Robert Apple
MASTECAbout Robert Apple
Robert Apple, age 75, is MasTec’s Chief Operating Officer and has served in this role since December 2006. He is a graduate of the U.S. Naval Academy and a former U.S. Marine Corps lieutenant colonel who graduated from the Naval Fighter Weapons School (“Top Gun”) and helped roll out the F/A‑18 strike fighter; his prior industry roles include COO and board member of Via Digital (Telefónica affiliate), SVP at DIRECTV, and leadership positions at Hughes Electronics in the U.S. and Europe . Under the leadership of CEO Jose Mas and COO Robert Apple, MasTec scaled revenue from $940 million in 2006 to $12.3 billion in 2024, with adjusted EBITDA up 19% year over year to $1.0 billion and a three-year TSR of 47.5% as of year-end 2024; backlog reached a record $14.3 billion and liquidity $2.2 billion .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MasTec | Group President, Energy Service Operations | 2005–2006 | Led energy services operations prior to COO appointment |
| DIRECTV | Senior Vice President | 2001–2004 | Oversaw installation/service network, warranty, supply chain, national dispatch |
| Via Digital (Telefónica affiliate) | Chief Operating Officer; Board Member | 1997–2001 | Operated direct broadcast satellite business in Spain/LatAm markets |
| Hughes Electronics | CEO Hughes Electronics–Spain; VP Hughes Europe; Program Manager | 1985–1996 | European expansion and program leadership in training/support systems |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Domtar Corporation (NYSE: UFS) | Board Member; Chairman; Chair of Nominating & Governance | Since Oct 2012 (noted tenure) | Governance leadership at fiber-based products provider |
Fixed Compensation
| Component | 2022 | 2023 | 2024 | 2025 | Notes |
|---|---|---|---|---|---|
| Base Salary ($) | $697,463 | $737,339 | $769,231 | $800,000 | 2025 base effective Apr 1, 2025 |
| Annual Cash Bonus ($) | $840,000 | $756,000 | $1,120,000 | — | Bonus opportunity up to base salary per agreement |
| Perquisites ($) | $61,988 | $79,343 | $79,943 | — | See breakdown below |
Perquisites breakdown (2024):
- Car lease/allowance: $63,611
- 401(k) matching contribution: $13,800
- Executive Supplemental Long-Term Disability: $2,507
- Employee awards (gift cards): $25
Performance Compensation
| 2024 Incentive Awards | Cash ($) | Restricted Stock (Shares) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| COO (Robert Apple) | $1,120,000 | 27,154 | $3,300,000 (at $121.53/sh on 3/18/2025) | 100% cliff vest at 3rd anniversary (Mar 18, 2028 for 2025 grants) |
Annual incentive framework and metrics (2024):
- Threshold: Adjusted EBITDA ≥ $750 million for payout
- Cap: Combined NEO awards capped at 5% of actual adjusted EBITDA; 2024 Adjusted EBITDA = $1,005.6 million
- Metrics considered: Operating performance; revenue, income from operations, adjusted EBITDA, CFOA, DSO reduction, liquidity, net debt reduction; three-year revenue growth, EPS growth, ROIC; safety outcomes
- Weighting/Targets: Not specifically disclosed
Stock vested in 2024:
| Metric | Shares Vested | Value Realized ($) |
|---|---|---|
| Robert Apple | 23,549 | $2,033,692 |
Outstanding unvested RS (as of 12/31/2024) and vesting schedule:
| Grant Date | Unvested Shares | Vest Date | Market Value (12/31/2024, $136.14/sh) |
|---|---|---|---|
| 3/24/2022 | 28,762 | 3/24/2025 | $3,915,659 |
| 3/10/2023 | 32,285 | 3/10/2026 | $4,395,280 |
| 3/05/2024 | 35,888 | 3/05/2027 | $4,885,792 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (3/14/2025) | 199,219 shares; less than 1% outstanding |
| Unvested restricted stock included in ownership | 96,935 shares |
| Ownership guidelines | Requirement: 2x base salary; Apple actual: 18x as of 12/31/2024 (excludes unvested and pledged shares) |
| Anti-hedging/anti-pledging | Company prohibits hedging, short sales, derivatives, margin accounts or pledging unless individual can repay loans without resort to pledged securities; exceptions granted only to specific executives (Chairman, CEO, GC), not disclosed for Apple |
| Vested vs unvested | See outstanding unvested RS table above; vesting dates in 2025, 2026, 2027 |
Employment Terms
| Term | Provision |
|---|---|
| Agreement | Effective January 1, 2010; amended March 31, 2014; remains in effect until terminated |
| Current base salary | $800,000 (effective April 1, 2025) |
| Annual bonus opportunity | Up to base salary; goals established by Compensation Committee in its sole discretion |
| Severance (without cause/for good reason) | 12 monthly payments equal to base salary plus average performance bonuses over last three years; continued benefits; unvested equity continues to vest if obligations not breached; options/awards remain exercisable for full term |
| Change-in-control | 12 monthly payments at annual rate equal to 1.5x base salary and average performance bonuses over last three years; immediate vesting of unvested RS/options; continued benefits; excise tax gross-up if 280G tax triggered (pre‑2016 agreement feature) |
| Non-compete / non-solicit / confidentiality | Present; compliance required for receipt of certain payments/benefits |
| Clawback | Enhanced clawback policy adopted Oct 2023, compliant with SEC/NYSE; recovery of excess incentive comp on restatement irrespective of misconduct |
Potential payout illustration (as of 12/31/2024):
| Scenario | Cash Severance ($) | Accelerated/Continued Equity ($) | Benefits & Perqs ($) | Overall Total ($) |
|---|---|---|---|---|
| Termination without cause/for good reason | $4,673,667 | $13,196,731 | $89,256 | $17,959,654 |
| Change in control | $7,010,500 | $13,196,731 | $89,256 | $20,296,487 |
Performance & Track Record
| Metric | 2024 | Notes |
|---|---|---|
| Revenue ($B) | $12.3 | Record revenue |
| Adjusted EBITDA ($B) | $1.006 | Up 19% YoY |
| Net Income ($M) | $199.4 | Returned to profitability vs 2023 loss |
| Three-year TSR | 47.5% (to 12/31/2024) | Stock price $136.14 at YE 2024 |
| Backlog ($B) | $14.3 | Record backlog |
Major achievements cited by Compensation Committee include rapid scaling beyond the long-term $10B revenue goal set in late 2020, integration of acquisitions, improved cash flow and deleveraging, and positioning for clean energy and power delivery growth .
Compensation Committee Analysis
- Peer group used for benchmarking: Jacobs, AECOM, Quanta Services, EMCOR, KBR, Tutor Perini, Primoris, Tetra Tech, Dycom, Leidos, Textron, Fluor, WSP Global, AtkinsRéalis; MasTec near peer median revenue .
- Committee uses independent consultant (Meridian) for benchmarking and governance updates; no conflicts disclosed .
- Say‑on‑Pay support: ~82% in 2024; no program changes due to vote .
- Program features: majority at-risk pay; RS with 3‑year cliff vesting; bonus caps; stock ownership guidelines; anti-hedging/anti-pledging; enhanced clawback; no option re‑pricings; no excise tax gross‑ups in post‑2016 agreements; commitment to double-trigger CIC in new agreements .
Investment Implications
- Alignment: Apple exceeds ownership guideline at 18x salary vs 2x requirement, signaling strong alignment; a majority of incentive compensation is paid in restricted stock with 3-year cliff vesting .
- Retention and selling pressure: Upcoming RS vesting dates (3/24/2025, 3/10/2026, 3/05/2027) and 2025 grant vesting at 3 years indicate predictable windows for potential Form 4 activity and supply; 2024 vesting realized $2.03M for Apple .
- Governance risk: Apple’s legacy agreement includes a 280G excise tax gross-up and single-trigger CIC terms are not adopted in older contracts, which are shareholder-unfriendly features the company committed to avoid in post‑2016 agreements; this is a moderate governance red flag to monitor .
- Pay-for-performance: Bonus pool constrained to 5% of adjusted EBITDA, threshold at $750M, and metrics include adjusted EBITDA, ROIC, and three-year revenue/EPS growth, supporting performance linkage; Apple’s 2024 incentive payout totaled $4.42M with RS vesting deferred, reinforcing long-term focus .
- Trading signals: Watch Form 4 filings around the March vesting dates and any 8‑K amendments to employment terms; Apple is subject to anti‑hedging/pledging policy with no disclosed exception, reducing risk of misaligned hedging behavior .