How Kennedy was paid
$5.4M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|---|
| Michael N. KennedyChief Executive Officer and President, Director, Former Sr. Vice President—Finance | $242,434 | — | $4,344,864 | $789,750 | $5,670 | $5,382,718 |
| Yvette K. SchultzSr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director | $150,861 | $90,158 | $2,652,381 | $258,142 | $5,670 | $3,157,212 |
| Brendan E. KruegerSr. Vice President—Finance and Treasurer, Former Chief Financial Officer | $155,679 | — | $2,652,381 | $348,300 | $5,670 | $3,162,030 |
| Justin J. AgnewChief Financial Officer, Vice President—Finance | $79,152 | — | $505,207 | $149,310 | $4,749 | $738,418 |
| Paul M. RadyChairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President | $271,576 | — | $10,104,349 | $669,077 | $5,670 | $11,050,672 |
What changed and why
- $932MCash flow from operations increased by 11% to $932 million during 2025.
- Michael N. Kennedy became Chief Executive Officer and President effective August 14, 2025.
- Paul M. Rady transitioned to Chairman Emeritus effective August 14, 2025.
- 75%Long-term incentive compensation was composed of 75% time-based equity and 25% performance-based equity.
- 200%Annual incentive plan results reached 200% reflecting excellent performance in 2025.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.