Michael Lowe
About Michael Lowe
Michael Lowe, 41, is Chief Accounting Officer (CAO) of New Fortress Energy (NFE) as of April 29, 2025; he has led NFE’s financial reporting and technical accounting since 2019 and previously served as a Director in PwC’s Capital Markets and Accounting Advisory Services practice from 2008–2019, advising on capital markets transactions and complex accounting issues . Company performance context: NFE reported 2024 Adjusted EBITDA of $949,999k and a net loss of $(242,387)k; the value of a $100 initial investment measured by TSR was $109.61 in 2024 (see table), and the company identifies Adjusted EBITDA and net income as key performance measures . NFE has an executive clawback policy effective December 1, 2023 and prohibits insider hedging and pledging with limited exceptions, supporting alignment and compliance for executive officers including the CAO .
NFE Performance (context for Lowe’s tenure)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Total Shareholder Return – $100 initial value | $156.82 | $278.22 | $271.41 | $109.61 |
| Net Income (USD Thousands) | $92,711 | $184,786 | $548,876 | $(242,387) |
| Adjusted EBITDA (USD Thousands) | $604,560 | $1,071,309 | $1,282,430 | $949,999 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New Fortress Energy | Chief Accounting Officer | Apr 29, 2025–Present | Executive oversight of all financial reporting and technical accounting |
| New Fortress Energy | Senior Vice President, Accounting | 2019–Apr 29, 2025 | Led financial reporting and technical accounting function |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PwC | Director, Capital Markets & Accounting Advisory Services | 2008–2019 | Advised clients on capital markets transactions and complex accounting issues |
Fixed Compensation
- No individual compensation data for Michael Lowe was disclosed for 2024; he was not a named executive officer until his appointment as CAO on April 29, 2025 .
Performance Compensation
- NFE historically did not use pre-established performance goals for annual cash bonuses; payouts were discretionary based on Company and individual performance (not specific to Lowe) .
- Long-term incentives are granted under the 2019 Omnibus Incentive Plan (RSUs/PSUs); NFE does not grant stock options or similar instruments (program-level policy) .
Equity Ownership & Alignment
- Michael Lowe is not listed among directors or named executive officers in the Security Ownership table; no beneficial ownership details specific to him are disclosed in the proxy .
- Hedging, margining, and pledging of Company securities are prohibited for insiders, with limited pre-approved exceptions; Rule 10b5-1 trading plans are permitted .
- Clawback: Effective December 1, 2023, the Compensation Committee will seek reimbursement of incentive-based compensation upon a required accounting restatement (applies to executive officers) .
Employment Terms
- Start date as CAO: April 29, 2025 .
- The proxy does not disclose a specific offer letter or employment agreement for Lowe. At the program level, NFE discloses:
- No employment agreements/offer letters providing cash severance to named executive officers upon termination or change in control; RSUs generally fully vest upon termination without cause within 12 months following a change in control, with performance conditions deemed achieved (award agreements govern “good reason,” which was not included for noted NEOs) .
- Insider trading policy and compliance expectations, including prohibitions on hedging/pledging and allowance for Rule 10b5-1 plans .
- Executive clawback policy consistent with SEC rules .
Governance & Compensation Committee Environment
- Compensation Committee was aligned to Nasdaq/SEC requirements (independent directors) from October 1, 2024; members: David J. Grain, C. William Griffin, Timothy W. Jay .
- No compensation consultant retained for 2024; say-on-pay approval was ~99.5%, indicating strong shareholder support for the program design .
- Most important performance measures listed: Adjusted EBITDA and net income .
Investment Implications
- Alignment: Prohibitions on hedging/pledging and an enforceable clawback reduce agency risk and support long-term alignment for executive officers, including the CAO .
- Retention and selling pressure: No individual equity grant or ownership disclosure for Lowe limits visibility into vesting-driven selling pressure; company-level RSU acceleration in change-in-control scenarios could impact executive retention dynamics, but Lowe’s specific award terms are not disclosed .
- Execution risk: Lowe’s deep technical accounting and reporting leadership at NFE since 2019 and prior capital-markets advisory experience at PwC mitigate reporting/execution risk in a complex, capital-intensive business; however, 2024 net loss and lower Adjusted EBITDA versus 2023 frame a challenging operating backdrop requiring continued discipline in financial controls and capital allocation .