Paul Eckley
Director at CTRA
Board
About Paul N. Eckley
Independent director of Coterra Energy (CTRA), age 70, serving since 2021; former Senior Vice President—Investments at State Farm with a 45+ year investment career and prior board leadership at Capital Group’s Emerging Markets Growth Fund (Chairman). He served as Chair of Coterra’s Compensation Committee from October 2021 to May 2024 and is currently a member of the Compensation and Governance & Social Responsibility Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| State Farm | Senior Vice President | 1998–2020 | Led investments; long-tenured public/private markets experience |
| State Farm | Vice President, Common Stocks | 1995–1998 | Equity portfolio leadership |
| State Farm | Investment Officer | 1990–1995 | Public equities oversight |
| State Farm | Investment Analyst | 1977–1990 | Fundamental research |
| Capital Group – Emerging Markets Growth Fund | Director; Chairman of the Board | Not disclosed | Board leadership at a major fund complex |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| Cimarex Energy Co. | Director (prior five years) | 2019–2021 |
| Current public company boards | None | — |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board determined all directors other than Mr. Jorden and Mr. Dinges are independent; includes Mr. Eckley . |
| Committee Assignments | Compensation (member); Governance & Social Responsibility (member) . |
| Prior Chair Role | Compensation Committee Chair from Oct 2021 to May 2024 . |
| Committee Meetings (2024) | Compensation: 5; Governance & Social Responsibility: 5; (Audit: 4; EHS: 4 for reference) . |
| Attendance | Board met 9 times in 2024; all directors attended at least 75% of Board and committee meetings; all attended the annual meeting . |
| Lead Independent Director | Role held by Robert S. Boswell during 2024; Mr. Eckley is not Lead Independent Director . |
Fixed Compensation
| Year | Annual Cash Retainer ($) | Committee Chair Fee ($) | Lead Independent Fee ($) | Meeting Fees | Notes |
|---|---|---|---|---|---|
| 2024 | 105,000 | — | — | None | Directors do not receive meeting fees . |
| Program Terms (2024–2025) | 105,000 | 20,000 | 40,000 | None | Committee chair fee applies; Governance & Social Responsibility co-chairs split the chair retainer . |
| 2024 Director Compensation – Paul N. Eckley | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 105,000 |
| Stock Awards (grant date fair value) | 200,013 |
| All Other Compensation (matching gifts) | 5,000 |
| Total | 310,013 |
Performance Compensation
| Equity Award | Grant Date | Number of RSUs | Grant-Date Fair Value ($) | Vesting Schedule | Dividend Equivalents |
|---|---|---|---|---|---|
| Annual Equity Retainer (RSUs) | May 7, 2024 | 7,123 | 200,013 | Earlier of April 30, 2025 or separation from Board (other than removal) | Accrues cash dividend equivalents until vest |
In November 2024, the Compensation Committee increased the annual equity retainer for the 2025–2026 term to $210,000 (no change to other components) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None . |
| Prior public company boards | Cimarex Energy Co. (2019–2021) . |
| Compensation Committee interlocks | None; no insider participation. Committee comprised of independent directors (Brock—Chair, Eckley, Helmerich, Watts) . |
| Related party transactions | None reported involving Mr. Eckley; related-party disclosures in 2024 identify transactions for Mr. Boswell (Laramie sublease) and Ms. Brock (Aris Water services), with Board independence affirmed . |
Expertise & Qualifications
- Deep capital allocation and investment oversight experience from 45+ years at State Farm; former Chairman of Capital Group’s Emerging Markets Growth Fund board—valuable for compensation oversight and governance .
- Independent director with service on Compensation and Governance & Social Responsibility committees; prior Compensation Committee Chair through May 2024 .
- Board succession and effectiveness engagement via Governance & Social Responsibility Committee remit .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Paul N. Eckley | 76,068 | * | Includes RSUs counted per footnotes; percent denoted “*” in proxy . |
| Director RSUs held (aggregate count disclosed separately) | 7,123 | — | RSUs issued to non-employee directors in 2024; vest schedule as above . |
| Shares Outstanding (reference) | 764,096,129 | — | As of March 6, 2025 . |
Stock ownership guidelines: Non-employee directors must hold 5× annual cash retainer; compliance within five years of initial election; unvested RS/RSUs count, but options/PSUs do not; no sales permitted below minimum except for tax on awards .
Governance Assessment
- Committee effectiveness: As prior Compensation Chair and current member, Eckley contributes significant investment and pay oversight expertise; committee maintained independence and reported no interlocks or insider participation—positive governance signal .
- Independence and engagement: Board-designated independent; attendance met thresholds (≥75%); served on two key committees, indicating active engagement .
- Alignment and incentives: Director pay mix balanced between fixed cash ($105k) and time-based RSUs (~$200k), with ownership guidelines at 5× retainer—supports alignment without short-term risk-taking incentives .
- Conflicts and related-party exposure: No related-party transactions disclosed for Eckley; broader board transactions (Laramie, Aris Water) reviewed and deemed not material or independence-impairing—no direct red flags for Eckley .
RED FLAGS: None identified for Eckley in 2024–2025 disclosures (no related-party transactions, interlocks, or attendance issues reported) .