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Medpace Chief Executive Pockets $1 Million From Hotel He Owns On Corporate Campus
Life sciences firm’s CEO also owns nearly half the company and signals he’s starting to cash out.
July 25, 2023
On its corporate campus in Cincinnati, Ohio Medpace Holdings (MEDP), a provider of clinical research-based drug and medical device development services, is a hotel owned by the firm's Chief Executive Officer and Board Chair August Troendle.
Medpace uses The Summit Hotel for travel, lodging and meetings.
Not including the $100,000 in expenses Medpace incurred using the Summit in the latest quarter, the company has spent $1 million over the last three years at Troendle’s hotel.
The receipts pale in comparison to the windfall Troendle stands to reap after selling a portion of his shares.
The latest quarterly filing indicates Medpace Investors, LLC (MPI)— Troendle is the sole manager and controlling unit holder of MPI— plans to sell up to 500,000 shares, or approximately $128 million based on today’s closing price, between now and September 2024.
The planned sale is approximately 1.6% of shares outstanding.
Including MPI, which owns approximately 20.4% of Medpace’s outstanding shares, Troendle owns or controls approximately 44.3% of the company’s shares.
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