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Geo Group Inc . (NYSE:GEO), which has seen its stock surge 74% over the past year according to InvestingPro data, announced changes to executive compensation and leadership contracts, according to a statement released in a Securities and Exchange Commission filing.
On Monday, the company entered into an amendment to the employment agreement with Executive Chairman George C. Zoley. The amendment extends Dr. Zoley’s employment term as Executive Chairman from June 30, 2026, to April 2, 2029. The agreement also updates his base salary to match the amount previously approved by the company’s Compensation Committee in February 2025. In addition, both his annual target cash bonus and target stock award were increased from 100% to 150% of his base salary.
On July 3, the Compensation Committee also approved changes to the compensation package for Chief Executive Officer J. David Donahue. The committee raised Mr. Donahue’s annual target cash incentive and annual equity incentive award from 100% to 150% of his base salary.
These actions were approved by the Compensation Committee of the Board of Directors. The company stated the adjustments were made following a review of business opportunities and the experience of the executives.
Geo Group is based in Boca Raton, Florida, and its common stock is listed on the New York Stock Exchange under the symbol GEO.
This article is based on a press release statement contained in a recent SEC filing.
In other recent news, The GEO Group announced its acquisition of the Western Region Detention Facility in San Diego for $60 million, which is expected to close in 2025. This facility currently generates approximately $57 million in annualized revenues under a contract with the U.S. Marshals Service. Additionally, GEO Group secured a $147 million contract with the U.S. Marshals Service for transportation and detention officer services, expected to bring in about $29 million annually over five years. In another development, the U.S. District Court authorized full intake at GEO’s Adelanto ICE Processing Center, projected to add $31 million in annualized revenue. Texas Capital Securities initiated coverage on GEO Group with a Buy rating, citing potential revenue growth from increased border security funding and a target price of $30. The firm forecasts GEO’s revenue could grow from $2.4 billion to $3.2 billion by 2027. However, a disturbance at GEO’s Newark immigration detention center was reported, though details remain sparse. These developments indicate significant activity and potential revenue growth for the company.
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