Bryce Maddock
TaskUsAbout Bryce Maddock
- Co‑founder of TaskUs (2008), Chief Executive Officer since 2008, director since 2018, and Chairperson since March 2023; holds a Bachelor’s degree from New York University; age 38 .
- Under his leadership, TaskUs returned to growth in 2024 with record revenue of $995.0M, Q4 revenue growth of 17% YoY, and Adjusted EBITDA of $209.9M (21.1% margin) .
- The company agreed to be taken private by an affiliate of Blackstone together with Maddock and co‑founder Jaspar Weir for $16.50 per share in cash, pending approvals, expected to close in 2H 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TaskUs | Co‑founder, CEO | 2008–present | Leads global operations and strategic transformation, including investments in AI services and a return to double‑digit growth in H2’24 . |
| TaskUs Board | Director (Acting Chair) | 2018–Mar 2023 | Board leadership during public company phase and governance transition . |
| TaskUs Board | Chairperson | Mar 2023–present | Combined CEO/Chair role; lead independent director appointed to counterbalance . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No current or prior public company directorships disclosed in past five years . |
Fixed Compensation
| Metric | 2023 ($) | 2024 ($) |
|---|---|---|
| Base Salary | 38,769 | 40,000 |
| Cash Bonus (AIP) | — | — (forfeited AIP eligibility) |
| All Other Compensation | 1,551 (401k match) | 1,600 (401k match) |
- In March 2025, the Compensation Committee increased the CEO’s base salary to $50,000 (prospective) .
Performance Compensation
- Annual Incentive Plan (AIP) design: revenue and Adjusted EBITDA margin grid; CEO forfeited eligibility for 2024 .
- Long‑term incentives emphasize equity (RSUs/PSUs) with change‑in‑control protections and clawback provisions.
| Incentive | Grant date | Metric/Thresholds | Vesting | Targeted value | Notes |
|---|---|---|---|---|---|
| RSUs | 03/15/2024 | Time‑based | 33% on 3/15/2025; 33% on 3/15/2026; 34% on 3/15/2027; double‑trigger acceleration on CIC | $3,500,000 (280,898 units) | 2024 annual award . |
| PSUs | 06/2024 | Stock Price CAGR thresholds of 10%/20%/30% across yr 1/2/3 | Cumulative tranches; 80k/160k/240k earned at Third level; special “Qualifying CIC” mechanics with delayed settlement | $3,000,000 (240,000 units) | Settlement and vesting depend on performance and CIC terms . |
| Legacy IPO PSUs | 06/15/2021 | Enterprise Value CAGR thresholds: 15%/25%/35% across periods | 20% possible in yrs 1–3 and 40% in final period to 6/15/2025; no PSUs earned for period ended 6/15/2024 | — | 1,653,530 PSUs outstanding at 12/31/2024 (at target), unearned . |
AIP calibration (for other NEOs) shows payout grid across revenue and Adjusted EBITDA % bands; TaskUs achieved $995.0M revenue and 21.1% margin for 2024, leading to payouts for non‑CEO NEOs; CEO remained ineligible by choice .
Equity Ownership & Alignment
- Beneficial ownership and dual‑class control:
- Maddock beneficially owns 1,747,538 Class A shares (8.4%) and 11,451,107 Class B shares (16.4% of Class B), for 16.1% total voting power as of March 1, 2025 .
- The company is a “controlled company”: Blackstone funds plus the co‑founders collectively controlled ~97.5% of combined voting power as of March 1, 2025; Class B carries 10 votes per share .
- Hedging/pledging: Company policy prohibits hedging and pledging by directors, officers, employees and their related entities and in the formal Securities Trading Policy (Ex. 19.1) .
- 10b5‑1/Trading windows: Pre‑clearance, window periods, and cooling‑off requirements apply; Rule 10b5‑1 plans require approval and good‑faith operation .
| Equity detail (as of 12/31/2024) | Amount | Terms/Value |
|---|---|---|
| Stock options exercisable | 482,272 @ $23.00; 87,393 @ $18.13 | Exp. 6/10/2031 and 3/6/2033, respectively . |
| Stock options unexercisable | 68,905 @ $23.00; 177,437 @ $18.13 | Remaining vests: quarterly into 2025; annually 2025/2026 . |
| Unvested RSUs | 137,796; 62,103; 280,898 | Market values $2.334M; $1.052M; $4.758M at $16.94/sh . |
| Outstanding PSUs (IPO award) | 1,653,530 target | Market value $28.011M at $16.94/sh; unearned; no vest for period ended 6/15/2024 . |
| 2024 PSUs | 240,000 target | Market value $4.066M at $16.94/sh; Stock Price CAGR‑based . |
Employment Terms
- Agreement: CEO employment agreement (assumed by TaskUs at IPO) with annual review of salary and potential bonus plan; CEO forfeited AIP opportunity 2021–2024 .
- Severance: No severance arrangement for CEO .
- Restrictive covenants: Prohibits competition during employment; non‑solicitation of employees for two years post‑termination .
- Change‑in‑control (CIC) and equity treatment:
- RSUs (2024 and prior): Double‑trigger acceleration if not assumed/continued at CIC or upon qualifying termination after CIC .
- Options (IPO grants): Accelerate four quarterly tranches upon qualifying termination; full acceleration if not assumed at CIC or upon qualifying termination post‑CIC .
- IPO PSUs: Detailed CIC mechanics to determine performance and vesting timing; portions may vest based on actual performance as of CIC, with ongoing vesting/acceleration rules .
- 2024 PSUs: “Qualifying CIC” uses deal price to determine Stock Price CAGR performance; settlement may be deferred; special forfeiture repayment mechanics if employment ends other than a Qualifying Termination before the 1‑year post‑CIC settlement .
- Clawback: Award agreements subject to clawback/forfeiture to comply with policy and applicable law, including recovery of excess amounts (10‑K Ex. 10.37) .
Board Governance (director service, committees, dual‑role)
- Board service: Director since 2018; Chairperson since 2023; not independent .
- Committees: CEO/Chair does not serve on board committees; committee chairs and members are independent (Audit: Chair Tuminelli; Compensation: Chair Reses; Nominating & ESG: Chair Greenthal) .
- Dual‑role implications: Board determined combining CEO/Chair is appropriate given CEO’s company/market knowledge; a Lead Independent Director (Jill Greenthal) provides counterbalance with specified authorities (agenda, information approval, executive sessions, investor access) .
- Independence and control: 7 of 9 directors deemed independent; TaskUs is a Nasdaq “controlled company,” eligible for governance exemptions; dual‑class voting structure entrenches founder and sponsor control .
- Director pay: Executive directors (including Maddock) are not separately compensated for board service .
Multi‑Year Compensation Summary (NEO disclosure)
| Year | Salary ($) | Option Awards ($) | Stock Awards ($) | Non‑Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 38,769 | 2,363,185 | 1,680,470 | — | 1,551 | 4,083,975 |
| 2024 | 40,000 | — | 5,998,281 | — | 1,600 | 6,039,881 |
Ownership Snapshot (as of March 1, 2025)
| Holder | Class A shares | % Class A | Class B shares | % Class B | Total voting power |
|---|---|---|---|---|---|
| Bryce Maddock | 1,747,538 | 8.4% | 11,451,107 | 16.4% | 16.1% |
| Blackstone Sponsor | — | — | 47,130,480 | 67.3% | 65.4% |
- Beneficial ownership detail includes direct holdings, trust holdings, and options/RSUs exercisable/vesting within 60 days (853,100 shares for CEO) .
Vesting Schedules and Potential Insider Selling Pressure
- Upcoming RSU vests: 30,588 (3/6/2025) and 31,515 (3/6/2026) from prior grants; 33% of 2024 RSUs vest on 3/15/2025, 33% on 3/15/2026, 34% on 3/15/2027; certain prior RSUs vest quarterly on 3/15/2025 and 6/15/2025 .
- Option vests: 87,394 (3/6/2025) and 90,043 (3/6/2026) on 2023 grant; remaining quarterly tranches through 6/15/2025 on 2021 grant .
- Trading policy restricts sales to window periods/pre‑clearance and prohibits hedging/pledging; 10b5‑1 plans permitted under strict conditions .
Compensation Structure Analysis
- High equity mix and low cash: CEO base salary $40k and no cash bonus in 2024; $5.998M in stock awards; base raised to $50k in 2025 .
- Shift toward RSUs/PSUs: No 2024 option grant; 2023 included sizable options; 2024 included meaningful RSU plus a new CEO PSU grant tied to Stock Price CAGR .
- Performance linkage: AIP targets tied to revenue and Adjusted EBITDA; CEO waived participation; PSUs tie outcomes to absolute share price CAGR and IPO EV‑CAGR metrics .
- Clawback present (policy and award‑level) .
Performance & Track Record
- 2024 performance: $995.0M revenue, $209.9M Adjusted EBITDA (21.1% margin), 39 new clients, ~200 total clients; industry “Leader” recognition across multiple Everest PEAK matrices .
- Strategic focus: Investment in generative/agentic AI, complex services, and diversification into regulated industries; operational focus on AI‑augmented productivity .
Employment Contracts, Severance, and CoC Economics
- CEO has no cash severance protection; equity awards include double‑trigger RSU and option acceleration and defined PSU treatment on CIC/Qualifying CIC .
- Non‑compete during employment; two‑year non‑solicit post‑termination of employees (not clients) .
Related Party and Governance Context
- Controlled company: Founders and Blackstone control voting; Stockholders Agreement includes nomination/approval rights and founder transfer restrictions; sponsor‑related transaction procedures in place .
- Prohibitions on hedging/pledging apply to directors and officers; company also outlines robust insider trading controls and window periods .
Investment Implications
- Alignment: Significant founder ownership and forfeiture of cash bonuses align incentives to long‑term equity value; prohibitions on hedging/pledging reinforce alignment .
- Event‑driven overhang: The agreed take‑private at $16.50/share caps near‑term upside and sets a path to de‑listing in 2H 2025 if approvals are obtained; CEO is part of the buyer group, increasing deal certainty while raising minority‑holder process scrutiny .
- Pay‑for‑performance: 2024 CEO compensation was almost entirely equity; PSUs hinge on absolute stock price CAGR and could vest in a Qualifying CIC based on deal price, though settlement mechanics may delay liquidity .
- Retention and succession risk: No CEO severance safety net, but substantial unvested equity with double‑trigger protections under CIC provides retention through close; post‑close private ownership may recalibrate incentive design .
- Governance: Combined CEO/Chair in a controlled company structure mitigated by a Lead Independent Director and independent committee chairs; nonetheless, founder/sponsor control reduces minority influence .
References:
; 10‑K Exhibits (Clawback/Trading Policy): ; Take‑private 8‑K: .