William Ordemann
About William Ordemann
Independent director at Kinetik Holdings Inc. (KNTK); age 65; appointed to the Board in April 2024; 38 years of energy industry experience with 25 years focused on gas gathering/processing, transmission, NGLs, crude/refined products, and petrochemicals; B.S. Chemical Engineering, Virginia Tech . The Board has determined he is independent under NYSE and SEC rules . In 2024, the Board held 6 meetings and each then‑serving continuing director attended all regularly scheduled Board and committee meetings (indicating full attendance across continuing directors) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Enterprise Products Partners L.P. and affiliates | Numerous executive roles including Executive Vice President; responsible for engineering, operations, EHS, and supply chain (2007–2012) | 1999–2019 (retired late 2019) | Senior operating and commercial leadership across midstream value chain |
| Shell Midstream Enterprises, LLC | Senior roles in operations, engineering, commercial | Pre‑1999 | Midstream operations and commercial experience |
| Tejas Natural Gas Liquids, LLC | Senior roles in operations, engineering, commercial | Pre‑1999 | NGL marketing/operations expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed within last 5 years |
Board Governance
| Governance Element | Detail |
|---|---|
| Independence | Independent under NYSE and SEC standards |
| Committees | Audit Committee (member); Governance & Sustainability Committee (member) |
| Committee Chairs | None (Audit Chair: Deborah Byers; Compensation Chair: Kevin McCarthy; Governance Chair: Laura Sugg) |
| Attendance | Company reports each then‑serving continuing director attended all regularly scheduled 2024 Board and committee meetings; Board met 6x, Audit 5x, Governance 5x |
| Lead Independent Director | Laura A. Sugg |
| Board leadership | Separate Chair and CEO; Chair designated by Blackstone under stockholders agreement through 12/31/2024; ongoing review of structure |
| Cyber/Risk oversight | Audit oversees ERM and cybersecurity; Management provides quarterly updates and dashboard; Audit also resolves related‑party conflicts (Blackstone/I Squared) |
| Anti‑hedging/pledging | Directors prohibited from hedging or pledging KNTK securities; margin accounts prohibited |
Fixed Compensation
| Component | Amount/Policy | Evidence |
|---|---|---|
| Annual cash retainer (policy) | $110,000 (raised from $100,000 in May 2024) | |
| Additional retainers (policy) | Lead Director $30,000; Audit Chair $35,000; Compensation Chair $20,000; Governance Chair $15,000 | |
| Annual equity (policy) | $140,000 in fully vested RSUs; newly elected non‑employee directors generally receive ~$140,000 grant upon joining | |
| 2024 cash actually earned (Ordemann) | $81,896 (pro‑rated, appointed Apr 3, 2024) | |
| 2024 equity actually granted (Ordemann) | $142,799 grant date fair value | |
| 2024 total director comp (Ordemann) | $224,695 | |
| Deferral election (2024 equity) | Deferred settlement until earliest of termination, change of control, or Jan 1, 2027 |
Performance Compensation
- Structure: Non‑employee director equity is granted as fully vested RSUs; no performance conditions or options are used for director compensation .
- Performance metrics: None applicable for directors (policy is time‑based/fully vested RSUs, no performance criteria) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed within last 5 years |
| Prior public company boards (recent 5 yrs) | None disclosed |
| Potential interlocks/conflicts | Former EVP at Enterprise Products Partners (midstream competitor), retired 2019; no ongoing related‑party ties disclosed . Audit Committee (of which he is a member) is designated to resolve related‑party transactions involving Blackstone/I Squared affiliates . |
Expertise & Qualifications
- Midstream operating and commercial leadership across gas gathering/processing, transmission, NGLs, crude/refined products, and petrochemicals; 38 years industry experience; B.S. Chemical Engineering (Virginia Tech) .
- Committee fit: Serves on Audit and Governance; not designated an “Audit Committee Financial Expert” (ACFE designation is held by Byers, McCarthy, Leland) .
- Board skills matrix: Operations/engineering, industry experience, finance/capital management, risk management, governance among Board‑level competencies reported (matrix at Board level, not director‑specific) .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (Class A) | 4,046 shares; <1% of outstanding; business address as company HQ |
| Ownership guidelines (directors) | Must own ≥5x annual cash retainer; guideline explicitly noted as “5x annual cash retainer ($110,000)” |
| Compliance status | All non‑employee directors except Mr. Ordemann are currently in compliance; Mr. Ordemann has until November 2028 to meet guideline (newly appointed) |
| Hedging/pledging | Prohibited for directors under Insider Trading Policy |
| 2024 equity deferral | Deferred settlement of 2024 equity to termination/CIC/Jan 1, 2027 |
Governance Assessment
-
Strengths
- Independent director with deep midstream operating and EHS background; sits on Audit and Governance committees, aligning expertise with risk, controls, and governance oversight .
- Company‑reported perfect attendance across then‑serving continuing directors; Board, Audit, and Governance met 6/5/5 times respectively, supporting engagement cadence .
- Strong guardrails: anti‑hedging/pledging, director ownership requirements (5x retainer), regular executive sessions, and Audit Committee conflict‑resolution mandate for related‑party matters (salient given Blackstone/I Squared ownership) .
- Director pay structure balanced (cash + equity), market‑aligned increases in 2024; uses fully vested RSUs and allows deferral elections which can support long‑term alignment via holding .
-
Watch items
- Ownership alignment building phase: as an April 2024 appointee, Mr. Ordemann is not yet at the 5x retainer ownership guideline and has until November 2028 to comply; monitor accumulation pace and any deferral elections/holding behavior .
- Board sponsor concentration: Blackstone holds ~49% combined voting power and designates the Chair; although Mr. Ordemann is independent, overall governance relies on robust independent committee oversight in which he participates (not a red flag on him, but relevant context) .
-
Investor confidence signals
- Board independence remains high (9 of 10 directors independent; all committee members independent); separation of Chair/CEO; Lead Independent Director role maintained .
- Company‑wide Say‑on‑Pay support was high in 2024 (99.7%), indicative of broader governance/compensation alignment; while focused on executives, it supports overall governance posture that directors oversee .
No related‑party transactions, loans, or pledging/hedging by Mr. Ordemann are disclosed; oversight of related‑party conflicts is explicitly assigned to the Audit Committee, where he serves .