Kelly Huntington
MYR GROUPAbout Kelly Huntington
Senior Vice President and Chief Financial Officer of MYR Group since February 24, 2023; previously appointed SVP on January 9, 2023 (age 47 at appointment). Prior roles include CFO and CEO positions in the utility sector; education includes a BS in Management Science from MIT and an MBA from Northwestern Kellogg . Company performance under her tenure: 2023 revenues $3.64B and net income $91.0M; 2024 revenues declined to $3.36B with net income $30.3M; backlog increased to $2.58B in 2024 from $2.51B in 2023 . Long-term equity metrics used in pay design produced max 200% payouts for 2021 ROIC and TSR PSUs (TSR at 82nd percentile) and an above-threshold 64% payout for 2022 TSR PSUs (38th percentile) with aggregate 2022 ROIC payout of 100.1% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| USIC, LLC | Senior Vice President & Chief Financial Officer | 2019–2022 | Led finance at utility damage prevention firm |
| OneAmerica Financial Partners, Inc. | Senior Vice President, Enterprise Strategy | 2015–2019 | Corporate strategy leadership in financial services |
| Indianapolis Power & Light (AES) | Senior Vice President & CFO; later President & CEO | CFO 2011–2013; CEO 2013–2015 | Executive leadership at regulated utility, operational and financial oversight |
| The AES Corporation | Multiple roles (parent company of IPL) | Various | Global utility experience and leadership depth |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Capital Power (TSX: CPX) | Director | Current | Public company board service |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $423,077 | $494,615 (paid) / $500,000 base rate |
| Target Bonus (% of base) | 70.0% target (49.0% financial; 10.5% TCIR; 10.5% LTIR) | 75.0% target (52.5% financial; 11.3% TCIR; 11.3% LTIR) |
| Actual MIP Bonus Paid ($) | $326,712 | $235,852 (includes $205,089 safety payout + $30,763 individual adjustment; no financial payout) |
| Sign-on Bonus ($) | $100,000 (paid Jan 25, 2023) | — |
Performance Compensation
Annual Cash Incentive (MIP) – 2024
| Metric | Weighting | Target | Actual | Payout Component | Vesting |
|---|---|---|---|---|---|
| Pre-tax Income | 52.5% of salary | $133,833k | $46,493k | $0 (below threshold) | Cash; paid annually |
| Total Case Incident Rate (TCIR) | 11.3% of salary | 1.16 | 0.78 | Included in $205,089 safety payout | Cash; paid annually |
| Lost Time Incident Rate (LTIR) | 11.3% of salary | 0.14 | 0.10 | Included in $205,089 safety payout | Cash; paid annually |
| Individual Performance Adjustment | — | — | — | $30,763 | Cash; paid annually |
For reference, 2024 MIP payout ranges for Huntington: threshold 37.5% of salary; target 75.0%; maximum 150.0% .
Long-Term Equity (LTIP) – 2024 Grant Mix and Terms
| Instrument | Weighting | Grant Date | Target Units | Vesting | Payout Curve |
|---|---|---|---|---|---|
| Restricted Stock Units (RSUs) | 30% of LTIP | Mar 22, 2024 | 1,304 | Ratable over 3 years; time-based | |
| ROIC Performance Shares (PSUs) | 30% of LTIP | Mar 22, 2024 | 1,304 (threshold 652; max 2,608) | Cliff vests Dec 31, 2026 if earned | 50% at threshold; 100% at target; 200% at max |
| TSR Performance Shares (PSUs) | 30% of LTIP | Mar 22, 2024 | 932 (threshold 233; max 1,864) | Cliff vests Dec 31, 2026 if earned | 0% <25th; 25% at 25th; 100% at 50th; 200% at 75th+ |
| ESG Performance Shares (PSUs) | 10% of LTIP | Mar 22, 2024 | 434 (threshold 217; max 868) | Cliff vests Dec 31, 2026 if earned | 0% <25th; 25% at 25th; 100% at 50th; 200% at 75th+ |
Grant-date fair values (Kelly Huntington): RSUs $224,966; ROIC PSUs $224,966; TSR PSUs $224,817; ESG PSUs $74,874; total $749,623 .
Historical PSU outcomes:
- 2021 grants (vested 12/31/2023): ROIC total achievement 200%; TSR at 82nd percentile → 200% of target earned .
- 2022 grants (vested 12/31/2024): Aggregate ROIC payout 100.1%; TSR at 38th percentile → 64.0% of target .
Equity Ownership & Alignment
| Metric | As of Feb 29, 2024 | As of Feb 28, 2025 |
|---|---|---|
| Share Ownership (#) for guideline purposes | 1,099 | 4,415 |
| Value of Share Ownership ($) | $172,136 (based on guideline methodology) | $799,203 (based on guideline methodology) |
| Stock Ownership Guideline | 3× base salary | 3× base salary |
| Current Ownership Multiple | 0.4× | 1.6× |
- Stock ownership policy requires achievement within 5 years; executives must retain net shares from RSU/PSU vesting until compliant .
- Hedging, short-selling, margining, and pledging of MYRG stock are prohibited by policy .
- No stock options granted in 2024; equity is via RSUs and PSUs .
Employment Terms
| Term | Details |
|---|---|
| Appointment and Role | Appointed SVP on Jan 9, 2023; became CFO on Feb 24, 2023; principal financial and accounting officer |
| Base Salary at Hire | $440,000 per year (effective Jan 9, 2023) |
| Sign-on/Relocation | $100,000 sign-on; relocation reimbursement $124,345; both subject to 2-year repayment upon voluntary resignation |
| Contract Renewal | Auto-renews annually following initial term; notice required to prevent renewal |
| Non-compete/Non-solicit/Confidentiality | One-year post-termination non-compete/non-solicit; confidentiality obligations |
| Severance (No CIC) | Lump sum = 2× (base salary + target bonus) + 24 months COBRA costs |
| Severance (Double-trigger CIC ≤12 months) | Lump sum = 3× (base salary + target bonus) + 24 months COBRA costs |
| Tax Gross-up | None (no excise tax gross-ups) |
| Clawback | Company maintains executive clawback policy compliant with Nasdaq |
| 2024 Termination/CIC Value Illustration | As of 12/31/2024: Termination w/o cause or for good reason: $2.57M total; Double-trigger CIC: $3.89M total (includes severance, welfare benefits, accelerated equity) |
Investment Implications
- Pay-for-performance emphasis: 2024 cash incentives paid only for safety performance with no financial payout; equity mix heavily uses ROIC, relative TSR, and ESG PSUs with capped outcomes and three-year performance periods, aligning rewards with shareholder value creation .
- Alignment ramping: Huntington’s ownership multiple improved from 0.4× to 1.6× between Feb 2024 and Feb 2025; guideline is 3×, with retention requirements until compliant—suggests continuing accumulation and reduced near-term selling pressure, aided by anti-hedging/pledging rules .
- Retention/transition risk: Robust double-trigger CIC and severance (2×/3× salary+target bonus plus benefits) mitigates departure risk; auto-renewal and non-compete/non-solicit provisions further stabilize tenure .
- Performance track: After a strong 2023 (record revenues and high PSU payouts), 2024 results declined materially; the 2024 design tightened MIP caps and added ESG PSUs, keeping payouts sensitive to multi-factor performance and limiting windfall risk .
Say-on-Pay support remains high (93% in 2023; >94% in 2024), indicating investor acceptance of program design .