William Campbell
About William Campbell
William Campbell has served as an independent director of AltEnergy Acquisition Corp. (AEAE) since inception, bringing over three decades of legal and governance experience in global energy and infrastructure projects . He currently serves as Senior Counsel for Strategic Affairs at I Squared Capital Advisors (US) LLC (since January 1, 2025); previously he was General Counsel and Managing Director, and Chief Compliance Officer at I Squared, and co-chaired the Global Energy & Infrastructure practice at Gibson, Dunn & Crutcher LLP . Campbell chairs AEAE’s Nominating & Corporate Governance Committee and sits on the Audit and Compensation Committees, and is deemed independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| I Squared Capital Advisors (US) LLC | Senior Counsel for Strategic Affairs | Since Jan 1, 2025 | Strategic legal advisor; prior GC/MD, CCO |
| I Squared Capital Advisors (US) LLC | General Counsel and Managing Director; Chief Compliance Officer | 2014–2024 | Led legal/compliance; energy/infrastructure governance |
| Gibson, Dunn & Crutcher LLP | Co-Chair, Global Energy & Infrastructure Practice | Prior to I Squared | Energy/infrastructure transactional leadership |
External Roles
| Organization | Role | Current/Past | Notes |
|---|---|---|---|
| I Squared Capital Advisors (US) LLC | Senior Counsel for Strategic Affairs | Current | Transitioned from GC/MD in 2025 |
| I Squared Capital Advisors (US) LLC | General Counsel and Managing Director; Chief Compliance Officer | Past | Energy/infrastructure portfolio oversight |
| Gibson, Dunn & Crutcher LLP | Co-Chair, Global Energy & Infrastructure Practice | Past | Global projects legal expertise |
Board Governance
- Committees:
- Audit Committee: Member; committee chaired by Daniel Shribman; all members independent; Salvator designated audit committee financial expert .
- Compensation Committee: Member; chaired by Michael Salvator; Campbell, Salvator, Heimert all independent .
- Nominating & Corporate Governance Committee: Chair; members Campbell, Shribman, Heimert; all independent .
- Committee activity: No Compensation Committee meeting occurred in 2024 (no compensation arrangements contemplated) . The Nominating & Corporate Governance Committee has not met to date, pending the initial business combination process .
- Voting control signal: The Sponsor owns approximately 78% of outstanding shares and will vote in favor of the extension proposal; the Board made no recommendation on the extension proposal, highlighting sponsor control dynamics .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Annual cash retainer (non-employee director) | None prior to initial business combination | AEAE pays no compensation to sponsor, officers or directors before de-SPAC completion |
| Committee chair/member fees | None prior to initial business combination | Same restriction applies |
| Meeting fees | None prior to initial business combination | Same restriction applies |
| Reimbursements | Out-of-pocket expenses reimbursable; no claim on Trust if liquidated | Reimbursement permitted; no Trust Account claims if not extended/completed |
Performance Compensation
| Instrument/Metric | Terms | Notes |
|---|---|---|
| Equity interests via Sponsor | Entitlement to receive 20,000 AEAE shares upon completion of business combination and lapse of lock-ups | For Campbell (and Salvator, Shribman), equity would be distributed from Sponsor; contingent on de-SPAC completion |
| Cash bonus/PSUs/Options | None prior to initial business combination | No at-risk/cash/equity awards paid before de-SPAC |
| Performance metrics (Revenue, EBITDA, TSR, ESG) | Not disclosed/applicable pre-combination | SPAC stage; no disclosed performance-linked director pay |
Other Directorships & Interlocks
- Public company boards for Campbell: Not disclosed in filings reviewed .
- Network interlocks:
- Sponsor control: AltEnergy Acquisition Sponsor LLC managed by CEO Russell Stidolph; directors (including Campbell) hold interests in the Sponsor, creating alignment with transaction completion .
- B. Riley affiliation on board via Shribman (context for committee composition), not a Campbell role .
Expertise & Qualifications
- Thirty-plus years advising on development and operation of global energy and infrastructure projects; senior legal leadership at I Squared; prior leadership at Gibson Dunn’s energy practice .
- Governance and compliance: Former Chief Compliance Officer; ESG/Sustainability leadership at I Squared; committee chair experience at AEAE .
Equity Ownership
| Item | Detail | Source |
|---|---|---|
| Entitlement to AEAE shares via Sponsor | 20,000 shares contingent on business combination completion and lock-up lapse | |
| Individual beneficial ownership disclosure | Not separately quantified for Campbell in 2025 proxy; directors have interests in Sponsor | |
| Group/sponsor ownership | Sponsor holds 5,750,000 shares; approx. 78% of outstanding; all officers/directors have Sponsor interests | |
| Shares outstanding | 6,488,146 (6,238,146 Class A; 250,000 Class B) as of March 24, 2025 |
Governance Assessment
-
Strengths:
- Independent status across committees; Campbell chairs Nominating & Corporate Governance and serves on Audit and Compensation .
- Audit Committee includes a designated financial expert (Salvator), with Campbell contributing financial literacy .
- Robust indemnification and D&O insurance framework supports board effectiveness and talent retention .
-
Concerns/Signals:
- Sponsor control: Approximately 78% sponsor ownership effectively determines outcomes (e.g., extension), diluting minority influence; Board made no recommendation on extension .
- Committee inactivity: No Compensation Committee meeting in 2024; Nominating & Governance Committee has not met—typical for SPACs, but reduces formal governance cadence during extended de-SPAC periods .
- Related-party dynamics: Directors (including Campbell) have Sponsor interests that entitle them to shares only if a business combination closes—creates potential conflict between shareholder redemption interests and directors’ contingent equity .
- Non-redemption agreements and Sponsor share forfeitures signal deal-driven capital structure maneuvers that may advantage specific holders over public float .
-
RED FLAGS:
- Contingent equity from Sponsor to directors (20,000 shares to Campbell if de-SPAC closes) introduces incentive misalignment risk versus public holders evaluating redemption or deal quality .
- Sponsor’s ability to unilaterally carry key votes due to 78% ownership reduces effective checks and balances from independent directors .
Overall, Campbell’s legal and infrastructure governance background is strong, with clear independence and committee leadership; however, SPAC-stage structures—Sponsor control and contingent equity—pose investor-confidence risks until post-combination governance, compensation frameworks, and ownership alignments are reset .