Summary
Targa Resources Corp. (TRGP) announced significant leadership changes within its finance and executive team through an 8-K filing on June 25, 2024. Jennifer R. Kneale, the current Chief Financial Officer, has been appointed President – Finance and Administration, effective July 22, 2024. This promotion comes with an increase in her annual base salary to $680,000 and a substantial long-term incentive award of 500% of her base salary, reflecting her expanded responsibilities. Concurrently, William A. Byers has been appointed as the new Chief Financial Officer, also effective July 22, 2024. Mr. Byers brings prior CFO experience from Manchester Energy and Navitas Midstream Partners. His compensation package includes a base salary of $575,000, a target annual cash incentive bonus of 100% of base salary (with a maximum of 200%), and a long-term incentive award of 325% of base salary. Both appointments and their associated compensation adjustments are key considerations for investors monitoring executive compensation and organizational structure at Targa Resources.
Key Highlights
- 1Jennifer R. Kneale promoted from CFO to President – Finance and Administration, effective July 22, 2024.
- 2Ms. Kneale's new role includes an increased annual base salary of $680,000 and a long-term incentive award of 500% of base salary.
- 3William A. Byers appointed as the new Chief Financial Officer, effective July 22, 2024.
- 4Mr. Byers' compensation package includes a base salary of $575,000, a target annual cash incentive of 100% of base salary (max 200%), and a long-term incentive award of 325% of base salary.
- 5Mr. Byers has previous CFO experience at Manchester Energy, LLC and Navitas Midstream Partners, LLC.
- 6The company will enter into its standard form of director and officer indemnification agreement with Mr. Byers.
- 7No other terms of Ms. Kneale's compensation arrangements were modified beyond the salary and LTI increase.