Leonard Mallett
ArchrockAbout Leonard W. Mallett
Leonard W. Mallett, age 68, has served as an independent director of Archrock, Inc. since January 2021. He brings 40+ years of midstream operations leadership, with deep technical and HSE oversight experience across pipeline construction, start-up, and operations. Education includes a BS in Mechanical Engineering (Prairie View A&M University), MBA (Houston Baptist University), and the Kellogg Executive Development Program (Northwestern). He serves on the Audit Committee (appointed in early 2025) and Compensation Committee, and is deemed financially literate by the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Summit Midstream Partners, LP | EVP & COO; Interim CEO | 2015–2019 | Led operations; appointed interim CEO in 2019 |
| Enterprise Products Partners L.P. | SVP, Engineering; SVP, Environmental Health & Safety | 2006–2015 | Engineering leadership; HSE oversight |
| TEPPCO | Roles of increasing responsibility incl. SVP Operations | 1979–2006 | Operations leadership across pipelines/storage |
| Pipeline Research Council International; Office of Pipeline Safety; Clean Channel Association | Leadership roles | N/A | Industry technical and safety contributions |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| South Bow Corporation | Director | Current | Member: human resources; safety, environmental & operations committees |
| Bravo Infrastructure Group | Director | Current | Private holding company for solar panel installation companies |
| Summit Midstream GP, LLC (general partner of Summit Midstream Partners, LP) | Director | 2019 | Governance oversight for a public MLP’s GP |
Board Governance
- Committees: Audit Committee member (as of February 2025) and Compensation Committee member; not a chair .
- Audit Committee: 5 meetings in 2024; 100% attendance; committee fully independent; Board determined Mr. Mallett is financially literate (audit committee financial experts are Hawes, Ainsworth, Hall, Segner) .
- Compensation Committee: 7 meetings in 2024; 100% attendance; fully independent; oversees incentive/ equity plans, human capital, and compliance with the Compensation Recovery Policy; Mr. Mallett is a member and signatory to the Compensation Committee Report .
- Board attendance: Board met 11 times in 2024; “all directors attended 100% of the regularly scheduled meetings of the Board and each committee on which he or she served” (two directors missed one specially called Board meeting due to pre-existing conflicts) .
- Independence: Governance & Sustainability Committee recommended, and the Board determined Mr. Mallett is independent under NYSE rules; independence reviewed annually with related-party vetting .
Fixed Compensation (Director)
| Component | 2024 Amount | Notes |
|---|---|---|
| Base cash retainer | $100,000 | Base retainer unchanged vs. 2023; paid quarterly |
| Committee chair retainers | $0 | Audit Chair $30,000; Comp Chair $25,000; Governance Chair $25,000; Mallett not a chair |
| Equity grant (RS/RSU) – grant date | Jan 25, 2024 | Award size set by closing price on grant date |
| Equity grant – number of shares/units | 8,437 | Based on $16.00 closing price |
| Equity grant – vesting | 25% on grant; 25% on Jun 1, Sep 1, Dec 1, 2024 | Time-based vesting; RS or RSUs w/ dividend equivalents |
| Dividends on unvested RS | $3,153 | Paid as “All Other Compensation” |
| Stock awards (ASC 718 grant-date fair value) | $134,992 | Director equity targeted at ~$135,000 for 2024 |
| Total 2024 director compensation | $238,145 | Cash $100,000; Equity $134,992; Other $3,153 |
Performance Compensation
Directors receive time-based RS/RSUs and do not have performance-based equity; performance metrics apply to executives and are overseen by the Compensation Committee on which Mr. Mallett serves .
| Program | Metric/Design | Period | Notes |
|---|---|---|---|
| Executive STI (annual bonus) | Quantitative environmental metric; safety calculation; retention metric | Annual | Mix balances objectives; payouts capped; risk-assessed |
| Executive LTI (performance units) | Total Stockholder Return (TSR) and other measures | 3-year | Separate STI/LTI metrics; three-year performance periods; equal split of time- vs performance-based awards for 2025+ |
| Governance safeguards | No single-trigger CoC; no tax gross-ups; clawback (Oct 2, 2023) | Ongoing | Clawback complies with NYSE; hedging/pledging prohibited |
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Compensation Committee interlocks | Committee members in 2024: Hall, Honeybourne, Lytal, Mallett; “There are no matters relating to interlocks or insider participation that we are required to report.” |
| Related-party transactions (Board context) | Customer/affiliate transactions with Hilcorp/Harvest; ~$41.7M revenue recognized in 2024; monitored under related-party policy; director Rebrook deemed not independent and may be recused on conflicts. No related-party transactions reported for Mallett . |
Expertise & Qualifications
- Executive leadership spanning operations, engineering, sourcing, HSE training/compliance/reporting; extensive technical operations in pipeline gathering, transportation, and processing .
- Education: BS Mechanical Engineering; MBA; Kellogg Executive Development Program .
- Financially literate (Audit Committee determination); Audit Committee strengthened with his operational/technical risk expertise in early 2025 .
Equity Ownership
| Holder | Shares Owned Directly | Restricted Stock & Units | Rights to Acquire Stock | Indirect Ownership | Total Ownership | % of Class |
|---|---|---|---|---|---|---|
| Leonard W. Mallett | 56,010 | 3,501 | — | — | 59,511 | <1% |
- Director stock ownership requirement: ≥5× Base Retainer ($500,000 in common stock) within five years of election; all directors are in compliance as of the latest measurement .
- Securities Trading Policy: Prohibits short sales, hedging, and pledging by directors and employees; directors may not pledge/hypothecate Company shares as collateral .
Insider Trades (Form 4 snapshots)
| Date (Filing) | Type | Summary | Source |
|---|---|---|---|
| Feb 3, 2025 | Form 4 | Reported grant of restricted stock under Archrock, Inc. 2020 Stock Incentive Plan; vesting language indicates 25% tranche structure; director relationship affirmed | |
| Jan 31, 2022 | Form 4 | Transaction disclosure for Leonard W. Mallett (SEC XML) | |
| Jun 9, 2022 | Reported open-market buy | 5,000 shares @ $7.51; aggregate ~$37,550; position reported at 32,606 post-transaction (aggregator) |
Note: For definitive transaction counts/amounts, rely on SEC Form 4 documents; aggregator summaries provided for convenience and should be validated against the cited SEC filings .
Governance Assessment
- Board effectiveness: Strong attendance (100% at regularly scheduled Board and all committee meetings), structured executive sessions, immersive onboarding, and formal annual evaluations; Audit Committee added operational/technical risk expertise via Mallett in early 2025, signaling responsive board refresh tied to risk oversight needs .
- Independence and conflicts: Mallett is independent; no related-party transactions disclosed for him; robust related-party policy with Audit Committee oversight; Hilcorp/Harvest customer transactions monitored with recusals applied to the conflicted director (Rebrook) .
- Pay-for-performance alignment: Director compensation emphasizes equity (>50% of total for non-chairs); executive incentive programs include safety and environmental metrics, capped payouts, 3-year LTI performance periods, and clawback—Mallett, as a Compensation Committee member, is accountable for these safeguards .
- Ownership alignment: Mallett beneficially owns 59,511 shares; directors subject to strict ownership guidelines and prohibited from hedging/pledging, reducing misalignment risk .
- RED FLAGS: None disclosed specific to Mallett. Company-level related-party revenue with Hilcorp/Harvest requires ongoing oversight; not tied to Mallett but is a board-level sensitivity area .