Kevin Christie
Senior Vice President, Chief Financial Officer, Treasurer and Regulatory Affairs Officer at 
AVISTA
AVISTAExecutive
About Kevin Christie
Kevin J. Christie is Senior Vice President, Chief Financial Officer, Treasurer, and Regulatory Affairs Officer at Avista (AVA). He was appointed CFO effective May 11, 2023, after joining Avista in 2005 and progressing through finance and customer leadership roles; he was age 55 at appointment, holds a B.A. in Accounting (Washington State University), and completed finance programs at Harvard Business School . Company pay-for-performance outcomes during his recent tenure include 2024 annual cash incentive payout at 74% of target and settlement of 2022–2024 PSUs at 55% of TSR-tranche and 45% of CEPS-tranche; company cumulative TSR in the SEC “pay vs. performance” table was below the peer median in 2024 while net income and EPS increased year-over-year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avista Corp. | Senior Vice President, External Affairs & Chief Customer Officer | 2019–2023 | Led regulatory affairs, customer experience, communications, and smart meter deployment; supported multi-year rate case approvals and customer engagement initiatives . |
| Avista Corp. | Vice President, External Affairs & Chief Customer Officer | 2018–2019 | Expanded remit across customer and regulatory functions . |
| Avista Corp. | Vice President, Customer Solutions | 2015–2018 | Led customer solutions and experience functions . |
| Avista Corp. | Senior Director of Finance | 2012–2015 | Finance leadership; earlier roles in Avista’s natural gas business . |
| Gas Transmission Northwest (GTN) | Director, Pipeline Marketing & Development; Director, Pricing & Business Analysis; Accountant | Pre-2005 | Commercial development, pricing, and analysis in energy infrastructure . |
External Roles
- No public company directorships or external corporate board roles for Mr. Christie are disclosed in Avista’s 2024 and 2025 proxy statements .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 354,307 | 386,446 | 433,847 |
| Target Annual Cash Incentive ($) | — | — | 264,000 (threshold 158,400; max 396,000) |
| Actual Annual Cash Incentive Paid ($) | 241,286 | 57,967 | 192,340 |
| Change in Pension and NQDC Earnings ($) | N/A | 218,552 | 165,493 |
| All Other Compensation ($) | 13,725 | 14,850 | 15,525 |
| Total Compensation ($) | 1,181,695 | 1,243,756 | 1,367,838 |
Notes:
- 2024 annual cash incentive corporate payout landed at 74% of target based on company-wide metrics (customer satisfaction, reliability, response time, EID scorecard, utility EPS above threshold, cost per customer below threshold) .
Performance Compensation
2024 Long-Term Incentive (structure and metrics)
- PSUs: 3-year performance; metrics and weightings for 2024 grants were 17.5% Relative TSR vs. S&P 400 Mid-Cap Utilities index and 52.5% Cumulative EPS (CEPS) over three years; dividend equivalents accrue and pay only if earned .
- RSUs: 3-year ratable vesting (one-third annually), dividend equivalents accrue and are paid in cash as tranches vest .
- Avista does not currently grant stock options, and officers are prohibited from hedging and pledging .
2024 Plan-Based Awards Granted to Kevin Christie
| Grant Type | Grant/Meeting Date | Threshold | Target | Maximum | Units/Value |
|---|---|---|---|---|---|
| Annual Cash Award | 02/07/2024 | $158,400 | $264,000 | $396,000 | — |
| PSU – Relative TSR | 02/07/2024 | 1,475 sh | 2,949 sh | 5,898 sh | Grant-date fair value included in Stock Awards |
| PSU – CEPS | 02/07/2024 | 3,539 sh | 8,847 sh | 17,694 sh | Grant-date fair value included in Stock Awards |
| RSU | 02/07/2024 | — | — | — | 5,055 sh; $164,995 grant-date fair value |
2024 Realized LTI Value (vesting/settlement)
| Award Type | Units Realized | Value ($) | Dividend Equivalents ($) | Total Realized ($) |
|---|---|---|---|---|
| RSUs vested (2022–2024 tranches issued in early 2025) | 3,941 | 138,881 | 16,351 | 155,232 |
| PSUs settled (2022–2024 cycle): TSR 55%, CEPS 45% | TSR: 2,378; CEPS: 1,945 | 164,537 | 23,777 | 188,313 |
Equity Ownership & Alignment
Stock Ownership Guidelines and Compliance
- Executive officer guideline: 2.5x salary for EVPs/SVPs (including CFO); officers must retain 50% of net shares from RSU/PSU vesting until the requirement is achieved; pledging and hedging are prohibited .
- Compliance status as of March 6, 2025: Mr. Christie met the guideline (Required shares 30,278; Owned 43,978) .
| As of | Ownership Requirement | Required (#) | Owned (#) | Status |
|---|---|---|---|---|
| March 1, 2024 | 2.5x salary (SVP/CFO) | 26,089 | 32,861 | Met |
| March 6, 2025 | 2.5x salary (SVP/CFO) | 30,278 | 43,978 | Met |
Outstanding Equity Awards (Year-End 2024)
| Grant Date | Type | Unvested RSUs (#) | RSU Market Value ($) | Unearned PSUs at Target (#) | PSU Market/Payout Value ($) |
|---|---|---|---|---|---|
| 02/02/2023 | RSU/PSU | 1,295 | 47,436 | 9,078 | 332,527 |
| 02/07/2024 | RSU/PSU | 3,370 | 123,443 | 11,796 | 432,087 |
Notes:
- Market values use closing price $36.63 on 12/31/2024. Performance share values shown at target unless noted; 2023 PSU values shown at target based on “less than target” first two years; 2024 PSU values shown at maximum based on “greater than target” first year results .
Employment Terms
Employment Agreements and Perquisites
- Avista discloses no individual employment agreements for NEOs; perquisites are not provided to NEOs (including the CFO) .
Insider Trading, Hedging, and Pledging
- Insider Trading Policy prohibits trading on MNPI and prohibits short sales, zero-cost collars, forwards, and other hedges; pledging of Avista securities as collateral is restricted/prohibited for officers .
Clawbacks
- Dodd-Frank-compliant recoupment policy effective August 3, 2023; additional discretionary recoupment allows recovery of up to 3 years of incentive compensation for specified detrimental conduct (fraud, felony, restrictive covenant breach, willful misconduct) .
Change-in-Control (CIC) and Termination Economics (Kevin J. Christie)
| Scenario (assumes 12/31/2024 and $36.63 stock) | Severance ($) | Accelerated Equity ($) | Health Benefits ($) | Death Benefit ($) | Supplemental Disability ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination without Cause or with Good Reason after a CIC (double trigger) | 1,219,969 | 1,099,020 | 48,770 | — | — | 2,367,759 |
| Retirement | — | 906,287 | — | — | — | 906,287 |
| Death | — | 906,287 | — | 880,000 | — | 1,786,287 |
| Disability | — | 906,287 | — | — | 971,704 | 1,877,991 |
| Voluntary Termination | — | — | — | — | — | — |
| Involuntary Termination With or Without Cause (non-CIC) | — | — | — | — | — | — |
Key terms:
- CIC severance equals 3x the sum of annual base pay and target bonus, plus a prorated target bonus; health coverage continuation assumed for 18 months; RSUs fully accelerated and PSUs prorated upon eligible CIC termination; death benefit equals 2x base salary .
- Avista states it pays CIC severance solely upon a double trigger and provides no tax gross-ups under its CIC plan .
Performance & Track Record
- Appointment and tenure: Promoted to CFO effective May 11, 2023; prior leadership included regulatory affairs, customer operations, and finance; credited with advancing multi-year rate cases, smart meter adoption, and the AEL&P acquisition support .
- Pay-for-performance outcomes: 2024 STIP paid 74% of target on mixed financial/operational metrics; 2022–2024 PSU cycle paid at 55% (TSR) and 45% (CEPS); 2024 “pay vs. performance” shows company cumulative TSR below peer group while net income and EPS rose versus 2023 .
- Shareholder alignment and oversight: 96.59% Say-on-Pay support at May 2024 meeting; Compensation Committee targets median peer compensation (S&P 400 Mid-Cap Utilities) with Meridian/WTW benchmarking; robust clawbacks and prohibitions on hedging/pledging .
Compensation Structure Analysis
- Mix of pay: Significant equity-based, multi-year at-risk pay via PSUs and RSUs; no options currently granted; dividend equivalents only paid if PSUs vest .
- Metric rigor and transparency: PSU metrics are Relative TSR and CEPS with 0–200% payout range; 2024 targets set using peer/market data; STIP balances earnings and operating/customer metrics; 2024 corporate payout 74% of target evidences variable linkage .
- Governance quality: Double-trigger CIC; no tax gross-ups; strong clawback; ownership guidelines met; hedging/pledging prohibited .
Compensation Peer Group and Shareholder Feedback
- Peer group: S&P 400 Mid-Cap Utilities Index constituents used for benchmarking and TSR ranking; Compensation Committee generally targets total compensation around peer median; peer list disclosed; Meridian and WTW data inform decisions .
- Say-on-Pay: 96.59% approval in 2024; no changes made due to strong support .
Investment Implications
- Alignment: Ownership guideline compliance, prohibition on hedging/pledging, and at-risk PSUs linked to TSR/CEPS reduce misalignment risk and incentivize long-term value creation; RSUs vest ratably (one-third annually), creating predictable Q1 vesting-related liquidity events that could modestly increase insider sale windows, subject to policy compliance .
- Retention: Double-trigger CIC severance (3x base+target) and pension participation support retention; no employment agreement limits mobility but strong benefits/clawbacks disincentivize abrupt departures .
- Performance sensitivity: With PSUs at 0–200% payout tied to relative TSR and CEPS, upside to compensation requires sustained earnings and relative stock outperformance; recent PSU settlements (55% TSR/45% CEPS) and TSR below peer median underscore execution requirements for higher future payouts .
- Governance signal: High Say-on-Pay support (96.59%) and median-targeted pay vs. peers suggest low pay inflation risk and constructive investor relations posture, with the CFO actively engaging shareholders alongside IR and the CEO .