Anne Altman
MAXIMUSAbout Anne K. Altman
Anne K. Altman (age 65) is an independent director of Maximus (MMS), serving since 2016 and as Vice Chair of the Board since 2021. She retired from IBM in 2016 after serving as General Manager, U.S. Federal & Government Industries (2013–2016), previously leading IBM’s Global Public Sector; she joined IBM in 1981 as a systems engineer. She holds a B.S. from George Mason University and brings deep federal contracting, technology modernization, cybersecurity/data privacy, M&A, and ESG oversight experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IBM | General Manager, U.S. Federal & Government Industries | 2013–2016 | Ran ~$4B business; federal compliance; led technology modernization and data/cyber initiatives |
| IBM | General Manager, Global Public Sector | Prior to 2013 | Led ~$20B business for global government, education, healthcare/life sciences; Smarter Cities initiative |
| IBM | Systems Engineer and roles of increasing responsibility | From 1981 | Government-facing engineering/operations roles; security, analytics, cloud, digital |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Everyone Matters, Inc. | Co-Founder & CEO | Social impact enterprise (access to health, education, government services) |
| Siemens Government Technologies, Inc. | Chairman of the Board | Federal market exposure; governance leadership |
| TechFlow, Inc. | Board Member | Gov/technology services exposure |
| Gunnison Consulting Group, Inc. | Board Member | Gov/technology services exposure |
| National Symphony Orchestra | Board Member | Nonprofit governance |
Board Governance
- Independence and leadership
- Determined independent under NYSE rules; Board reconfirmed independence for Altman and other non-management directors .
- Vice Chair since 2021; represents the Company in shareholder meetings alongside the independent Chair; leads consideration of shareholder input .
- Committee assignments (FY24 governance year)
- Nominating & Governance Committee (Chair); 4 meetings in FY24 .
- Compensation & Human Resources Committee (Member); 6 meetings in FY24 .
- Technology Committee: Altman chaired in FY23; committee was reconstituted effective Jan 1, 2024 (chair shifted to Montoni) .
- Attendance and engagement
- Board held 10 meetings in FY24; all directors attended at least 75% of aggregate Board and applicable committee meetings; all directors attended the 2024 annual meeting .
- Altman participated in governance outreach to many of the top 20 shareholders (Fall 2023) with the Board Chair .
Fixed Compensation
| Component (FY2024) | Amount | Notes |
|---|---|---|
| Annual retainer (cash or RSUs; minimum $150k in RSUs unless >7× retainer equity held) | Program: $300,000 | Program design (director choice of form; equity minimum threshold) |
| Additional retainer – Vice Chair of the Board | $40,000 | Increased from $35,000 to $40,000 in FY24 |
| Additional retainer – Chair, Nominating & Governance Committee | $20,000 | Increased from $15,000 to $20,000 in FY24 |
| Fees earned or paid in cash (Altman) | $150,000 | FY2024 director compensation table |
| Stock awards (RSUs, grant date Mar 12, 2024) | $210,000 | Aggregate grant date fair value |
| Total (cash + stock awards) | $360,000 | FY2024 director compensation table |
- RSU vesting and deferral: Director RSUs vest after one year; directors may elect to defer receipt of shares up to termination of Board service .
Compensation structure analysis
- Year-over-year: FY2023 total $368,000 (cash $150,000; stock $218,000) vs. FY2024 total $360,000 (cash $150,000; stock $210,000). Changes reflect committee reassignments (no longer Tech Committee Chair) and increases to Vice Chair and N&G Chair retainers in FY24 .
Performance Compensation
| Instrument | Vesting | Performance linkage | Notes |
|---|---|---|---|
| RSUs (non-employee director) | One-year vesting | None | No options/PSUs for directors; deferral election available |
Other Directorships & Interlocks
| Company/Institution | Relationship to MMS | Potential Interlock/Commentary |
|---|---|---|
| Siemens Government Technologies (Chair) | Not disclosed as a customer/supplier of MMS | Governance exposure in federal contracting; no related-party transactions disclosed with MMS |
| TechFlow; Gunnison Consulting Group (Director) | Not disclosed as a customer/supplier of MMS | Adjacent gov/tech services exposure; no related-party transactions disclosed with MMS |
| National Symphony Orchestra (Director) | None | Nonprofit board |
- Related-party transactions: The proxy discloses a related-person matter involving another executive (Baylinson family) but none involving Altman .
- Section 16(a) compliance: FY2024 delinquency notes reference filings for Link, Rajan, Warren; Altman not cited in delinquencies .
Expertise & Qualifications
- Federal Government Contracting: Managed IBM’s U.S. Federal & Government Industries ($4B) and Global Public Sector ($20B) businesses .
- Technology Modernization and Data/Cyber: Led initiatives in security, analytics, cognitive/digital, cloud; Smarter Cities program .
- Financial Acumen & M&A: Managed >$5B P&Ls; led or contributed to acquisitions totaling ~ $5B; involved in SPX Flow take-private process .
- ESG oversight: Governance committee leadership; E (carbon reduction oversight); S (women’s leadership; social impact enterprise); G (N&G committee discipline) .
- Education: B.S., George Mason University .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Beneficial ownership (as of Jan 13, 2025) | 26,460 | <1% of shares outstanding; includes RSUs that will/could vest within 60 days; includes 2,499 deferred/unvested units in footnote |
| RSUs held (as of Sep 30, 2024) | 2,489 | Director footnote in FY2024 director compensation table |
| Ownership guideline | 5× annual cash retainer | All directors met the guideline as of FY2024 year-end |
| Anti-hedging/pledging | Prohibited | Company policy prohibits hedging and pledging by directors and officers |
Governance Assessment
- Strengths for investor confidence
- Independent director; Vice Chair of the Board; Chairs Nominating & Governance Committee (4 meetings in FY24) and serves on Compensation & HR Committee (6 meetings in FY24), indicating centrality to board refreshment, governance standards, and pay oversight .
- Demonstrated shareholder engagement (joined top-holder governance meetings); Vice Chair and N&G Chair role in investor dialogue .
- Ownership alignment: substantial equity retainer, one-year RSU vesting, and 5× retainer ownership guideline met by all directors .
- Governance policies: anti-hedging/anti-pledging, robust clawback regime, double-trigger CIC equity, and annual board/committee self-evaluations; executive sessions at each Board meeting; independent Chair structure .
- Say-on-Pay support: 98.9% approval at the 2024 annual meeting, signaling broad shareholder support for compensation practices overseen by the CHR Committee (of which Altman is a member) .
- Risk indicators and monitoring items
- External board roles in the federal contracting ecosystem (e.g., Siemens Government Technologies) warrant ongoing monitoring for any future related-party transactions or perceived conflicts; none disclosed for Altman in MMS filings .
- Committee workload is significant (N&G Chair and CHR member), but Board disclosed all directors met attendance expectations in FY24 .
Director compensation snapshot (FY2024): Cash $150,000; RSUs $210,000; Total $360,000; additional retainers: Vice Chair $40,000; N&G Chair $20,000; RSUs vest after one year; deferral available .