Ronald Blankenship
About C. Ronald Blankenship
C. Ronald Blankenship (age 75) is an independent director of Civeo Corporation, serving since 2014. He is a Certified Public Accountant and graduate of the University of Texas at Austin, with a career spanning senior leadership roles across real estate development, acquisitions, financing and operations. He brings expertise in public company financing, strategic planning, capital allocation, people management and executive compensation, and currently chairs Civeo’s Finance and Investment Committee and serves on the Audit Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Verde Realty | President & CEO; Chairman of the Board | President & CEO: Jan 2009–Dec 2012; Chairman: Jan 2012–Dec 2012 | Led institutional-quality multifamily and industrial portfolio |
| Verde Group | Co‑Chairman | 2003–2009 | Strategic oversight |
| Security Capital Group Inc. | Vice Chairman; Chief Operating Officer; Managing Director | VC: 1998–2003; COO: 1998–2002; MD: 1991–1998 | Operated large real estate investment platform |
| Archstone Communities Trust | Chief Executive Officer | Prior to 1997 | Led public REIT operations |
| Trammell Crow Residential | Regional Partner; Management Board (Residential Services) | Prior to 1991 | Regional operations and services oversight |
| Mischer Corporation | CFO; President of Office Development | Prior to Trammell Crow | Finance and development leadership |
| Peat Marwick Mitchell & Co. | Early career | — | Public accounting foundation (CPA) |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Regency Centers Corp. (NYSE:REG) | Director | Public | Shopping center REIT; governance exposure |
| Pacolet Milliken Enterprises, Inc. | Chairman | Private | Private investment company |
| Berkshire Residential Investments | Chairman | Private | Private investment management company |
| Merit Hill | Director | Private | Privately owned and operated real estate company |
Board Governance
- Independence: The board determined that all current directors except the CEO are independent, including Blankenship .
- Roles: Audit Committee member (financially literate; accounting/financial expertise; audit committee financial expert); Chair, Finance & Investment Committee .
- Meetings/Engagement: 2024 board held 6 meetings; Audit Committee 7; Compensation Committee 7; ESG & Nominating 5; Finance & Investment 2. All directors attended 100% of board meetings; committee attendance was 100% for all except one director at 87.5% (individual not named). All directors attended the 2024 AGM .
- Board leadership: Independent Chair separate from CEO; independent directors meet in executive session at each meeting .
- Risk oversight: Audit Committee oversees financial reporting, controls, litigation, technology/cyber/AI, and finance personnel succession; FIC engaged in strategy, capital allocation, debt and return of capital considerations .
Fixed Compensation (Director)
| Component | Amount | Details |
|---|---|---|
| Annual cash retainer | $75,000 | Non‑employee director cash retainer |
| Committee chair cash retainer | $18,000 | Finance & Investment Committee (FIC) chair fee |
| Committee member cash retainer | $18,000 | Audit Committee member fee |
| Annual equity retainer (RSAs) | $125,000 | Restricted share award; vests annually |
| 2024 cash paid | $111,000 | Sum of cash components for Blankenship |
| 2024 stock grant fair value | $125,012 | Aggregate grant date fair value (ASC 718) |
| 2024 total | $236,012 | Fees + stock |
Notes:
- Directors may elect deferred shares; RSAs/deferred shares vest on the earlier of one year from grant or next AGM, subject to service .
- Compensation reviewed annually by Compensation Committee with Mercer; ownership guideline compliance reviewed by ESG & Nominating Committee .
Performance Compensation (Director)
| Equity Instrument | Grant Value | Vesting | Performance Conditions |
|---|---|---|---|
| Restricted Shares (RSAs) | $125,012 (2024) | Annual vest or next AGM | None (service‑based) |
| Unvested RSAs at 12/31/2024 | 5,051 shares | Settle per RSA terms | N/A |
| Stock options | None | — | Company granted no stock options in 2024 |
- Equity retainer is service‑based; no TSR/EBITDA metrics apply to director equity. Hedging, short sales, options trading and pledging of Civeo securities are prohibited for directors .
Other Directorships & Interlocks
| External Board | Overlap with CVEO customers/suppliers | Potential Interlock/Conflict |
|---|---|---|
| Regency Centers (REG) | Retail REIT; no disclosed CVEO transactions | None disclosed; independence affirmed |
| Pacolet Milliken; Berkshire Residential; Merit Hill | Private real estate/investment entities | No related‑party transactions reported |
- Item 404(a) related‑party: “There are no transactions or relationships required to be disclosed” since the beginning of the last fiscal year .
Expertise & Qualifications
- CPA; University of Texas at Austin; extensive experience in finance, capital allocation, strategic planning, executive compensation and real estate operations .
- Audit Committee Financial Expert designation; financial literacy and accounting/related financial management expertise .
- Deep public company governance experience; prior CEO roles; broad international operations exposure through prior platforms .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Ownership Guideline Target | Current Holdings vs. Target | Unvested RSAs |
|---|---|---|---|---|---|
| C. Ronald Blankenship | 44,801 | <1% | 21,552 shares | 44,801 (compliant) | 5,051 |
- All non‑employee directors have attained the ownership guideline (5x annual retainer; counting unvested/deferred shares) as of March 17, 2025 .
- Insider trading policy prohibits hedging and pledging; directors must pre‑clear trades; designed to prevent misalignment risks .
Governance Assessment
- Strengths: Independent status; Audit Committee financial expert; chair of Finance & Investment Committee (strategic capital allocation oversight); strong board processes (declassification by 2027, separate Chair/CEO, regular executive sessions); robust risk oversight (including cybersecurity) .
- Alignment: Meets/exceeds stock ownership guideline; receives standard director equity with service‑based vesting; company prohibits hedging/pledging; no director‑related party transactions disclosed .
- Engagement: 2024 board attendance 100% across all directors; committee cadence consistent; all directors attended 2024 AGM (committee attendance individual rates not disclosed; one director at 87.5% overall) .
- Pay practices: Mercer engaged as independent consultant; annual review of director pay levels and governance trends; pay mix balanced cash and equity; avoids excessive perquisites; no options granted in 2024 .
- Shareholder sentiment: 2024 Say‑on‑Pay approval 96.7%, indicating broad investor support for compensation governance framework (context for overall board stewardship) .
RED FLAGS
- None disclosed: no related‑party transactions; no hedging/pledging; Section 16(a) delinquent filings noted only for two officers (not directors), with immaterial late Form 4s; director committee attendance not individually disclosed, so cannot verify his committee attendance rate beyond board attendance .