Christa Hokenson
Strategic EducationAbout Christa Hokenson
Christa E. Hokenson is Senior Vice President and Chief Human Resources Officer at Strategic Education, Inc. (joined July 2018), with 20+ years in business leadership, organizational consulting, and HR strategy; prior roles include Managing Director & CHRO at ProShares (2012–2018) and HR leadership positions at Capital One in Europe and the U.S.; she holds a B.A. from The College of William & Mary . She is 54 years old per the FY2024 10-K executive roster . Company performance context tied to her incentive framework: in 2024 the Compensation Committee found Operating Income, EPS, Revenue, and the employer-affiliated enrollment goal achieved above target, with payout capped at 100% of target; non-quantitative goals (capital allocation; regulatory, legal, ethical standards) were achieved . The company’s Pay vs Performance disclosure shows the value of an initial $100 investment (company TSR benchmark) and revenue/net income for 2020–2024, with revenue rising from $1,004,272,000 (2020) to $1,220,907,000 (2024) and net income of $112,684,000 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ProShares | Managing Director & Chief Human Resources Officer | 2012–2018 | Led HR strategy; senior leadership at an asset manager |
| Capital One (Europe and U.S.) | HR leadership roles | Not disclosed | International and U.S. HR leadership experience |
External Roles
- No public company directorships or external board roles disclosed in STRA filings for Hokenson .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $452,000 | $466,000 | $500,000 |
| Target Bonus (% of Salary) | 75% | 75% | 75% |
| Actual Non-Equity Incentive ($) | $339,000 | $348,102 | $375,000 |
| Stock Awards – Grant Date Fair Value ($) | $960,000 | $1,000,000 | $1,000,000 |
| All Other Compensation ($) | $9,150 | $9,930 | $10,380 |
Performance Compensation
| Metric (2024) | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|
| Revenue | 25% | Not disclosed | Above target | Contributed to 123.9% weighted outcome; capped at 100% | Cash non-equity incentive |
| Operating Income | 20% | Not disclosed | Above target | Contributed; cap at 100% | Cash non-equity incentive |
| EPS | 20% | Not disclosed | Above target | Contributed; cap at 100% | Cash non-equity incentive |
| Employer-affiliated enrollment growth | 15% | Not disclosed | Above target | Contributed; cap at 100% | Cash non-equity incentive; strategic shift toward employer funding |
| Reallocate excess capital | 10% | Not disclosed | Achieved | Contributed; cap at 100% | Non-quantitative strategic |
| Maintain regulatory/legal/ethical standards | 10% | Not disclosed | Achieved | Contributed; cap at 100% | Non-quantitative strategic |
| Performance-based restricted shares (equity) | — | Robust regulatory/accreditation criteria (Title IV 90/10; cohort default rates; accreditations 2024–2027) | Prior grants that vested in 2024 met criteria | Not applicable to cash payout | 4-year cliff vest; 2024 grant vests 2/28/2028 |
Equity Ownership & Alignment
- Stock ownership guidelines require Senior Vice Presidents to hold shares equal to 2× annual salary within three years of hiring/promotion; board reviews compliance vs market fluctuations .
- Company prohibits hedging, pledging, short sales, and margin purchases of Company securities for officers and directors .
- No stock options outstanding for named executive officers as of 12/31/2024 .
Beneficial Ownership
| Date | Shares Beneficially Owned | % of Shares Outstanding |
|---|---|---|
| Feb 28, 2023 | 42,820 | <1% |
| Mar 3, 2025 | 60,755 | <1% |
Outstanding Equity Awards (as of 12/31/2024)
| Award Date | Shares/Units Unvested (#) | Market Value ($) | Vest Date |
|---|---|---|---|
| 2/25/2021 | 5,527 | $516,000 | 2/25/2025 |
| 2/24/2022 | 19,181 | $1,792,000 | 2/24/2026 |
| 2/22/2023 | 10,625 | $993,000 | 2/22/2027 |
| 2/28/2024 | 10,520 | $983,000 | 2/28/2028 |
Vesting pressure calendar: 2/25/2025 (5,527 shares), 2/24/2026 (19,181 shares), 2/22/2027 (10,625 shares), 2/28/2028 (10,520 shares) .
Employment Terms
- Employment contracts: In 2024, only the Chairman (Silberman) and CEO (McDonnell) had employment agreements; other named executive officers (including Hokenson) were not cited as having employment contracts in the proxy .
- Change-of-control vesting: All stock awards for officers use double-trigger vesting (accelerate upon change in control only with termination without cause or material reduction in role within six months) .
- Estimated value of accelerated vesting upon CIC with termination (12/31/2024 stock price $93.42): $4,284,000 for Hokenson .
- Severance multiples and non-compete terms for Hokenson: Not disclosed; severance multiples provided only for CEO/Chairman .
Investment Implications
- Pay-for-performance alignment: CHRO target bonus set at 75% of salary, with 2024 cash incentive driven 100% by company performance across financial and strategic metrics; payout capped at 100% when weighted results exceeded target, supporting disciplined variable pay .
- Equity-heavy, regulatory-sustainability criteria: Performance-based restricted shares require meeting accreditation, Title IV 90/10, and cohort default-rate thresholds from 2024–2027, anchoring long-term incentives to compliance and durability of the business model .
- Ownership alignment: Beneficial ownership increased from 42,820 (2023) to 60,755 (2025), with strict prohibitions on hedging/pledging and SVP 2× salary ownership guidelines—reducing alignment risk, though individual guideline compliance status is not disclosed .
- Vesting calendar and potential selling pressure: Significant cliff vestings scheduled annually through 2028 (notably 19,181 shares vesting in 2026), which may coincide with Form 4 activity windows; monitor filings near vest dates for selling patterns .
- Retention dynamics: Absence of a disclosed employment agreement for Hokenson suggests retention is primarily through annual cash incentives and long-dated performance-based equity; double-trigger CIC provisions apply to equity awards like other NEOs .