David Corrsin
AmerescoAbout David Corrsin
David J. Corrsin, age 66, has served as Ameresco’s Executive Vice President, General Counsel, and Secretary—and as a director—since 2000, bringing over 30 years of energy regulatory and project finance experience to the board . As an employee-director, he is not independent under NYSE rules, and he does not sit on the board’s independent committees; Ameresco mitigates this with a lead independent director structure and fully independent committee composition . Company performance context: in 2024 Ameresco delivered record revenue with 29% year-over-year growth, increased total project backlog 24% to $4.8B, and placed 241 MWe in operation ; the company’s five-year pay-versus-performance table shows 2024 adjusted EBITDA of $225.341M and a $100 TSR cohort value of 134, framing incentive alignment and performance backdrop for executive pay programs .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ameresco, Inc. | EVP, General Counsel, Secretary; Director | 2000–present | Energy regulatory and complex energy construction/financing expertise supporting execution and board oversight . |
| Public Power International, Inc. | Executive Vice President | 1996–2000 | Independent developer of power projects in Europe and southern Asia; development/financing experience relevant to Ameresco’s project model . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | The director biography for Mr. Corrsin does not list other public company directorships . |
Fixed Compensation
| Component | Detail |
|---|---|
| Base salary | Not individually disclosed for Mr. Corrsin in the 2025 proxy (he was not a Named Executive Officer in 2024) . |
| Director fees | Non-employee director program only; as an employee-director, he is not covered by the non-employee director fee/RSU program . |
Performance Compensation
| 2024 Annual Incentive Metrics (Corporate) | Weight | Target | Result | Achievement | Weighted |
|---|---|---|---|---|---|
| Revenue | 15.0% | $1.71B | $1.77B | 100% | 15.0% |
| Adjusted EBITDA (excludes 50% of $38M AEG gain for scoring) | 25.0% | $225M | $206.4M | 61% | 15.0% |
| Reduce operating expenses 5% (AEG 50% cost included) | 5.0% | $165.3M | $154.4M | 100% | 5.0% |
| Project Solutions Sales | 10.0% | $1.24B | $2.44B | 100% | 10.0% |
| DG EPC/PPA Sales (MW) | 10.0% | 205 MW | 1,579.6 MW | 100% | 10.0% |
| Project Solutions Awards | 10.0% | $1.13B | $2.19B | 100% | 10.0% |
| Energy Assets Placed in Operation (MWe) | 20.0% | 200 MWe | 235 MWe | 100% | 20.0% |
| Update three-year plan | 2.5% | — | — | 100% | 2.5% |
| Meet Ameresco Impact Goals | 2.5% | — | — | 100% | 2.5% |
| Total | 90.0% |
Notes:
- Executives participate in a discretionary annual incentive program; goals are set annually and payouts scale from 2% at 80% attainment to 100% at target .
- The AIPP pool was not funded for 2024 (eliminated in 2025) .
Long-term incentives structure (company-wide):
- Time-vested stock options vest 20% annually over five years; RSUs typically vest every six months over two years; performance options use a 3-year cumulative performance period .
- The 2022 performance options (2022–2024 cycle) failed to meet cumulative goals and were cancelled without vesting; cumulative results: Revenue 100%, Adjusted EBITDA 78%, ROE 43%, with outperformance in project sales/awards and assets placed into operation .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Class A shares beneficially owned | 79,788 shares (<1% of Class A) . |
| Options exercisable within 60 days (included above) | 77,000 options within 60 days of March 31, 2025 . |
| Spousal/indirect holdings | Spouse holds 317 Class A shares and 2,000 options exercisable within 60 days; Corrsin disclaims beneficial ownership but may be deemed to share voting/dispositive power . |
| Total voting power | Less than 1% of total voting power (Class A + Class B) . |
| Anti-hedging/pledging policy | Hedging prohibited; pledging prohibited absent exception demonstrating capacity to repay without resort to pledged shares . |
| 10b5-1 policy | Adoption/amendment only when not in possession of MNPI; cooling-off: later of 90 days post-adoption or 2 days after filing of the quarterly/annual report for the quarter of adoption; limits on multiple plans . |
| Executive ownership guideline | 3x base salary for EVPs; compliance measured annually; as of Jan 1, 2025, each covered executive was in compliance . |
Employment Terms
| Topic | Company disclosure |
|---|---|
| Severance agreements | No severance agreements with NEOs (no specific agreement disclosed for Corrsin) . |
| Equity acceleration on termination | 2010/2020 plans do not provide acceleration for retirement/resignation/severance/constructive termination . |
| Clawback | Board-adopted Clawback Policy to recoup certain incentive compensation upon a financial restatement . |
| Anti-hedging/pledging | See Equity Ownership & Alignment above . |
| Rule 10b5-1 | See Equity Ownership & Alignment above . |
Board Governance
| Attribute | Detail |
|---|---|
| Board class/term | Class II director; term expires at the 2027 annual meeting . |
| Independence | Not independent (employee-director) . |
| Committees | Not listed on Audit, Compensation, or Nominating & Governance; all committee members are independent . |
| Board leadership | CEO George Sakellaris also serves as Chairman; lead independent director is Joseph W. Sutton . |
| Meetings/attendance | Board met 7 times in 2024; each director attended at least 75% of board and committee meetings; all attended the 2024 annual meeting . |
Director Compensation (for non-employee directors)
| Component | Lead/Chair retainer ($) | Member retainer ($) | Annual RSU grant ($) |
|---|---|---|---|
| Board | 20,000 | 70,000 | 135,000 (vests at 1-year) |
| Audit Committee | 20,000 | 10,000 | — |
| Compensation Committee | 15,000 | 6,000 | — |
| Nominating & Governance | 12,500 | 5,000 | — |
Note: This program applies to non-employee directors; Corrsin is an employee-director and thus not covered by the non-employee retainer/RSU program .
Performance & Track Record
| Metric (FY 2024 unless noted) | Value |
|---|---|
| Revenue growth YoY | 29% (record revenues) |
| Total project backlog | $4.8B (+24% YoY) |
| Contracted backlog growth | +92% YoY |
| Energy assets placed into operation | 241 MWe (record) |
| Pay vs. Performance (2024): Net income | $53.94M |
| Pay vs. Performance (2024): Adjusted EBITDA | $225.341M |
| Pay vs. Performance (TSR value of $100 since 12/31/2019) | $134 at 12/31/2024 |
Related Party Transactions
| Party | Relationship/Role | 2024 Compensation/Terms | Oversight |
|---|---|---|---|
| Rebecca P. McIntyre | Spouse; Associate General Counsel | $338,362 base salary; RSUs $4,226 (grant-date value); options $126,853 (grant-date value) | Employment approved by Audit Committee on hire (2017) and reviewed annually |
Compensation Committee and Peer Group
- Compensation Committee: Joseph W. Sutton (Chair), Claire Hughes Johnson, Jennifer L. Miller, Nickolas Stavropoulos .
- Compensation consultant: FW Cook; peer group includes Primoris, EnerSys, Tetra Tech, MYR Group, Sunrun, SunPower, Clearway Energy, NextEra Energy Partners, Bloom, Fluence, NV5 Global, Ormat, Plug Power, Argan, Willdan (used in 2024) .
Investment Implications
- Alignment and discipline: Executive ownership guidelines (3x salary for EVPs) and a robust clawback policy support alignment; anti-hedging/pledging limits risk-taking and potential leverage-driven selling; 10b5-1 cooling-off periods mitigate opportunistic trading perceptions . The cancellation of 2022 performance options after underperformance on cumulative goals signals pay-for-performance rigor .
- Selling pressure and overhang: Corrsin had 77,000 options exercisable within 60 days of March 31, 2025 and modest direct Class A holdings (79,788 shares, <1% voting power), representing limited potential selling overhang relative to float; no pledging is disclosed, and pledging would require an exception under policy .
- Governance considerations: As EVP/General Counsel and a director, Corrsin is not independent; however, all standing committees are independent, the board employs a lead independent director, and directors met attendance expectations—mitigating dual-role oversight concerns .
- Related-party optics: Employment of Corrsin’s spouse (with Audit Committee approval and annual review) is a manageable but notable governance flag for investors monitoring conflicts-of-interest risk .