Christopher Riker
Babcock & Wilcox EnterprisesAbout Christopher Riker
Christopher S. “Chris” Riker is Executive Vice President and Chief Operating Officer of Babcock & Wilcox (BW) since January 2025, having led the Thermal segment since August 2022 and previously Global Parts & Service and Industrial Steam Generation businesses; he joined B&W in 2010 after KPMG LLP, and is 42 years old as of March 1, 2025 . He holds a bachelor’s degree in Finance and Economics from Florida State University and an MBA from the University of North Carolina . Company performance in 2024 included revenues of $717.3M (flat YoY), Adjusted EBITDA of $68.9M (+13% YoY), operating income of $25.1M, and bookings/backlog up 39%/47% YoY, while B&W TSR on a fixed $100 investment ended 2024 at $44.99 versus peer group $222.00 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Babcock & Wilcox | EVP & Chief Operating Officer | Jan 2025–Present | Responsible for global operations, execution strategies, performance and cost-savings initiatives . |
| Babcock & Wilcox | SVP, Thermal | Aug 2022–Dec 2024 | Led global thermal energy business; instrumental in improving cash flows and margins . |
| Babcock & Wilcox | SVP, Global Parts & Service | 2018–2022 | Led worldwide parts and services operations . |
| Babcock & Wilcox | VP, Industrial Steam Generation | 2016–2018 | Oversaw package boiler, pulp & paper, and petrochemical businesses . |
| Babcock & Wilcox | Controller, Diamond Power International; Finance lead, former Global Services segment | Pre-2016 | Built finance leadership foundation across segments . |
| Babcock & Wilcox | Manager, Internal Audit | 2010–2011+ | Entered B&W building risk and controls expertise . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| KPMG LLP | Consultant | Pre-2010 | Consulting prior to joining B&W . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual Base Salary ($) | 400,000 | 425,000 |
| Bonus ($) | 33,333 | 11,805 (retention bonus installment) |
| All Other Compensation ($) | 11,667 | 11,802 (primarily 401(k) matching) |
Notes:
- The company matches 100% of employee 401(k) contributions up to 5% of eligible compensation; “All Other Compensation” reflects such contributions for participating NEOs .
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Design and Outcome
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($M) | 100% (only metric) | 101 | 110 | 112 | 68.9 | 0% for all participants |
Riker’s 2024 AIP target bonus opportunity was $148,750 (expressed in dollars, not % of salary) .
2024 Equity Grants (RSUs)
| Grant Date | Type | Units | Grant Date Fair Value ($) |
|---|---|---|---|
| Aug 5, 2024 | Time-based RSUs | 100,000 | 115,000 |
Company LTI awards disclosed as RSU counts for NEOs in 2024 include 100,000 for Riker .
Retention Bonuses
| Grant | Amount ($) | Vesting Start | Vesting End | Frequency | 2024 Recognized ($) |
|---|---|---|---|---|---|
| Riker retention bonus (approved Nov 2024) | 425,000 | Dec 2024 | Nov 2027 | 36 monthly installments | 11,805 (initial installment recognized in 2024) |
Vesting fully accelerates if employment is terminated without cause or due to death or disability .
Clawbacks and Forfeiture
- Equity awards may be terminated for specified misconduct; annual and equity compensation is subject to clawback under policy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 92,501 shares as of March 1, 2025; less than 1% of class . |
| Counting Method | Includes currently exercisable options and RSUs releasable within 60 days of March 1, 2025 . |
| Stock Ownership Guidelines | Other NEOs must hold at least 3x base salary; must retain at least half of net shares from grants until guideline met . |
| Hedging/Pledging | Company prohibits hedging and pledging by directors, officers, employees . |
| Option Awards | No option grants reported for Riker in 2024 (table shows “—” for options) . |
Employment Terms
Executive Severance Plan (Riker)
- Eligibility: Severance benefits upon involuntary termination without cause or for good reason; subject to release and non-compete, nondisclosure and other restrictive covenants .
- Benefits: Salary continuation for 52 weeks; reimbursement of employer share of COBRA premiums for three months; 12 months employer-paid outplacement services .
- Change-in-Control: Equity grants provide double-trigger vesting upon change-in-control; “Change in Control” table row shows acceleration value if awards are terminated and not assumed .
Potential Payments (as disclosed)
| Scenario | Cash ($) | Equity Acceleration ($) | Health/Welfare ($) | Retention Bonus Acceleration ($) | Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination Without Cause / For Good Reason | 400,000 | 87,750 | — | 413,195 | 12,000 | 499,750 |
| Change in Control (awards terminated, not assumed) | — | 189,001 | — | 413,195 | — | 189,001 |
| Death / Disability | — | 189,001 | — | 413,195 | — | 189,001 |
Note: For the “Change in Control” row, the total reflects only equity acceleration if awards are terminated and not assumed; retention bonus acceleration is presented separately per the table’s methodology .
Performance & Track Record
- Operational leadership: As Thermal Segment leader since 2022, Riker was cited as instrumental in improving cash flows and margins across global operations; elevated to COO effective Jan 1, 2025 .
- 2024 company performance: Revenues $717.3M (flat), operating income $25.1M, Adjusted EBITDA $68.9M (+13% YoY), bookings $889.6M (+39% YoY), backlog $540.1M (+47% YoY) . Despite this, the AIP threshold was not met (Adjusted EBITDA target ≥$101M), resulting in 0% cash incentive payout for all NEOs .
Compensation Structure Analysis
- AIP tied solely to Adjusted EBITDA since at least 2022–2024; rigorous targets produced repeated zero payouts (seven years without financial-component payout as of 2024) .
- Equity mix: Company shifted from options to time-based RSUs beginning in 2019 to align with retention and shareholder interests, lowering risk for executives compared to stock options .
- Retention mechanisms: Multi-year cash retention bonuses (e.g., Riker’s $425,000 over 36 months) and sizable RSU grants reflect strong emphasis on retention amid refinancing and operational priorities .
Say-on-Pay & Peer Benchmarking
- TSR peer group (for pay-versus-performance disclosure): AMETEK, CECO Environmental, Chart Industries, Crane, Curtiss-Wright, Dycom, Enerpac, Enviri, Flowserve, Idex, MasTec, Primoris, SPX Technologies, Tetra Tech; peer TSR significantly outperformed B&W over 2019–2024 .
Investment Implications
- Alignment: Riker’s beneficial ownership is modest (<1%), but the company enforces 3x salary stock ownership guidelines and prohibits hedging/pledging; alignment depends on accumulation of net shares from RSUs over time .
- Incentive pressure: Monthly vesting of the $425,000 retention bonus through Nov 2027 and ongoing RSU releases may create continual liquidity events; however, the no-pledging policy reduces forced-selling risk .
- Performance linkage: Sole reliance on Adjusted EBITDA in AIP with aggressive thresholds has yielded repeated 0% payouts, reinforcing pay-for-performance discipline; equity retains value leverage to stock price, including prior PSUs tied to stock performance for other NEOs .
- Change-in-control economics: Double-trigger equity acceleration and defined severance terms provide Riker protection without tax gross-ups; potential acceleration values are quantified, but equity acceleration depends on award treatment in a transaction, influencing retention incentives through deal closure .
Overall, Riker’s compensation emphasizes retention (multi-year cash and RSUs) and disciplined performance (Adjusted EBITDA-only AIP). For trading signals, watch Form 4s around the monthly retention vest cadence and RSU releases, operational margin/cash flow improvements under his COO oversight, and any transaction activity that could trigger acceleration under change-in-control terms .