John Griggs
About John Griggs
John Griggs, age 53, is Executive Vice President and Chief Financial Officer of Kodiak Gas Services, Inc. (KGS) since January 2023. He previously served as CFO at multiple energy and industrial companies, held senior investing roles in energy private equity and direct capital, and was an M&A investment banker; he holds an MBA from Harvard Business School and a BA from the University of Texas at Austin . KGS ties a majority of executive equity to three-year PSUs measured on discretionary cash flow (DCF), consolidated net leverage ratio, absolute TSR, and an ESG scorecard, enhancing pay-for-performance alignment . Company financial performance during Griggs’ tenure shows strong topline and EBITDA expansion.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $707,913,000* | $850,381,000* | $1,159,311,000* |
| EBITDA ($USD) | $395,680,000* | $432,203,000* | $608,107,000* |
- Values retrieved from S&P Global
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Circulus Holdings, PBLLC | Chief Financial Officer | Jun 2021 – Jan 2023 | Led finance at plastics recycling; broadened industrial CFO scope |
| Conquest Completion Services, LLC | Chief Financial Officer | Jun 2018 – Jun 2021 | Finance leadership for high-capacity coiled tubing operator |
| Rubicon Oilfield International, LLC | Chief Financial Officer | 2015 – Jun 2018 | CFO for oilfield products manufacturing platform |
| CSL Capital Management | Managing Director | 2011 – 2014 | Energy private equity investing; portfolio oversight |
| D.E. Shaw Group (direct capital) | Senior Vice President | 2005 – 2011 | Direct debt/equity investments in energy companies |
| Simmons & Company International | Investment Banker (M&A) | pre-2005 | Oilfield services/midstream coverage; transaction execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuverra Environmental Solutions, Inc. | Director; Audit Committee Chair | 2017 – Apr 2021 | Governance and audit oversight for environmental services company |
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary (Annualized) | $425,000 | Increased to $435,000 effective Feb 4, 2024 |
| STIP Target (% of Salary) | 100% | 100% |
| STIP Actual Paid ($) | $660,000 (includes STIP and LTIP cash) | $394,800 (all STIP) |
| All Other Compensation ($) | $39,742 | $113,353 |
| Truck Allowance | $17,400 annual allowance (part of “All Other”) | $17,400 annual allowance (part of “All Other”) |
Performance Compensation
Equity Grants and Vesting (RSUs/PSUs)
| Award Type | Grant Date | Quantity | Vesting Schedule | Performance Period | Metric Weighting | Market/Payout Value at 12/31/2024 |
|---|---|---|---|---|---|---|
| RSUs (IPO awards) | 07/03/2023 | 19,167 | 50% on 7/3/2025; 50% on 7/3/2026 | N/A | N/A | $782,589 (at $40.83) |
| PSUs (IPO awards, target) | 06/28/2023 (period start) | 33,750 | Vests after certification | 6/28/2023 – 12/31/2025 | DCF 30%; Net Leverage 30%; Absolute TSR 30%; ESG 10% | $1,378,000 (at $40.83) |
| RSUs (LTIP conversion) | 12/08/2023 | 5,450 | 50% on 1/5/2025; 50% on 1/5/2026 | N/A | N/A | $222,524 (at $40.83) |
| RSUs (Annual 2024 grants) | 03/08/2024 | 19,897 | 1/3 on each of 3/8/2025, 3/8/2026, 3/8/2027 | N/A | N/A | $812,395 (at $40.83) |
| PSUs (Annual 2024 grants, target) | 01/01/2024 (period start) | 29,845 | Vests after certification | 1/1/2024 – 12/31/2026 | DCF 30%; Net Leverage 30%; Absolute TSR 30%; ESG 10% | $1,218,600 (at $40.83) |
Notes:
- As of Dec 31, 2024, all PSUs remained unvested; RSUs vest per schedules above .
- The Company has never awarded stock options; “Class B” profits interests at Frontier Holdings (EQT affiliate) are option-like and subject to separate vesting/change-of-control treatment (see Employment Terms) .
STIP Metrics and Payout
| Metric | Weighting | FY 2023 Target | FY 2023 Actual/Payout | FY 2024 Target | FY 2024 Actual/Payout | Vesting |
|---|---|---|---|---|---|---|
| Personal/Financial/Safety (cash STIP) | Not disclosed | 100% of salary | $660,000 (includes STIP and LTIP cash; Griggs elected RSU in-lieu for LTIP thereafter) | 100% of salary | $394,800 (STIP) | Annual cash payout |
Equity Ownership & Alignment
| Ownership Measure | As of Mar 25, 2024 | As of Mar 17, 2025 |
|---|---|---|
| Shares Owned Directly | 6,417 | 19,605 |
| Ownership % of Class | <1.0% | <1.0% |
| Unvested RSUs (count) | 28,750 (7/3/2023) + 8,175 (12/8/2023) | 19,167 (7/3/2023) + 5,450 (12/8/2023) + 19,897 (3/8/2024) |
| Unvested PSUs (target count) | 33,750 (2023 program) | 33,750 (2023 program) + 29,845 (2024 program) |
| Hedging/Pledging | Hedging prohibited by Insider Trading Policy; pledging not specified for executives (Kodiak Holdings pledged shares under its term loan, not executive personal pledges) |
Stock ownership guidelines for executives were not disclosed; compliance status not disclosed.
Employment Terms
| Provision | Term |
|---|---|
| Executive Severance Plan Tier | Tier 2 (CFO) |
| Severance – Outside CIC | Lump sum: 2x Base Salary + Pro-Rata Target Bonus + 2x annual health continuation payment |
| Severance – During CIC Protection Period | Lump sum: 2x (Base Salary + Target Bonus) + Pro-Rata Target Bonus + 2x annual health continuation payment |
| Conditions | General release; ongoing compliance with restrictive covenants under plan |
| RSU Acceleration | If not assumed in a CIC, unvested RSUs vest pre-CIC; upon death, Disability, or Qualifying Termination, unvested RSUs vest |
| PSU Acceleration | Qualifying Termination outside CIC: pro rata vest at target; during CIC Protection Period or if not assumed in CIC: vest at ≥ target or actual |
| Class B (Frontier Holdings) Profits Interests | Time-vesting units 100% vest upon Change of Control at Frontier Holdings; additional tail/acceleration protections on certain terminations/corporate transactions; performance units eligible to vest post-termination for nine months |
| Clawback | Policy adopted June 2023 consistent with SEC Rule 10D-1/NYSE listing standards (recoupment on restatements) |
Compensation Committee Analysis
- Personnel & Compensation Committee members: Terry B. Bonno (Chair), Jon-Al Duplantier, Randall J. Hogan III; all independent under SEC/NYSE rules .
- Committee administers incentive and benefit plans, sets executive pay, and oversees human capital practices; no interlocks/insider participation disclosures indicating conflicts .
Investment Implications
- Alignment: Heavy PSU mix (60% of equity grants) tied to DCF, leverage, TSR, and ESG fosters direct linkage of pay to cash generation, balance sheet health, and equity returns; clawback adds discipline .
- Retention: Multi-year RSU/PSU vesting spreads through 2027; Tier 2 severance with double-trigger CIC economics reduces flight risk yet creates predictable separation costs .
- Selling Pressure: Upcoming RSU vest dates (Jan 2026; Mar 2026/2027; Jul 2025/2026) and PSU certifications (Dec 2025/2026) are potential Form 4 catalysts; hedging is prohibited, reducing artificial selling dynamics .
- Ownership: Direct holdings remain <1% but increased from 6,417 to 19,605 shares YoY; significant unvested awards tie value to future performance .
- Governance: Independent compensation oversight and no option awards (reducing repricing risk) are positives; absence of disclosed ownership guidelines is a minor gap .