Todd C. Redding
About Todd C. Redding
Todd C. Redding is Vice President of Purchasing and Logistics at Consolidated Water (CWCO). He joined CWCO in 2008 as a Senior Purchasing Officer and was promoted to his current role in January 2020; he is 61 and holds a B.S. in Accounting from the University of Florida. His 25+ years of experience spans purchasing, supply chain management, internal controls, systems implementations, and logistics, with prior roles at Catalina Lighting (VP North American Operations), Carnival Cruise Lines (Manager of Internal Audit), and Grant Thornton . Company performance context: CWCO reported 2024 net income of $28.2 million, while adjusted revenue (ex energy pass-throughs) was $115.37 million with gross margin of 34.06%; a $100 dividend‑reinvested TSR measure stood at $177.01 at 2024 year‑end .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Catalina Lighting | Vice President of North American Operations | Not disclosed | Led purchasing and supply chain operations for a manufacturer/distributor, including domestic and foreign purchasing, shipping, warehousing, and logistics . |
| Carnival Cruise Lines | Manager of Internal Audit | Not disclosed | Built internal controls and audit capabilities relevant to procurement/process integrity . |
| Grant Thornton | Auditor (career start) | Not disclosed | Foundation in accounting and controls supporting later procurement leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external public company directorships or board roles disclosed for Mr. Redding in the latest proxy . |
Fixed Compensation
- Base salary is set competitively and reviewed annually; for Vice Presidents, the CEO determines base salary and individual goals, subject to Compensation Committee oversight of program design. Specific base salary for Mr. Redding is not disclosed in the proxy (NEO pay only) .
- Benefits/perquisites: the company provides automobile allowances to certain executives per their employment agreements (explicitly listed for CEO, CFO, COO, EVP BD, VP Finance); no specific perquisite disclosure for Mr. Redding .
Performance Compensation
Short‑Term Incentive (STI) – Design and 2024 Outcomes (Company-level)
| Metric | Definition | 2024 Threshold (% of target) | 2024 Target | 2024 Upper (% of target) | 2024 Actual | Actual vs Target |
|---|---|---|---|---|---|---|
| Net Income (cont. ops, adjusted) | Company projection excl. accrued bonuses with certain adjustments | 75% | $11,995,397 | 125% | $20,404,010 | 170.10% |
| Adjusted Revenue | Revenue excl. pass‑through energy charges | 90% | $104,435,301 | 110% | $115,370,773 | 110.47% |
| Gross Profit Margin | Gross profit / revenue | 90% | 29.95% | 110% | 34.06% | 113.72% |
Notes:
- All executive officers (including Vice Presidents) are eligible for annual cash incentives based on these company metrics plus individual goals, with weightings set by role; weightings and payout brackets are explicitly shown for Named Executive Officers (NEOs) but individual weightings for Mr. Redding are not disclosed .
- 2024 plan paid above target for NEOs given outperformance on all three metrics (e.g., CEO earned 152% of target STI), signaling strong pay‑for‑performance alignment; individual payouts for Mr. Redding are not disclosed .
Long‑Term Incentive (LTI) – Structure and Vesting
| Feature | Company practice |
|---|---|
| Eligibility | All executive officers participate with same measures/weights but different opportunity levels . |
| Annual grant mechanics | Annual grant on Jan 1; target number of shares set by Base Salary × Applicable Bonus % divided by prior Dec 31 stock price (“Long‑Term Share Formula”) . |
| Mix | 50% time‑based restricted shares vesting in three equal tranches; 50% performance shares earned over three years . |
| Time‑based vesting dates (2024 grants) | 1/3 vested Dec 31, 2024; remaining 1/3 on Dec 31, 2025 and Dec 31, 2026, subject to continued employment . |
| Performance measures (3‑year) | Cumulative Operating Cash Flow (20%), Cumulative EPS (40%), Cumulative Revenue ex energy pass‑through (40%) . |
| Performance periods (recent) | 2023–2025 and 2024–2026 cycles; shares earned can be adjusted up/down vs target based on results and service . |
| Recent 3‑yr performance (2022–2024) | Operating cash flow 157% of target; EPS 300.2%; Revenue 190.8%—led to vesting/issuance of performance shares for that cycle . |
Equity Ownership & Alignment
| Item | Status/Policy | Notes |
|---|---|---|
| Beneficial ownership (Mr. Redding) | Not disclosed | The ownership table lists directors and NEOs; no individual line item for Mr. Redding . |
| Hedging/Pledging | Prohibited for directors and officers | Insider Trading Policy bans hedging (derivatives/shorts) and pledging; 10b5‑1 plans permitted . |
| Clawback | Adopted 2024; 3‑year lookback on excess incentive comp | Applies to cash and equity if a restatement is required; executives sign acknowledgments . |
| Equity plan overhang | 129,737 shares tied to outstanding grants as of 12/31/24; 806,917 remaining available | Breakout of time‑vest, performance cycles, and other awards detailed; options outstanding to certain non‑executives only . |
| Ownership guidelines (executives) | Not disclosed | No stated ownership multiple for officers in proxy . |
Vesting cadence implications:
- Time‑vest tranches generally vest on December 31 each year; performance cycles conclude on December 31 of the third year (e.g., 2025, 2026), creating calendar‑clustered issuance/settlement dates that can affect liquidity and potential supply around these events .
Employment Terms
| Term | Mr. Redding | Company disclosure context |
|---|---|---|
| Start at CWCO | 2008 (Senior Purchasing Officer) | — |
| Current role | VP, Purchasing & Logistics since Jan 2020 | — |
| Contract term/renewal | Not disclosed | CEO, CFO, COO, EVP BD, and VP Finance terms are described; VP‑level terms for Mr. Redding not detailed . |
| Severance | Not disclosed | Severance/CIC tables provided for CEO, CFO, COO, EVP BD, VP Finance; no specific disclosure for Mr. Redding . |
| Non‑compete / non‑solicit | Not disclosed | — |
| Perquisites | Not disclosed (for Mr. Redding) | Auto allowances are disclosed for CEO, CFO, COO, EVP BD, VP Finance; not specified for Mr. Redding . |
Compensation Structure Notes (Company Program Governance)
- Compensation Committee (independent) oversees program; uses FW Cook as independent consultant; 2024 peer group includes 12 water/utility/infra names; say‑on‑pay approval ~88% in 2024 .
- Pay mix emphasizes at‑risk components; executives eligible for STI and LTI with multi‑metric design (revenue, net income, gross margin for STI; cash flow, EPS, revenue for LTI) .
Investment Implications
- Alignment: Mr. Redding participates in company‑wide at‑risk plans (STI/LTI) anchored to net income, revenue, margin, cash flow, EPS—favorable for pay‑for‑performance; hedging/pledging prohibited and a formal clawback is in place, reducing misalignment risks .
- Retention/overhang: Time‑based tranches vest on December 31 annually and performance cycles close on December 31 (e.g., 2025/2026), creating predictable vesting dates that can concentrate supply and retention incentives around year‑end; however, individual grant sizes for Mr. Redding are not disclosed, limiting precision on potential selling pressure .
- Disclosure gap: As a non‑NEO, Mr. Redding’s individual salary, incentive targets, ownership, severance/CIC terms, and perquisites are not itemized, constraining direct assessment of his personal alignment and retention risk; investors should monitor future proxies/Section 16 filings for updates .