How Kennedy was paid
$6.7M 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, Former Chief Financial Officer and Sr. Vice President—Finance | $655,470 | — | $4,325,734 | $1,678,307 | $28,145 | $6,687,656 |
| Yvette K. SchultzChief Compliance Officer, Sr. Vice President—Legal, General Counsel and Corporate Secretary | $407,885 | $191,596 | $2,640,712 | $548,580 | $28,145 | $3,816,918 |
| Brendan E. KruegerChief Financial Officer, Senior Vice President—Finance, Treasurer | $420,909 | — | $2,640,712 | $740,176 | $15,330 | $3,817,127 |
| Paul M. RadyChairman Emeritus, Former Chairman of the Board of Directors, Former Chief Executive Officer and President | $734,260 | — | $10,059,907 | $1,421,862 | $15,330 | $12,231,359 |
What changed and why
- Michael N. Kennedy became Chief Executive Officer and President effective August 14, 2025.
- Paul M. Rady transitioned from Chief Executive Officer to Chairman Emeritus in August 2025.
- 157.2%The annual incentive plan paid out at 157.2% of target for 2025.
- 50%Long-term incentive awards were 50% performance-based equity and 50% time-based equity.
- $301MThe company reduced net debt by $301 million during 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.