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Maximus Executive Compensation (FY25)

MMS · Mclean, VA · Executive and director compensation, fiscal 2022 to 2025

The paid brief on Maximus

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Data as of September 19, 2026Latest filing (8-K): March 11, 2026
13 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Maximus brief$1,500Get the executive brief
312 figures on this page: 302 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Bruce Caswell
Latest say-on-pay support
=
March 10, 2026
Chief executive pay ratio
◇
To the median employee

More on Maximus

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2023 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Bruce Caswell: $7,349,940 → $11,210,668 (52.5% higher)
Say-on-pay support: 98.4% → 97.7% (0.7 points lower)
CEO pay ratio: 207:1 → 247:1 (19.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Maximus' chief executive and what were they paid?
Bruce Caswell, Chief Executive Officer and President, received $11,210,668 in total compensation for fiscal 2025. Caswell's total moved 52.5% higher from the $7,349,940 reported for fiscal 2023.
What was Maximus' say-on-pay result?
Shareholders supported the say-on-pay proposal with 97.7% of votes cast for or against in favor at the meeting held March 10, 2026 for fiscal 2025.
Which companies are in Maximus' peer group?
The disclosed peer group names AMN Healthcare Services, Inc., Booz Allen Hamilton Holding Corp., CACI International, Conduent, Inc. and EPAM Systems, Inc., among others.
What is Maximus' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 247:1, against median employee compensation of $45,457.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bruce Caswell
Chief Executive Officer, President, and Director
◇—◇—◇—◇◇
Teresa Weipert
General Manager, U.S. Federal Services
◇—◇—◇—◇◇
David Francis
General Counsel and Secretary
◇—◇—◇—◇◇
David Mutryn
Chief Financial Officer
◇—◇—◇—◇◇
Richard Nadeau
Former Chief Financial Officer and Treasurer
Departed during or after this year
◇—◇———◇◇
Ilene Baylinson
General Manager, U.S. Services
◇———◇——◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bruce Caswell
Chief Executive Officer, President, and Director
◇—◇—◇—◇◇
David Mutryn
Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Teresa Weipert
General Manager, U.S. Federal Services
◇—◇—◇—◇◇
Ilene Baylinson
General Manager, U.S. Services
◇—◇—◇—◇◇
David Francis
Former General Counsel and Secretary
Departed during or after this year
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bruce Caswell
Chief Executive Officer and President
◇—◇—◇—◇◇
David Mutryn
Chief Financial Officer
◇—◇—◇—◇◇
John Martinez
Chief Legal Officer
◇—◇—◇—◇◇
Ilene Baylinson
General Manager, U.S. Services
◇—◇—◇—◇◇
Michelle Link
Chief Human Resources Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bruce L. CaswellPSU◇—◇—◇—◇
Bruce L. CaswellPSU◇—◇—◇—◇
David W. MutrynPSU◇◇◇◇◇—◇
David W. MutrynRSU◇——◇——◇
David W. MutrynPSU◇◇◇◇◇—◇
Ilene R. BaylinsonPSU◇◇◇◇◇—◇
Ilene R. BaylinsonPSU◇◇◇◇◇—◇
Ilene R. BaylinsonRSU◇——◇——◇
John T. MartinezPSU◇◇◇◇◇—◇
John T. MartinezPSU◇◇◇◇◇—◇
John T. MartinezRSU◇——◇——◇
Michelle F. LinkRSU◇——◇——◇
Michelle F. LinkPSU◇◇◇◇◇—◇
Michelle F. LinkPSU◇◇◇◇◇—◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Bruce CaswellRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
John MartinezRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michelle LinkRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
David MutrynRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Ilene BaylinsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Bruce Caswell
Chief Executive Officer and President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
David Mutryn
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Ilene Baylinson
General Manager, U.S. Services · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
John Martinez
Chief Legal Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Michelle Link
Chief Human Resources Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John J. Haley
Board chair
—◇————◇
Anne K. Altman
◇◇————◇
Raymond B. Ruddy
◇—————◇
Jan D. Madsen
◇◇————◇
Richard A. Montoni
◇—————◇
Gayathri Rajan
◇◇————◇
Michael J. Warren
◇◇————◇
Bruce L. Caswell served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • AMN Healthcare Services, Inc. AMN
  • Booz Allen Hamilton Holding Corp. BAH
  • CACI International CACI
  • Conduent, Inc. CNDT
  • EPAM Systems, Inc. EPAM
  • FTI Consulting, Inc. FCN
  • Gartner, Inc. IT
  • Genpact Limited G
  • ICF International ICFI
  • KBR, Inc. KBR
  • Leidos Holdings, Inc. LDOS
  • Parsons Corporation PSN
  • Science Applications International Corp. SAIC
  • Tetra Tech, Inc. TTEK
  • WEX, Inc. WEX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025March 10, 2026=◇◇◇
2024March 11, 2025=◇◇◇
2023March 12, 2024=◇◇◇
2022March 14, 2023=◇◇◇
2021March 15, 2022=◇◇◇
2020March 16, 2021=◇◇◇
2019March 17, 2020=◇◇◇
2018March 20, 2019=◇◇◇
2017March 14, 2018=◇◇◇
2016March 14, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Maximus disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Maximus sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
312 figures on this page: 302 cited to the filing that reported them, 10 calculated from figures it prints.
302 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001032220-26-000017
  2. 0001032220-26-000007
    CEO Pay Ratio · CORPORATE GOVERNANCE T · Compensation Discussion and Analysis · Director Compensation Table · and 3 more sections
  3. 0001032220-25-000019
  4. 0001032220-24-000040
  5. 0001032220-24-000009
    Summary Compensation Table
  6. 0001032220-23-000031
  7. 0001140361-23-002723
    Summary Compensation Table
  8. 0001628280-22-006736
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001032220-21-000036
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001032220-20-000031
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001032220-19-000032
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001032220-18-000030
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001032220-17-000038
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Maximus executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MMS (accessed 2026).
Short form: data: Velarion

The paid brief for Maximus

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Maximus discloses

The companies named in MMS's own disclosed peer group.

AMN Healthcare Services, Inc.Booz Allen Hamilton Holding Corp.CACI InternationalConduent, Inc.EPAM Systems, Inc.FTI Consulting, Inc.Gartner, Inc.Genpact LimitedICF InternationalKBR, Inc.Leidos Holdings, Inc.Parsons CorporationScience Applications International Corp.Tetra Tech, Inc.WEX, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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