Wes Powell
About Wes Powell
Wes Powell, age 45, is President and Chief Executive Officer of Aimco (AIV) and a Director since December 2020; he previously led Development and Acquisitions and earlier roles in redevelopment, asset management, and development at Aimco since 2004. He holds a B.EnvD from the University of Colorado and an MBA from Northwestern’s Kellogg School of Management . Under Powell’s leadership, Aimco delivered TSR of 66% from December 2020 to December 31, 2024, and 72% through March 31, 2025, outperforming sector indices and named peers . Operationally, stabilized portfolio NOI grew 4.5% YoY in 2024 with margin expansion and revenue per home increases, reflecting disciplined execution and capital allocation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aimco | President & CEO | 2020–present | Led strategy focused on relative TSR-based incentives, portfolio simplification, capital allocation, and development monetization . |
| Aimco | EVP, Development & Acquisitions | 2018–2020 | Oversaw national redevelopment/development and acquisitions in Eastern U.S.; improved capital deployment . |
| Aimco | SVP, Development (East) | 2013–2018 | Directed redevelopment initiatives; enhanced asset-level performance . |
| Aimco | Asset Manager/Director/VP Development | 2004–2013 | Asset management and development roles; strengthened property operations . |
| Ai Architecture (now Perkins & Will) | Staff Architect | Pre-2004 | Technical/design foundation supporting later development leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Urban Land Institute | Member | N/A | Industry engagement, governance perspectives . |
| National Multi Housing Council | Member | N/A | Multifamily policy and market insights . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 550,000 | 625,000 | 700,000 |
| STI Paid ($) | 1,196,516 | 935,638 | 1,340,745 |
| All Other Comp ($) | 12,200 | 13,200 | 13,800 |
| Total ($) | 2,858,721 | 4,073,841 | 3,929,548 |
Additional detail (targets):
- 2023 STI target $781,000; paid at 119.80% of KPI component .
- 2024 STI target $1,050,000; paid at 127.69% of KPI component .
Performance Compensation
2024 STI KPI Outcomes
| Metric | Weighting | Target | Actual Result | Payout Contribution |
|---|---|---|---|---|
| Economic Income (NAV change + dividends; cap rates constant) | 25% | 7% | 9.4% | 44.74% |
| Capital Allocation (gross proceeds) | 25% | $700M | $724M sourced; special dividend ~$90M | 25.00% |
| Portfolio & Financial Mgmt (Stabilized NOI and Adjusted EBITDA vs budget) | 20% | At budget | NOI +1.73%, Adj. EBITDA +1.59% | 25.05% |
| Development & Redevelopment Execution | 20% | On time/on budget; rent targets | Costs ~$10M below; ~7% yield on cost | 15.90% |
| Human Capital | 10% | Retention/engagement | Officer team 100% retained; engagement 4.69/5 | 17.00% |
| Total KPI Performance | — | — | — | 127.69% |
STI payout for Powell was 127.69% of STI target ($1,050,000), resulting in $1,340,745 paid .
LTI Design and 2024 Award Metrics (Performance RS)
| Comparator | Weight | Threshold (50%) | Target (100%) | Max (200%) | Vesting |
|---|---|---|---|---|---|
| Russell 2000 Value Index | 33% | -350 bps | +50 bps | +500 bps | Single cliff after 3-year period (2024–2026), subject to continued service; if absolute TSR negative, >100% vesting delayed until positive . |
| FTSE Nareit Equity Apartments Index | 33% | -350 bps | +50 bps | +500 bps | As above . |
| Identified REIT Peer Group | 33% | 30th percentile | 55th percentile | 80th percentile | As above . |
Recent LTI performance:
- 2021 performance share awards paid at 200% (maximum) based on three-year TSR through 12/31/2023; 50% vested 1/31/2024; remaining 50% vested 1/27/2025 .
- 2022 performance share awards paid at 160.42% (between target and max) for period ended 12/31/2024; vested 2/2/2025 .
2024 Grants and Outstanding Awards (Powell)
| Item | Quantity/Value | Terms |
|---|---|---|
| 2024 Performance RS grant | 211,149 shares; $1,875,003 grant date fair value | Vests based on TSR metrics after 3-year period ending 12/31/2026 . |
| Option (4/28/2021 grant) | 317,200 options; $6.66 strike; expire 4/28/2031 | Earned portion based on 2021–2023 TSR; vested 50% on 1/31/2024 and 50% on 1/27/2025 . |
| Option (2/2/2022 grant) | 312,877 options; $6.96 strike; expire 2/2/2032 | Earned based on 2022–2024 TSR; 100% vested 2/2/2025 . |
Equity Ownership & Alignment
| Measure | Powell | Notes |
|---|---|---|
| Beneficial Ownership (shares) | 3,031,267 | Includes 1,014,939 options exercisable within 60 days . |
| % of Common Outstanding | 2.12% | As of April 18, 2025 . |
| Ownership vs. Company (assuming OP units converted) | 2.02% | See calculation notes . |
| Pledging/Hedging | None | Company policy prohibits pledging and hedging; none of the directors/NEOs’ securities subject to hedging/pledging . |
| Stock Ownership Guidelines | CEO: 5x base salary; status: exceeded | Holding requirements until guidelines met . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Agreement | 2021 Employment Agreement; auto-renews annually unless notice ≥60 days before year-end . |
| Severance (No CIC) | 2x (base salary + target STI) lump sum; prior-year STI; pro-rata STI; 24 months COBRA reimbursement; equity per plan terms . |
| CIC Double Trigger | 3x (base salary + target STI) lump sum; prior-year STI; pro-rata STI; 36 months COBRA; 100% accelerated vesting of unvested equity (2024 performance awards vest at target) . |
| Death/Disability | Prior-year STI; pro-rata STI; equity per plan . |
| Non-Compete/Non-Solicit | Restrictions per agreement; confidentiality and non-solicitation obligations survive CIC; robust enforcement . |
| Clawback | Executive compensation clawback for restatements; applies to bonus/incentive/equity . |
| Tax Gross-Ups | None (excise tax cutback if applicable) . |
Potential Payments (as of 12/31/2024)
| Scenario | Severance ($) | Accelerated Equity Value ($) |
|---|---|---|
| Termination Without Cause / Good Reason (No CIC) | 3,556,223 | — |
| CIC + Termination (Double Trigger) | 5,334,334 | 11,582,526 |
Board Governance
- Director since 2020; not independent (as CEO), while 8 of 9 directors are independent . Independent Chairman (R. Dary Stone); roles of Chairman and CEO separated since 2020 .
- Committee memberships: Powell serves on none; all standing committees comprise only independent directors .
- Board meetings: 5 in 2024; no director attended fewer than 75% of combined board/committee meetings .
- Executive sessions: Non-management directors met in executive session 4 times in 2024 .
- Stockholder engagement: regular outreach; Say-on-Pay approval ~97% in 2024; five-year avg ~95% .
- Dual-role implications: With an independent chair, majority-independent board, and exclusive independent committees, governance mitigates CEO-director independence concerns .
Director Compensation
| Year | Independent Director Annual Fee (Cash + Equity) | Chair/Committee Retainers |
|---|---|---|
| 2024 | $230,000; up to 50% cash with remainder in stock | Chair: Board $65k; Audit $25k; Comp $15k; Nominating $14k; Investment $20k . |
| 2025 | $220,000; up to $75,000 cash, remainder in stock | Same retainers as 2024 . |
Note: Powell, as a non-independent director and CEO, receives no additional compensation for board service .
Performance & Track Record
- Portfolio execution: Stabilized NOI +4.5% YoY in 2024; margin expansion and monthly revenue up $85/home; cumulative NOI growth since AIR spinoff 7.9% with margin expansion of 430 bps .
- Capital allocation: Monetized ~$1.3B across developments, stabilized assets and land; returned capital via ~$90M special dividend and 14.5M share repurchases (avg $7.53/share across 2022–2024) .
- Balance sheet: Refinanced/retired >$1B liabilities; eliminated floating rate exposure; bridge loan reduced cost vs construction financing .
- 1Q25 update: Stabilized NOI +2.7% YoY; occupancy 97.9%; average revenue/home $2,309; special dividend $0.60/share; Brickell Assemblage sale under contract for $520M with buyer increasing deposit to $43M; expected net proceeds $300–$320M with intent to return majority to stockholders .
Compensation Committee Analysis
- Consultants: Willis Towers Watson advised 2024 program; Ferguson Partners engaged in July 2024; independent assessments affirmed .
- Peer group and pay positioning: CEO target compensation approximated median; LTI entirely at risk based on relative TSR; STI tied 100% to corporate goals for CEO .
- Risk controls: Caps on STI/LTI payouts; clawback; stock ownership guidelines; no option repricing; no excise tax gross-ups .
Related Party Transactions
- Arrangement with Richard M. Powell (R.M. Powell & Co.), father of Wes Powell, in place since 2019 to identify potential transactions; fees may exceed $120,000; reviewed/approved by Nominating/ESG Committee per related-party policy .
Investment Implications
- Pay-for-performance alignment: Powell’s compensation heavily weighted to at-risk TSR-based LTI and STI tied to corporate KPIs, with robust clawback and stock ownership requirements—supportive of shareholder alignment .
- Vesting and potential supply: Significant performance awards vested in Q1 2025 (2021 and 2022 programs); 2024 awards cliff-vest post-2026—monitor Form 4 filings for disposition patterns and potential selling pressure around vest dates .
- Retention and change-of-control economics: 2x cash severance (no CIC) and 3x with double trigger, plus full equity acceleration (target for 2024 awards in CIC)—valuable to the executive and potentially dilutive; deal scenarios must account for ~$11.6M accelerated equity value and cash severance .
- Governance mitigants to dual role: Independent chair, majority-independent board, and independent-only committees reduce independence concerns from Powell’s director role .
- Execution track record: TSR outperformance and NOI growth, asset monetization, and capital returns indicate disciplined execution; continued strategic review and asset sales (e.g., Brickell) could catalyze further value realization .
Say-on-Pay support (~97% in 2024; ~95% five-year average) suggests investor alignment with the current compensation framework .