2024) | Company did not exceed revenue guidance | Included in $352,700 cash bonus |
| 2024 STIC | Individual/Company goals | 25% | Committee-set goals | Not disclosed | Included in $352,700 cash bonus |
| 2025 STIC | EBITDA | 50% | FY 2025 guidance (Feb 2025) | Not disclosed | Not disclosed |
| 2025 STIC | Revenue | 25% | FY 2025 guidance (Feb 2025) | Not disclosed | Not disclosed |
| 2025 STIC | Individual/Company goals | 25% | Committee-set goals | Not disclosed | Not disclosed |
Long-term equity design:
- Time-based stock options and RSUs used to align interests; the committee has discretion to accelerate vesting upon change-in-control; RSUs cliff vest on four-year schedules (e.g., 1,000 RSUs granted 2/17/2023 vest on 2/17/2027) .
Equity Ownership & Alignment
| As-of Date | Beneficial Shares | Ownership % of Outstanding | Policy Notes |
|---|---|---|---|
| Mar 18, 2021 | 198,389 | <1% | No hedging or pledging permitted by insider policy |
| Mar 24, 2022 | 136,167 | <1% | Stock ownership guideline: 3× base salary; retain 60% of vested/exercise spread until met |
| Mar 23, 2023 | 136,167 | <1% | RSUs grant to NEOs (1,000) vest 2/17/2027 |
| Mar 21, 2024 | 157,725 | <1% | Clawback policy adopted Dec 1, 2023 |
| Mar 20, 2025 | 161,061 | <1% | Ownership guideline reiterated; retain 60% until guideline met |
Outstanding equity and vesting specifics (as of Dec 31, 2023):
- Options (exercisable): 7,500 @ $32.05 exp. 2/28/2025; 50,000 @ $90.65 exp. 8/5/2024; 50,984 @ $107.93 exp. 2/28/2026 .
- Options (unexercisable at 12/31/2023): 23,028 @ $166.73 exp. 10/27/2026 (fully vest 10/27/2025); 34,060 @ $138.87 exp. 8/15/2029 (fully vested on 2/15/2024) .
- RSUs: 7,783 unvested at YE2023 (fully vested 2/28/2024); 1,000 RSUs vest on 2/17/2027 .
Option exercises (insider selling pressure):
| Year | Shares Exercised | Value Realized ($) |
|---|---|---|
| 2021 | 15,000 | $2,298,941 |
| 2022 | 12,400 | $1,370,820 |
| 2023 | 7,500 | $1,466,025 |
Compliance and restrictions:
- Pledging and hedging of Medpace stock are prohibited under insider trading policy .
- Stock ownership guidelines for NEOs: 3× base salary; retain 60% of vested shares and option exercise spread until compliant .
Employment Terms
- Employment tenure: Joined Aug 1993; EVP, Operations since Jan 2017 .
- Agreements: No stand-alone change-in-control agreements for NEOs; 2016 Incentive Plan permits Compensation Committee discretion to accelerate vesting upon death, disability, termination, or change-in-control .
- Potential payments on CIC (value of equity upon full acceleration at $306.53/share): $11,622,067 for Ms. Burwig .
- Clawback: Incentive Compensation Recoupment Policy effective Dec 1, 2023; applies to erroneously awarded incentive compensation following a restatement; multiple recovery mechanisms available .
- Severance multiples, non-compete/non-solicit: Not disclosed in proxies reviewed.
- Section 16 compliance: One Form 4 filed one day late (sale of 6,000 shares on July 30, 2020) .
Compensation Structure Analysis
- Cash vs equity mix: 2021 included significant option award value ($1.61M) for Burwig; 2022 included RSUs ($206k); 2023 had no new equity awards in SCT, reflecting a more cash-heavy year while company awarded a small RSU grant of 1,000 shares to each NEO with four-year cliff vesting .
- STIC design ties 75% to EBITDA (50%) and revenue (25%) against guidance; remaining 25% to individual/company goals, reinforcing pay-for-performance; 2024 bonuses paid at 52.5% of base salary for Burwig amid exceeding EBITDA guidance but not revenue .
- Governance safeguards: No option repricing; no CIC/280G tax gross-ups; clawback applies to awards; no hedging/pledging; options granted at FMV .
Investment Implications
- Alignment: Strong alignment via sizable long-dated equity, strict no-pledging/hedging policies, and 3× salary ownership guideline with retention requirements; clawback adds discipline .
- Selling pressure: Historical exercises in 2021–2023 suggest periodic liquidity events but not aggressive disposals; upcoming vestings (10/27/2025 options; 2/17/2027 RSUs) may create potential selling windows; monitor Form 4s near those dates .
- Retention risk: No guaranteed severance or CIC agreements; equity acceleration is discretionary; nonetheless, significant unvested/long-dated equity and strong company performance (2024 EBITDA +32.5%, revenue +11.8%, net income +43.0%) support retention incentives .
- Trading signals: Company exceeded EBITDA guidance but missed revenue guidance in 2024; STIC weighting favors EBITDA, implying Burwig’s bonus sensitivity to profitability over top-line; watch guidance revisions and EBITDA trajectory for near-term compensation outcomes and potential sentiment .