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Targa Resources Corp. 8-K Report, Executive Changes (Jun 25, 2024)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed June 25, 2024
Period End
June 24, 2024
Security
TRGP
In the record · 2016–202610-K1110-Q328-K170

TRGP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 170 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Sep ’18Sep ’18
  2. Material agreement8-K · Aug ’20Aug ’20
  3. Material agreement8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed June 25, 2024. Cited figures are marked; the original filing is the authoritative source.

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 $680,000a 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,b 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.

02—Key points

Key Highlights

  1. Jennifer R. Kneale promoted from CFO to President – Finance and Administration, effective July 22, 2024.
  2. Ms. Kneale's new role includes an increased annual base salary of $680,000 and a long-term incentive award of 500% of base salary.
  3. William A. Byers appointed as the new Chief Financial Officer, effective July 22, 2024.
  4. Mr. 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.
  5. Mr. Byers has previous CFO experience at Manchester Energy, LLC and Navitas Midstream Partners, LLC.
  6. The company will enter into its standard form of director and officer indemnification agreement with Mr. Byers.
  7. No other terms of Ms. Kneale's compensation arrangements were modified beyond the salary and LTI increase.

03—Questions

Frequently Asked Questions

  1. What are the key leadership changes announced by Targa Resources?

    Targa Resources announced the promotion of Jennifer R. Kneale from Chief Financial Officer to President – Finance and Administration and the appointment of William A. Byers as the new Chief Financial Officer. Both changes are effective July 22, 2024.

  2. How will Jennifer R. Kneale's compensation change in her new role?

    Ms. Kneale's annual base salary will increase to $680,000, and she will receive an annual long-term incentive award equal to 500% of her base salary. Her current compensation arrangements remain otherwise unchanged.

  3. What is William A. Byers' compensation package as the new CFO?

    Mr. Byers will receive a base salary of $575,000, a target annual cash incentive bonus of 100% of his base salary (with a maximum payout of 200%), and an annual long-term incentive award of 325% of his base salary. He will also receive prorated RSUs and PSUs for 2024.

  4. Does Mr. Byers have relevant experience for the CFO role?

    Yes, Mr. Byers has significant prior experience as a Chief Financial Officer, having served in that capacity at Manchester Energy, LLC from June 2022 to June 2024 and at Navitas Midstream Partners, LLC from August 2014 to February 2022.

04—Continue

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