Julia Leeman
PERDOCEO EDUCATIONAbout Julia Leeman
Julia A. Leeman, 53, is Senior Vice President—Campus Operations at Perdoceo Education Corporation (PRDO), appointed in December 2024. She joined PRDO in June 2004 and has held progressively senior operations roles across campus and university groups. She holds a Bachelor of Arts and a Master of Education from the University of Missouri. Company performance compensation is tied principally to Adjusted Operating Income (AOI); for 2024, the AIP AOI target was $166.0 million vs. actual $194.6 million, resulting in a 200% payout for the financial component, and PRDO benchmarks TSR against an education-focused peer group in its proxy disclosures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PRDO (Sanford-Brown College) | Campus President | Not disclosed | Led campus administration and student-facing operations . |
| PRDO (Health Education Schools) | Regional Vice President of Operations | Not disclosed | Oversaw academic/clinical ops, admissions, finance, accreditation across multiple campuses; partnered with local healthcare providers to align workforce needs . |
| PRDO (Transitional Schools Group) | Senior Vice President | 2013–2015+ | Managed academic, financial, centralized services for five school groups spanning 70+ Health Education campuses plus Culinary, Design & Technology, Transitional campuses; led teach-outs as SVP—Transitional per 2015 leadership announcement . |
| PRDO (Campus Operations) | Operational leadership for in-person & hybrid learning; student support | 2018–2024 | Oversaw admissions, student finance, academic advising; expanded oversight to Career Services for AIUS and Trident University . |
| PRDO | Senior Vice President—Campus Operations | Dec 2024–present | Executive leadership of campus operations across modalities and student support functions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allied College | Regional Executive Director; prior Director roles (Career Services, Admissions, Academics) | Not disclosed | Multi-department leadership experience in private career education prior to joining PRDO . |
| American Diabetes Association | Board service | Not disclosed | Professional/charitable board engagement . |
| Missouri Committee on Transfer and Articulation | Board/Committee service | Not disclosed | Policy/academic articulation committee involvement . |
| Missouri Association of Private Career Colleges and Schools | Director | Not disclosed | Sector governance and advocacy . |
Fixed Compensation
- PRDO sets executive base salaries via annual reviews versus market medians, targeting competitive pay commensurate with role, tenure, and responsibilities; base salary is fixed cash (not performance-risk) .
- Annual compensation design balances cash and equity, short- and long-term pay, with caps on AIP and LTI programs .
- Ms. Leeman’s specific base salary and cash incentive targets are not disclosed (she is not a named executive officer in the proxy) .
Performance Compensation
Company-wide frameworks apply to executive officers:
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adjusted Operating Income (AIP financial component) | 80% | $166.0 million | $194.6 million | 200% (financial component) | Cash paid per AIP design (capped at 200%) . |
| Individual Goals (AIP) | 20% | Qualitative goals aligned to function | “Met”—cannot exceed AOI payout percent | Capped by AOI achievement | Cash; goals set by CEO/Comp Committee; capped at 200% . |
| Performance-Based RSUs (LTI) | 50% of LTI | AOI over 2 years + Year-3 threshold | Company-reviewed annually | 0–200% of target | Cliff vest after 3 years; Year-3 threshold can reduce vesting; PSUs deemed target upon CoC + involuntary termination . |
| Time-Based RSUs (LTI) | 50% of LTI | N/A | N/A | N/A | Vest 25% per year over 4 years, stock-settled; dividend equivalents accrue and pay at vest . |
Note: Ms. Leeman’s specific AIP payout and LTI grant values are not disclosed (not an NEO) .
Equity Ownership & Alignment
| Title of Security | Amount Beneficially Owned | Ownership Form | Unvested RSUs Included | Ownership % of Shares Outstanding |
|---|---|---|---|---|
| Common Stock | 28,636 | Direct | 22,562 unvested RSUs included | 0.044% (28,636 ÷ 65,719,224 shares outstanding) . |
- Shares outstanding at December 31, 2024: 65,719,224; at February 11, 2025: 65,914,275 (context) .
- Stock ownership guidelines (Amended Jan 2025): SVPs must hold stock equal to 1.5× base salary; retention requirement to hold 50% of “net shares” until guideline achieved; company reports all designated officers have attained their guideline .
- Insider Trading Policy: prohibits pledging/margining and hedging (puts, calls, swaps, exchange funds); imposes blackout/trading windows and 10b5-1 guidelines .
Employment Terms
- At-will employment; no fixed term contracts for current NEOs; executive officers covered by Company plans and policies .
- Executive Severance Plan: upon involuntary termination not for cause, lump-sum equal to 1× annual salary + 1× target bonus; partially subsidized COBRA for up to 1 year; outplacement assistance; subject to signing a Separation Agreement with at least one-year non-compete, non-solicit, confidentiality covenants; intended 409A-compliant timing .
- 2016 Incentive Compensation Plan termination provisions: time-based RSUs vest on death/disability; forfeiture on other terminations; options/RSUs fully accelerate at target upon double-trigger (change-in-control plus involuntary termination not for cause within 24 months) .
- LTI award agreements generally include 1–2 year post-termination restrictive covenants (non-solicitation, non-disclosure, non-competition) .
- Clawback Policy (effective Dec 1, 2023): “no fault” recoupment of incentive compensation after financial restatement; applies to current/former executive officers per SEC/Nasdaq rules .
- Insider trading policy prohibits hedging and pledging; mandates holding periods and trading windows .
Investment Implications
- Alignment: Significant skin-in-the-game via unvested RSUs (22,562) and stock ownership guidelines requiring 1.5× salary holdings for SVPs with retention of 50% “net shares” until compliant; company states designated officers have met guidelines, reducing near-term sell pressure from awards .
- Performance leverage: Executive incentives are highly sensitive to AOI, with AIP financial component payout ranging 0–200% and PSUs vesting 0–200% over three years based on AOI; 2024 AOI overachievement (200% payout) indicates strong linkage between operating execution and pay outcomes .
- Retention risk mitigants: At-will status balanced by severance economics (1× salary + 1× target bonus), restrictive covenants (≥1 year), and double-trigger equity acceleration upon CoC, which collectively provide retention incentives while defining exit costs .
- Trading signals: Prohibitions on pledging/hedging and blackout/trading window controls limit opportunistic selling; dividend equivalents on RSUs/PSUs accrue and settle at vest, modestly enhancing realized value at vest dates .