Robert Sanchez
About Robert Sanchez
Robert Sanchez is President, Shared Services at Consolidated Edison Company of New York (CECONY) as of April 1, 2024, after serving as President and CEO of Orange & Rockland Utilities (O&R) . His remit spans customer energy solutions, technology-enabled smart meter programs, and supply chain resiliency initiatives, including administering more than $1.5B of energy-efficiency incentives over five years and advancing grid modernization that avoided 84,000 truck rolls through 2024 . Pay-for-performance alignment is evidenced by a 2022–2024 performance share payout of 120.8% and 2024 annual incentive metrics anchored on Adjusted EPS and operating objectives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Orange & Rockland Utilities (O&R) | President & CEO | Through Apr 1, 2024 | Led regulated utility operations; positioned O&R for electrification and efficiency programs in line with NY State goals . |
| Consolidated Edison Company of New York (CECONY) | President, Shared Services | From Apr 1, 2024 | Oversees shared services across CECONY and O&R; drives large-scale EE incentives, smart meter deployment, and supply chain resiliency . |
External Roles
No external public-company board roles disclosed for Sanchez in ED’s proxy/8-K filings .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary Paid ($) | 545,075 | 566,475 | 583,883 |
| Base Salary (as of 12/31) ($) | — | 568,300 | 585,300 |
| Target Bonus % of Base | — | — | 80% |
| Actual Annual Bonus Paid ($) | 641,200 | 613,700 | 666,200 |
Perquisites (FY 2024):
- Personal use of company vehicle: $7,093; Financial planning: $13,700; Company match to qualified savings plan: $10,350; Company match to deferred income plan: $7,316; Total perquisites/other: $38,459 .
Performance Compensation
Annual Incentive Mechanics (FY 2024, Company-level unless noted)
| Metric | Target | Actual | Payout vs Target (%) | Weight (%) | Weighting Earned (%) |
|---|---|---|---|---|---|
| Adjusted EPS | $5.30 | $5.40 | 138.0 | 55 (applies to Sanchez) | 41.4 |
| Operating Budget (Company/CECONY) | $2,110.0mm | $2,114.0mm | 98.0 | 10 (for NEOs with ops responsibility) | 9.8 |
| Operating Objectives (3-year work plans: cybersecurity, clean energy, transmission, DE&I) | — | — | 143.8 (weighted average) | 20 | 28.8 |
Long-Term Incentive (2024 Grant; performance period 2024–2026)
| Grant Date | Instrument | Target Units | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Feb 14, 2024 | Performance RSUs (PSUs) | 9,300 | 826,119 | Payout 0–190% based on 3-year TSR (50%), 3-year Adjusted EPS (30%), Operating Objectives (20%) |
| Feb 14, 2024 | Time-Based RSUs | 4,000 | 347,340 | Cliff vest Dec 31, 2026, subject to continued service |
Realized LTI (2022–2024 Performance Cycle, paid in 2025)
| Component | Company Outcome | Weight | Payout vs Target (%) | Weighted Result (%) |
|---|---|---|---|---|
| Total Shareholder Return vs peer group | 58th percentile | 50 | 120.0 | 60.0 |
| 3-Year Cumulative Adjusted EPS | 100.8% of target ($15.04 vs $14.92) | 30 | 106.7 | 32.0 |
| Operating Objectives | — | 20 | 143.8 | 28.8 |
| Total Weighted Payout | — | 100 | — | 120.8 |
Sanchez received 10,630 PSUs for the 2022–2024 cycle based on the 120.8% payout .
Equity Ownership & Alignment
| As of Feb 28, 2025 | Shares Beneficially Owned (#) | Other Equity-Based Holdings (#) | Total Holdings (#) | Ownership % of Outstanding |
|---|---|---|---|---|
| Robert Sanchez | 5,724 | 13,207 | 18,931 | <1% (of 346,771,733 shares) |
Stock ownership guidelines:
- Required holding: 2× base salary; officers have five years from January 1 after appointment to meet guideline; as of Dec 31, 2024, all NEOs either met or are making reasonable progress .
Hedging/pledging and clawbacks:
- Company prohibits shorting, hedging, and pledging of ED securities; margin accounts also prohibited .
- Clawback policy (Nov 2023): mandatory recovery for accounting restatements (last 3 years); supplemental policy allows discretionary recovery for restatements and certain cause events; covers cash and equity incentives granted on/after Jan 1, 2024 .
Outstanding unvested awards (Dec 31, 2024):
| Instrument | Units (#) | Market/Payout Value ($) |
|---|---|---|
| Performance RSUs (2023–2025 cycle) | 8,300 | 740,609 |
| Time-Based RSUs (2023 grant) | 3,600 | 321,228 |
| Performance RSUs (2024–2026 cycle) | 9,300 | 829,839 |
| Time-Based RSUs (2024 grant) | 4,000 | 356,920 |
2024 vesting activity:
- Shares acquired on vesting: 4,200 time-based RSUs ($374,472) and 10,630 PSUs ($1,017,929) .
Deferred compensation (FY 2024):
| Plan | Exec Contributions ($) | Company Contributions ($) | Earnings ($) | Ending Balance ($) |
|---|---|---|---|---|
| Deferred Income Plan | 14,633 | 7,316 | 69,036 | 346,367 |
Employment Terms
Severance program (officers):
- Termination without cause (pre-CIC): lump sum 1× base salary + 1× target annual bonus; one year continuation of health/life insurance; one year additional service credit; one year outplacement; plus proration of unpaid salary/bonus and vacation .
- Termination without cause or resignation for Good Reason following CIC: same structure but 2× multiple for severance, service credits, and benefits .
- Equity acceleration requires both a CIC and qualifying termination (double trigger) unless committee determines otherwise; disclosures assume full acceleration of target PSUs for illustration .
Illustrative potential payments (as of Dec 31, 2024; market price $89.23):
- Sanchez severance: $1,521,700 on retirement; $2,575,200 on CIC termination; long-term plan incentives value $2,248,596 (retirement or CIC); deferred income plan benefit $585,300 (death/disability); supplemental retirement plan payments $268,359 (retirement) or $536,718 (CIC) .
Good Reason (post-CIC) includes material pay decrease, material breach, relocation >50 miles, or material diminution of role .
Compensation Structure vs Performance Metrics
- Long-term mix: 70% performance-based RSUs and 30% time-based RSUs (no stock options outstanding); annual grants in February under company Equity Award Grant Policy .
- 2024 salary merit increase: +3.0% for Sanchez; target TDC competitive at 113% of peer group median for role .
- Annual incentive metrics realigned in 2024 to emphasize Adjusted EPS (55% weight for Company NEOs), increased operating objective weighting, and alignment of payout scaling with peers .
Related Party Transactions
David Sanchez, Robert’s brother, is a long-time employee at CECONY (Project Specialist); he does not report to Robert; 2024 compensation approximately $180,269; reviewed and approved under the Related Person Transactions Policy .
Investment Implications
- Pay-for-performance alignment: Multi-year PSU design with 50% TSR weighting, 30% Adjusted EPS, and 20% operating objectives produced a 120.8% payout for the 2022–2024 cycle, signaling disciplined execution and alignment with shareholder returns .
- Retention and overhang: Time-based RSUs vest Dec 31, 2026; unvested PSU/RSU balances (25,200 units) represent continued retention leverage without option repricing risk; double-trigger CIC terms reduce immediate acceleration risk without termination .
- Trading signals: Annual grant cadence in February and year-end RSU vesting dates can create predictable vest/payout events; insider trading policy and anti-hedging/pledging restrictions mitigate misalignment risk; no executive employment agreement for Sanchez indicates standard at-will framework with defined severance .
- Governance: Strong say-on-pay (93.19% in 2024) and clear clawback regime support compensation discipline; peer benchmarking places Sanchez’s TDC modestly above median, consistent with scope expansion to Shared Services .