Chris R. Bonner
About Chris R. Bonner
Chris R. Bonner is Vice President, Chief Accounting Officer of Black Stone Minerals GP, L.L.C. since February 2025; he joined BSM in October 2018 and progressed through SEC Reporting Manager, Corporate Accounting Manager, Director of Accounting, and Controller before appointment to CAO. He holds Bachelors in Accounting and Masters in Professional Accounting from the University of Texas at Austin and is a Certified Public Accountant; age 35 as of the 2025 annual meeting . On October 30, 2025, BSM approved a leadership succession plan under which Bonner will be appointed Senior Vice President, Chief Financial Officer, and Treasurer effective January 1, 2026; compensation arrangements related to his new role will be decided later . Contextual performance: BSM’s pay programs are tied to EBITDAX and long-term production/reserve goals; for FY2024, adjusted EBITDAX modestly exceeded target (381.3M vs 376.7M), yielding a 104.1% STI payout factor, and three-year TSR was positive (+78% FY2022, +6% FY2023, +1% FY2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Black Stone Minerals GP, L.L.C. | Chief Accounting Officer (Vice President) | Feb 2025–present | Principal accounting officer responsibilities and leadership of accounting function |
| Black Stone Minerals GP, L.L.C. | Controller | Jun 2024–Feb 2025 | Led controllership and financial close/reporting processes |
| Black Stone Minerals GP, L.L.C. | Director, Accounting | Mar 2022–Jun 2024 | Directed accounting operations |
| Black Stone Minerals GP, L.L.C. | Corporate Accounting Manager | Mar 2020–Mar 2022 | Managed corporate accounting |
| Black Stone Minerals GP, L.L.C. | SEC Reporting Manager | Oct 2018–Mar 2020 | Led SEC reporting |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| BDO USA, LLP | Audit roles culminating in Audit Manager | 2012–2018 | Public accounting, audit-related capacities |
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Common units beneficially owned | 7,580 | Less than 1% of outstanding common units |
| Unvested restricted common units | 5,311 | Included within beneficial ownership footnote |
| Ownership guidelines (category) | Senior Vice President: 3x base salary; Other Named Executive Officers: 1x base salary | Officers appointed post-IPO have 5 years to comply; committee reviews annually |
| Hedging/Pledging | Hedging prohibited by insider trading policy; no pledging policy referenced in cited sections | Financial Code of Ethics applies to CAO |
Employment Terms
- Appointment timeline: CAO effective February 2025; CFO/Treasurer effective January 1, 2026 .
- Compensation for new CFO role: to be determined at a later date per leadership succession 8-K; no immediate Board committee compensation for co-CEOs added as directors .
- Codes and policies: subject to Financial Code of Ethics; insider trading policy prohibits hedging/monetization transactions in BSM securities; clawback policy amended October 2023 to comply with SEC/NYSE (recoupment of incentive-based compensation upon required restatements) .
- Severance/change-in-control: proxy details severance constructs for Named Executive Officers but does not disclose Bonner-specific severance terms; NEO severance equals a multiplier times salary+target STI with equity acceleration varying by scenario, calculated at $14.60 unit price for December 31, 2024 examples .
Investment Implications
- Role change catalyst: Bonner’s elevation to CFO on January 1, 2026 is a governance and execution signal; monitor upcoming disclosure of his CFO compensation package (base, STI target %, LTI mix, severance and CIC terms) for alignment and retention levers .
- Ownership alignment: Current beneficial ownership is modest (7,580 units; 5,311 unvested restricted), implying near-term skin-in-the-game but limited percentage influence; watch for incremental LTI grants associated with CFO appointment and evolving ownership guideline expectations (Senior Vice President guideline = 3x salary) .
- Selling pressure and vesting cadence: BSM’s standard LTI restricted unit grants for NEOs vest in thirds on January 7 over three years (e.g., 2024 grants vest 2025/2026/2027), which can cluster Form 4 activity around early January; while Bonner-specific vesting terms aren’t disclosed, monitor January award cycles for potential supply dynamics .
- Risk controls: Hedging is prohibited, and clawback is robust under SEC/NYSE frameworks—mitigating misalignment and enhancing governance quality; absence of pledging references in cited sections reduces a key red-flag, but continue to review future proxies/8-Ks for any pledging disclosures .
- Performance linkage: STI driven by adjusted EBITDAX vs budget and LTI performance units tied to production and reserves over three years reinforces pay-for-performance; this framework historically produced modest bonus uplift in 2024 (104.1% factor), suggesting disciplined incentive calibration that will likely inform Bonner’s future CFO package .