Michael Kumar
About Michael Kumar
Michael Kumar, age 57, has served as an independent director of Kinetik Holdings Inc. since February 2024. He is a Senior Policy Advisor to I Squared Capital (since January 2024) and Deputy Chairman of Klesch Group Limited (since January 2024), following a 26-year career at Morgan Stanley where he held senior roles including Managing Director, Global Head of Project, Commodity and Infrastructure Finance, and Global Head of Global Structured Products; he also served as a Captain in the U.S. Army (1989–2002) and holds a B.A. in Economics and Mathematics from Washington University in St. Louis . The Board determined he is independent under NYSE rules; I Squared nominated him pursuant to its director designation rights (ownership ~16.9%) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Morgan Stanley | Managing Director; Global Head of Project, Commodity & Infrastructure Finance; Global Head, Global Structured Products; advisor to MS funds | 1997–2023 | Led capital raising and advisory focused on commodities, infrastructure and energy finance |
| United States Army | Captain (active and reserve) | 1989–2002 | Leadership and risk management experience |
External Roles
| Organization | Role | Tenure | Scope/Responsibilities |
|---|---|---|---|
| I Squared Capital | Senior Policy Advisor | Jan 2024–present | Advisory; affiliation with a 16.9% KNTK holder with director designation rights |
| Klesch Group Limited | Deputy Chairman | Jan 2024–present | Strategy, finance, risk management |
Board Governance
- Independence: Board determined Kumar is independent under NYSE rules .
- Committee assignments: None (not a member of Audit, Compensation, or Governance) .
- Attendance: In 2024, the Board held 6 meetings and each continuing director attended or participated in all regularly scheduled Board and committee meetings of which they were a member .
- Lead Independent Director: Laura A. Sugg .
- Shareholder designation context: I Squared owns ~16.9% and may nominate one director; it nominated Michael Kumar. ISQ’s designation rights were reduced from two to one after a March 2025 sale; an ISQ designee (Jesse Krynak) did not seek reelection and stepped down March 12, 2025 .
| Governance Item | Status |
|---|---|
| Committee memberships | None |
| Independence | Independent under NYSE rules |
| 2024 Board meeting attendance | 6/6 (all continuing directors attended) |
| Designating stockholder linkage | I Squared nomination; ISQ ownership ~16.9% |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | No compensation is paid to directors designated by I Squared; standard non-employee retainer is $110,000, but Kumar receives none as an ISQ designee . |
| Committee chair fees | $0 | Not applicable; no committee roles . |
| Lead director retainer | $0 | Not applicable . |
| Meeting fees | $0 | Not disclosed; policy compensates via retainers, not per-meeting fees . |
Performance Compensation
| Equity Component | Grant Value | Vesting/Performance |
|---|---|---|
| Annual director equity (RSUs) | $0 | Directors designated by I Squared receive no equity compensation; standard annual equity for non-employee directors is $140,000 in fully vested RSUs, but Kumar receives none . |
| Performance-linked metrics | N/A | Director equity is fully vested RSUs (no PSUs for directors); Kumar receives none as ISQ designee . |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None (within last 5 years) |
| Interlocks | Affiliated with I Squared (Senior Policy Advisor); ISQ is a 16.9% KNTK holder with one director designation right; Audit Committee reviews and resolves potential conflicts for related-party transactions involving Blackstone/I Squared . |
| Prior public company boards | None disclosed |
Expertise & Qualifications
- Finance, capital markets, and structured products leader; extensive experience in commodity, infrastructure, and energy finance; accounting and finance expertise highlighted by Board .
- Strategy, risk management responsibilities at Klesch Group; leadership background including U.S. Army service .
Equity Ownership
| Metric | Value |
|---|---|
| Shares beneficially owned (Class A) | 0 |
| Shares beneficially owned (Class C) | 0 |
| Combined voting power | 0% |
| Shares pledged | None disclosed; pledging prohibited by policy for directors/officers |
| Anti-hedging/pledging policy | Company prohibits hedging and pledging by directors; margin accounts prohibited |
| Director stock ownership guidelines | Non-employee directors must own stock ≥ 5x annual cash retainer; guidelines and retention requirements apply under Director Compensation Policy; compliance noted for non-employee directors excluding a new appointee, but Kumar receives no compensation/equity as an ISQ designee |
Governance Assessment
- Positive signals:
- Formally independent under NYSE despite nomination by a significant shareholder; strong attendance and no committee-overload risk .
- Robust related-party oversight: Audit Committee required to review and resolve conflicts for transactions involving Blackstone/I Squared; comprehensive anti-hedging/pledging policy .
- Potential concerns and monitoring items:
- Alignment: No disclosed share ownership and no director pay/equity due to ISQ designee status could reduce direct economic alignment with public shareholders .
- Influence: Ongoing affiliation with I Squared, a 16.9% holder with nomination rights, warrants continued scrutiny of related-party transactions and independence in practice (though Board affirms independence) .
- Committee engagement: No committee assignments; board-level contribution should be assessed via meeting participation and strategic input given capital markets expertise .
Overall, Michael Kumar brings deep financing and risk expertise to Kinetik’s Board and is deemed independent; however, lack of personal ownership and non-participation in director compensation/equity (as an ISQ designee) create an alignment gap that investors may monitor alongside the efficacy of the Company’s related-party and independence controls .