GEO CEO Brian Evans retires; David Donahue named successor; $70M ICE expansion plan

GEO GROUP INC

CEO Brian Evans retires Dec 31, 2024; separation agreement provides $85,834/month through Dec 2026 and immediate vesting of unvested equity.
J. David Donahue becomes CEO effective Jan 1, 2025; base salary $1M, target annual performance award 100% of salary, two-year term.
Company announces $70M capex investment to expand ICE detention, transportation, and electronic monitoring capabilities.
GEO currently provides ~21,000 detention beds to ICE with census of 14,000; plans to expand to 32,000 beds at 23 facilities.
GEO intends to pursue sale of several underperforming state correctional facilities to offset the $70M investment and reduce debt.

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