Steve Angel
About Steve Angel
Independent, non-executive Chair of GE Vernova (GEV); age 69; director since April 2024 following GE’s spin-off. Former CEO of Linde plc and Praxair with 40+ years across industrial gases and GE; holds a BS in Civil Engineering (North Carolina State University) and MBA (Loyola College) . Serves on the Nominating & Governance Committee; Board assessed him as independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Linde plc | Chief Executive Officer | 2018 – March 2022 | Led global industrial gases and engineering business |
| Praxair, Inc. | Chairman, President & CEO | 2007 – Oct 2018 | Oversaw strategy, operations, public board leadership |
| Praxair, Inc. | President & COO | 2006 – 2007 | Operational leadership |
| Praxair, Inc. | EVP | 2001 – 2006 | Senior management |
| General Electric (pre-spin) | Various management roles | 1979 – 2001 | GE leadership experience |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| GE Vernova | Chair; Director | Current | Independent, non-executive Chair; Nominating & Governance member |
| GE Aerospace (GE) | Director | Current | Cross-company interlock with GE; GEV maintains post-spin agreements |
| Linde plc | Chairman; Director | Current | External leadership; another GEV director (Paula Rosput Reynolds) also serves on Linde’s board |
| Stoke Space Technologies | Director | Current | Private company role |
| The Business Council | Member | Current | Executive network affiliation |
| Praxair, Inc.; PPG Industries | Director (past) | Former | Prior public company board service |
Board Governance
- Leadership: GEV separates Chair and CEO; Angel serves as independent Chair overseeing agendas, governance processes, succession planning, and shareholder engagement .
- Committee work: Member, Nominating & Governance Committee (4 meetings in 2024). N&G leads director searches, independence assessments, director pay oversight, and conflict resolution .
- Independence/structure: 8 of 9 directors independent; board to fully declassify by 2029 (currently classified to aid early post-spin continuity) .
- Attendance/engagement: In 2024 the Board held 6 meetings and committees held 22; each director attended ≥75% of applicable meetings. Board conducted facility site visits and plans additional plant visits to deepen operational oversight .
- Policies: Regular executive sessions, clawback policy, anti-hedging/anti-pledging, proxy access, majority voting in uncontested elections .
Fixed Compensation
| Component | 2024 Detail | Amount |
|---|---|---|
| Annual cash retainer | Non-employee director retainer | $140,000 |
| Chair retainer | Additional for Board Chair | $180,000 |
| Total cash (Angel) | Fees earned | $240,000 |
| Annual equity | 1,329 RSUs granted May 16, 2024; vest at next annual meeting/first anniversary/CoC/disability/death | Grant-date fair value $221,146; RSU count 1,329 |
| Matching gifts | GE Vernova Foundation match | $5,000 |
| Total 2024 | Cash + equity + other | $466,146 |
- Deferrals: Directors can defer 100% of equity; for 2025, may elect RSUs in lieu of cash retainer and defer those RSUs (with dividend equivalents) .
- Ownership guideline: Must hold ≥$700,000 in GEV stock/RSUs within 5 years of joining the board .
Performance Compensation
| Feature | Structure | Metrics/Notes |
|---|---|---|
| Director equity | Time-based RSUs | No director-specific performance metrics disclosed; vesting per schedule/qualified events |
Other Directorships & Interlocks
| Entity | Relationship to GEV | Interlock/Conflict Consideration |
|---|---|---|
| GE Aerospace (GE) | Post-spin counterparty | GEV and GE maintain Separation/Transition/Tax/IP agreements; N&G resolves conflicts; Audit reviews related person transactions |
| Linde plc | External | Network interlock: Angel (Chair) and GEV director Paula Rosput Reynolds serve on Linde’s board; Board independence affirmed |
Expertise & Qualifications
- Board skills: Safety, executive experience, manufacturing & operations, sustainability; deep energy and industrial operations background .
- Education: BS Civil Engineering (NC State); MBA (Loyola College) .
Equity Ownership
| Holder | Shares Beneficially Owned | RSUs/Options within 60 days | Total | % Outstanding | Notes |
|---|---|---|---|---|---|
| Steve Angel | 2,764 | 0 | 2,764 | <1% | Includes 303 shares in trust and 1,177 in IRA; deferred director RSUs not counted in table |
- Anti-hedging/pledging: Directors prohibited from hedging/pledging company stock .
- No pledges: Table indicates no shares are pledged by named persons .
- Guideline compliance window: 5 years to meet $700k director ownership guideline .
Governance Assessment
- Effectiveness: Independent Chair with operational engagement (site visits) and clear separation of Chair/CEO roles enhances oversight; N&G membership supports board refresh, independence assessments, and conflict resolution .
- Alignment: Strong director ownership requirement ($700k) and anti-hedging/anti-pledging policy indicate long-term alignment; RSU deferral strengthens holding behavior .
- Compensation reasonableness: Chair premium and standard RSU grant level align with peers; no meeting fees; modest charitable match. Structure avoids risk-taking incentives at board level .
- Conflicts/interlocks: Dual directorship at GE Aerospace is a potential perceived conflict given post-spin agreements; mitigated by formal related party review, independence affirmation, and committee oversight (Audit/N&G). Interlock at Linde with another GEV director is a network consideration but not a disclosed related-party transaction .
- Red flags and mitigants:
- Classified board until 2029 (sunset thereafter) could be viewed as a governance negative; planned declassification by 2029 mitigates concern .
- 2024 safety performance included three worker fatalities; Board applied negative safety/sustainability modifier to executive AEIP, signaling accountability and safety oversight priority .
- No hedging/pledging allowed; clawback policy in force; majority voting and proxy access in place—positive signals for shareholder rights .
- Shareholder engagement: Management outreach to holders of ~41% of shares and meetings with ~19% feeds board decision-making; Chair’s letter outlines capital allocation (dividend $0.25 per quarter; $6B repurchase) and multi-year R&D/capex plans under Board oversight, bolstering investor confidence .
Fixed Compensation (Detail Table)
| Metric | 2024 |
|---|---|
| Cash retainer (director) | $140,000 |
| Additional Chair retainer | $180,000 |
| RSUs granted (count) | 1,329 |
| RSUs grant-date fair value | $221,146 |
| Other compensation (match) | $5,000 |
| Total | $466,146 |
Performance Compensation (Director)
| Metric | 2024 |
|---|---|
| Performance-linked elements | None disclosed for directors; RSUs are time-based |
Other Directorships & Interlocks (Detail)
| Company | Role | Committee Roles (if any) | Interlock note |
|---|---|---|---|
| GE Aerospace (GE) | Director | — | Post-spin agreements active; oversight via Audit/N&G |
| Linde plc | Chairman | — | Shared board with GEV director Paula Rosput Reynolds |
| Stoke Space Technologies | Director | — | — |
| Praxair, Inc. | Former Chair/Director | — | Historical |
| PPG Industries, Inc. | Former Director | — | Historical |
Equity Ownership (Detail)
| Item | Value |
|---|---|
| Shares beneficially owned | 2,764 (incl. 303 in trust; 1,177 IRA) |
| RSUs/options within 60 days | 0 |
| Percent of outstanding shares | <1% |
| Director RSUs deferral status | All non-employee directors deferred 2024 RSUs; not counted in ownership table |
| Ownership guideline | $700,000; 5-year compliance window |
| Hedging/pledging | Prohibited |
Governance Conclusion
Steve Angel brings deep industrial leadership and energy sector experience as independent Chair, with strong committee involvement and shareholder-friendly policies. Potential interlocks (GE Aerospace; Linde) are counterbalanced by formal related-party review, independence determinations, and robust governance processes. Board accountability on safety (negative AEIP modifier), clear capital allocation commitments, and active investor outreach support investor confidence in governance under his chairmanship .