Peter Christakis
AmerescoAbout Peter Christakis
Peter A. Christakis (age 55) serves as President – East USA & Greece and Project Risk at Ameresco, promoted in October 2024 after serving as Executive Vice President since May 2023 and Senior Vice President, East Region since 2019 . During his executive tenure, Ameresco delivered record 2024 revenue ($1.77B), 24% YoY growth in total project backlog to $4.8B, 92% YoY growth in contracted backlog, and a record 241 MWe of energy assets placed in service, with 2024 adjusted EBITDA of $225.3M . Five-year performance context: Revenue grew from $1.03B (2020) to $1.77B (2024) and Adjusted EBITDA from $118M (2020) to $225M (2024); TSR (indexed to 100 at 2019 year-end) tracked 299 (2020), 465 (2021), 327 (2022), 181 (2023), 134 (2024) .
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue ($USD Millions) | 1,032 | 1,216 | 1,824 | 1,375 | 1,770 |
| Adjusted EBITDA ($USD Millions) | 118 | 153 | 205 | 163 | 225 |
| TSR (2019 base = 100) | 299 | 465 | 327 | 181 | 134 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ameresco | President – East USA & Greece and Project Risk | Oct 2024 – Present | Oversees East region, Greece, and enterprise project risk; elevated to President during leadership realignment . |
| Ameresco | Executive Vice President (East Region) | May 2023 – Oct 2024 | Led East Region operations ahead of promotion to President . |
| Ameresco | Senior Vice President – East Region | 2019 – May 2023 | Regional leadership across East markets . |
External Roles
- Not disclosed in company filings. A 2025 Ameresco press release quotes Christakis in his capacity as President – East USA & Greece; Project Risk, highlighting customer project execution in EV charging, but does not list external directorships .
Fixed Compensation
- Base salary and cash target bonus for Mr. Christakis are not itemized in the 2025 proxy because he was not a 2024 Named Executive Officer; however, the Compensation Committee approved market-based base salary adjustments for executives promoted to President in October 2024 (effective 2025), including Mr. Christakis .
- Annual incentive program is discretionary, pool-based (no fixed target % of salary), with payouts determined on corporate and individual goals and overall pool funding .
Performance Compensation
2024 Annual Incentive Program (Corporate)
| Goal | Weight | Target (2024) | Result (2024) | Achievement % | Awarded % (max 100%) | Weighted Awarded % |
|---|---|---|---|---|---|---|
| Revenue | 15.0% | $1.71B | $1.77B | 104% | 100% | 15% |
| Adjusted EBITDA (1) | 25.0% | $225M | $206.4M | 92% | 61% | 15% |
| Reduce operating expenses 5% (2) | 5.0% | $165.3M | $154.4M | 107% | 100% | 5% |
| Project Solutions Sales | 10.0% | $1.24B | $2.44B | 197% | 100% | 10% |
| DG EPC/PPA Sales (MW) | 10.0% | 205 MW | 1,579.6 MW | 770% | 100% | 10% |
| Project Solutions Awards | 10.0% | $1.13B | $2.19B | 194% | 100% | 10% |
| Energy Assets Placed in Operation | 20.0% | 200 MWe | 235 MWe | 118% | 100% | 20% |
| Update three-year plan | 2.5% | — | — | 100% | 100% | 2.5% |
| Ameresco Impact Goals | 2.5% | — | — | 100% | 100% | 2.5% |
| Total | 100% | — | — | — | — | 90.0% |
| (1) Adjusted EBITDA adjusted to exclude 50% of $38M AEG gain for goal assessment; (2) Costs assessed with 50% of AEG costs included for comparability . |
- Additional AIPP plan paid only if revenue, Adjusted EBITDA, and business development metrics each reach 100%; 2024 AIPP was not funded and the plan was eliminated in 2025 .
Long-Term Incentives and Vesting
| Award Type | Typical Vesting / Framework | Notes |
|---|---|---|
| Time-based stock options | 20% annually over 5 years | Proxy describes annual grants and promotion grants; executives promoted to President (incl. Christakis) were granted options in connection with promotions . |
| Performance-based options | 3-year cumulative performance period; vest upon meeting goals | 2022–2024 performance options failed to meet cumulative goals and were cancelled without vesting . |
| RSUs (time-based) | 25% each six months over 2 years | No executive RSUs were granted in 2024; schedule applies to RSU design . |
2022–2024 Performance Option Goal Results (Cumulative)
| Metric | 3-Year Target | 3-Year Result | Achievement |
|---|---|---|---|
| Revenue ($M) | 4,975 | 4,969 | 100% |
| Adjusted EBITDA ($M) | 765 | 593 | 78% |
| Return on Equity (%) | 14% | 6% | 43% |
| Project Solutions Sales ($M) | 3,050 | 4,778 | 157% |
| DG EPC/PPA Sales (MWe) | 600 | 526 | 88% |
| Project Solutions Awards ($M) | 3,400 | 5,509 | 162% |
| Energy Assets Placed (MWe) | 330 | 406 | 123% |
| Result: awards did not vest; options cancelled . |
Equity Ownership & Alignment
- Stock ownership guidelines: 3x base salary for Section 16 officers who are EVPs or Presidents; compliance measured annually; as of Jan 1, 2025, each covered individual was in compliance (implies compliance by executives such as Mr. Christakis) .
- Anti-hedging/pledging: Executives and directors prohibited from hedging and from pledging; exceptions for pledging may be granted only if the executive demonstrates capacity to repay without resort to pledged securities .
- 10b5-1 plans: Allowed with cooling-off period (later of 90 days from adoption or 2 days after filing the quarterly/annual report for the adoption quarter); generally no overlapping plans .
- Ownership breakdown for Mr. Christakis (vested/unvested/options) not disclosed in the 2025 proxy (only directors and NEOs are itemized) - .
Employment Terms
- Severance/change-in-control: Company states no severance agreements for NEOs; stock plans do not provide option acceleration upon termination (retirement, resignation, severance, or constructive termination); executive-specific severance for non-NEOs not disclosed .
- Clawback: Board-adopted policy to recoup incentive compensation upon a financial restatement .
- Officer exculpation: 2025 proposal to amend the Certificate of Incorporation to extend Delaware Section 102(b)(7)-style monetary liability limitations to certain officers, excluding derivative claims, loyalty breaches, bad faith, intentional misconduct, knowing violations, and improper personal benefit; rationale is recruitment, retention, and litigation cost mitigation; subject to stockholder approval and filing effectiveness -.
- Perquisites: No special perquisites for executives disclosed beyond CEO vehicle; executive benefits generally align with broad-based employee programs .
Performance & Track Record (Company context during Christakis’s leadership window)
- 2024 highlights: Record revenue (+29% YoY), total project backlog +24% YoY to $4.8B, contracted backlog +92% YoY; 241 MWe assets placed in operation .
- Q4’24 mix and profitability: Revenue $532.7M (+20.7% YoY); gross margin 12.5% impacted by ~$20M cost overruns on two legacy projects; AEG divestiture gain ~$38M; Adjusted EBITDA $87.2M (+58.7% YoY) .
- Balance sheet/cash: Corporate debt $243.1M; Energy Asset debt $1.39B; year-end cash $108.5M; Q4 adjusted cash from operations $53.8M .
- 2025 guidance: Revenue $1.85–$1.95B; Adjusted EBITDA $225–$245M; commentary notes federal project exposure and regulatory/political uncertainty; potential accounting change for sale-leasebacks could reduce interest expense by ~$20M .
Compensation Peer Group (for executive pay benchmarking)
Primoris Services, EnerSys, Tetra Tech, MYR Group, Sunrun, Itron, SunPower, Clearway Energy, NextEra Energy Partners, Bloom Energy, Fluence Energy, NV5 Global, Ormat Technologies, Plug Power, Argan, Willdan Group .
Investment Implications
- Pay-for-performance alignment: The cancellation of 2022–2024 performance options underscores rigorous performance gating; 2024 corporate AIP payout at 90% was weighted to tangible growth drivers (revenue, awards, assets online) and cost discipline, which aligns incentive design with shareholder value creation levers .
- Retention risk: Promotion to President in Oct-2024 with 2025-effective salary adjustments and option grants tied to multi-year vesting supports retention; absence of executive-specific severance/golden parachutes (as disclosed for NEOs) lowers guaranteed exit economics, potentially increasing performance alignment but modestly elevating flight risk if external offers arise .
- Selling pressure signals: RSUs (when granted) vest semi-annually and options vest annually, creating periodic liquidity opportunities; however, anti-pledging policy, 10b5-1 constraints, and ownership guidelines mitigate adverse alignment and unmanaged selling; individual Form 4 activity for Mr. Christakis was not disclosed in the proxy and should be monitored separately .
- Governance considerations: Extension of officer exculpation (if approved) narrows exposure to certain direct claims but preserves derivative claim accountability; clawback policy provides downside protection for shareholders in the event of restatements - .
- Execution lens: Company-level growth (revenue, backlog, assets placed) during Christakis’s leadership window in the East region and project risk oversight supports a constructive view on his execution track record; 2024 cost overruns on two legacy projects highlight the importance of continued risk management rigor in project delivery .
Note: Mr. Christakis’s specific cash compensation, equity holdings, and Form 4 transactions were not itemized in the 2025 proxy as he was not a 2024 Named Executive Officer; the analysis above relies on disclosed program design, company-wide performance, and policies applicable to all executive officers.