Louis Maltezos
AmerescoAbout Louis Maltezos
Louis P. Maltezos is President – Central & Western USA, Canada at Ameresco, promoted in October 2024; he is 58 years old as of March 31, 2025 and has been with Ameresco since 2004, serving as an executive officer since April 2009 . In 2023 his remit expanded to cover most of North America outside peers’ regions, underscoring deep operating responsibility across project development and delivery . Company performance under the current executive team included record 2024 revenues (+29% YoY), contracted backlog up 92% YoY, total backlog up 24% to $4.8B, and a record 241 MWe placed in operation, key metrics that also anchor management’s incentive structures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ameresco | President – Central & Western USA, Canada | Oct 2024–Present | Leads regions across North America, following 2023 expansion of remit beyond Central & Canada . |
| Ameresco | Executive Vice President (Central Region & Canada; expanded to most of North America in 2023) | Apr 2009–Oct 2024 | Oversaw regional P&L and growth; 2023 expansion increased accountability across North American delivery outside peers’ regions . |
| Ameresco | Vice President & General Manager, Midwest Regions | Jun 2004–Apr 2009 | Ran Midwest regional operations and commercial execution . |
Fixed Compensation
| Metric | 2014 | 2015 | 2016 | 2017 | 2024 |
|---|---|---|---|---|---|
| Base Salary ($) | $297,142 | $309,842 | $325,393 | $336,075 | $452,226 |
| Annual Bonus ($) | — | — | $60,000 | $60,000 | $60,000 |
| All Other Compensation ($) | $16,362 | $17,598 | $17,622 | $17,706 | $16,800 |
| Total Compensation ($) | $313,504 | $571,940 | $542,095 | $413,781 | $1,516,506 |
Notes:
- 2024 annualized base salary set at $470,000 as of December 31, 2024 per NEO base salary table; the summary compensation table reflects paid salary during the year .
Performance Compensation
2024 Option Grants (Time-based)
| Grant Date | Approval Date | Instrument | # Options | Exercise Price ($) | Vesting | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|---|
| 3/8/2024 | 3/6/2024 | Stock Options | 25,000 | 21.13 | 20% annually over 5 years | $317,132 |
| 11/14/2024 | 10/23/2024 | Stock Options | 40,000 | 26.78 | 20% annually over 5 years | $670,348 |
2022 Performance-Based Options (Cliff vest, multi-metric)
| Performance Period | Metrics | Vesting Scale | Actual Outcome (Feb 2025) |
|---|---|---|---|
| Jan 1, 2022–Dec 31, 2024 | Corporate: revenue, adjusted EBITDA, ROE, BD goals (project solutions sales, DG EPC/PPA sales, awards), visibility goals (assets placed in operation); plus individualized goals by unit/function | Threshold 80% achievement → 2% vest; scales to 100% vest at 100% achievement; cliff after the 3-year period | Goals not met; 2022 performance options canceled without vesting |
Short- vs Long-Term Incentive Goal Framework
- Annual incentive program utilizes revenue, adjusted EBITDA, business development and visibility goals; performance options use overlapping goal sets measured cumulatively over three years to moderate one-year overachievement effects .
Equity Ownership & Alignment
Outstanding Equity Awards (as of Dec 31, 2024)
| Instrument | Exercisable (#) | Unexercisable (#) | Unearned (#) | Exercise Price ($) | Grant Date | Expiration | Notes |
|---|---|---|---|---|---|---|---|
| Options | 6,015 | 6,000 | — | 43.00 | 3/5/2021 | 3/4/2031 | Time-based vesting 20% p.a. . |
| Options | 8,000 | 12,000 | — | 63.19 | 3/4/2022 | 3/3/2032 | Time-based vesting 20% p.a. . |
| Options | — | 25,000 | — | 21.13 | 3/8/2024 | 3/7/2034 | Time-based vesting 20% p.a. . |
| Options | — | 40,000 | — | 26.78 | 11/14/2024 | 11/13/2034 | Time-based vesting 20% p.a. . |
| Performance Options | — | — | 50,000 | 77.68 | 3/10/2022 | 3/10/2032 | Canceled in Feb 2025 (0% vest) . |
| RSUs (unvested) | — | 221 | — | — | 3/17/2023 | — | RSUs vest 25% every six months . |
2024 Option Exercises and RSU Vesting
| Metric | 2024 |
|---|---|
| Options Exercised (#) | 0 |
| RSUs Vested (#) | 442 |
| RSUs Vesting Value ($) | $12,708 |
- Stock ownership guidelines: 3x annual base salary for EVP-level Section 16 officers; measured annually on 90-day average prices; options excluded; all covered executives were in compliance by Jan 1, 2025 . Prior-year disclosure similarly notes compliance as of Mar 31, 2024 .
- Anti-hedging & pledging policies apply to executive officers . Earlier disclosure indicated no shares owned or rights to acquire shares by directors and executive officers as a group were held in margin accounts or subject to a pledge as of March 30, 2021 .
Employment Terms
| Provision | Summary |
|---|---|
| Severance Agreements | None for NEOs, including Maltezos . |
| Change-of-Control / Acceleration | Neither 2010 nor 2020 stock incentive plans provide option acceleration upon termination events (retirement, resignation, severance, constructive termination) . |
| Clawback Policy | Board-adopted policy requires recoupment of certain incentive compensation upon restatement of financial statements . |
Performance & Track Record
- Operational leadership highlighted across high-impact energy efficiency and infrastructure projects: multiple institutional and municipal projects (Art Institute of Chicago, University of Illinois Chicago, City of Pendleton, Southeast New Mexico College, Ave Maria University) were executed with Maltezos quoted on strategic value and resilience benefits .
- 2024 corporate execution under the executive team delivered record revenues (+29% YoY), backlog growth (+24% total to $4.8B; +92% contracted), and record assets placed in operation (241 MWe) .
Performance Compensation Details
| Component | Metric Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| 2022 Performance Options | Corporate and individual goals across revenue, adjusted EBITDA, ROE, BD and visibility; cumulative over 3 years | Threshold ≥80% | <80% | 0% (Canceled) | Cliff vest after 3-year period (none vested) |
| 2024 Time-based Options | N/A (time-based) | N/A | N/A | N/A | 20% annually over five anniversaries |
Investment Implications
- Alignment: Significant equity mix with multi-year vesting and ownership guidelines promotes long-term alignment; anti-hedging/pledging and clawback provisions strengthen governance .
- Incentive risk: Cancellation of 2022 performance options (0% vest) underscores strict pay-for-performance calibration; 2024 grants are time-based, providing retention hooks but may lead to periodic selling pressure as tranches vest .
- Retention: Absence of severance/change-of-control acceleration reduces contractual departure protections, potentially increasing retention reliance on unvested equity value and ongoing project pipeline performance .
- Execution lens: Maltezos’ expanded remit across North America and track record of institutional projects suggest operational capability aligned with Ameresco’s growth areas; corporate metrics indicate momentum that, if sustained, should support realization of time-based equity value .