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Lloyd M. Yates

President and CEO at NISOURCE
Board
Since February 2022
Age
64 years
Tenure
Joined NI as a Director in March 2020 and was promoted to President and CEO in February 2022.

Also at NISOURCE

GJG
Gunnar J. Gode
VP, Chief Accounting Officer, and Controller
KSC
Kimberly S. Cuccia
SVP, General Counsel, and Corporate Secretary
MBB
Melanie B. Berman
SVP, Chief Human Resources Officer

About

Lloyd M. Yates has over 40 years of experience in the energy industry, showcasing a long history of leadership in regulated utilities and customer service. His career spans significant roles, including various senior leadership positions at Duke Energy and Progress Energy before his transition to NI.

At NI, he initially joined as a Director in March 2020 and quickly ascended to the role of President and CEO in February 2022, driving strategic operations and long-term business growth. This appointment reflects his proven capability in leading large-scale organizations and aligning business operations with industry trends.

Beyond his primary responsibilities at NI, his background includes critical roles in managing energy delivery, grid modernization, and interfacing with regulatory bodies, which reinforces his standing as a seasoned executive in the energy sector. His expertise is further highlighted by active participation in board roles at prominent companies, where he contributes to strategic oversight and governance.

$NI Performance Under Lloyd M. Yates

Past Roles

Organization Role Date Range Details
Duke Energy Corporation Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region 2014–2019 Oversaw regulated utilities in North Carolina and South Carolina with P&L responsibilities
Duke Energy Corporation Executive Vice President of Regulated Utilities N/A Oversaw utility operations in six states along with federal affairs and environmental/energy policy
Duke Energy Corporation Executive Vice President, Customer Operations N/A Led transmission, distribution, customer services, gas operations, and grid modernization functions
Progress Energy, Inc. Senior Leadership Roles 2000–2012 Held various senior leadership roles prior to its merger with Duke Energy
American Water Works Company Inc. Former Board Member N/A Former board membership
Sonoco Products Company Former Board Member N/A Former board membership

External Roles

Organization Role Date Range Details
Marsh & McLennan Companies Board of Directors Current Current board membership

Fixed Compensation

Data from  FY 2023
Component NameAmountPayment ScheduleAdditional Details
Base Salary$1,041,667 AnnualFixed annual base salary
Company Contributions to 401(k) Plan$30,360 AnnualEmployer contributions for 401(k)
Company Contributions to Savings Restoration Plan$65,473 AnnualEmployer contributions to Savings Restoration Plan
Value of Stock Dividends$146,760 AnnualValue received from stock dividends
Perquisites and Personal Benefits$223,998 AnnualIncludes $176,015 relocation assistance and $47,983.11 for company aircraft personal use

Performance Compensation

Data from  FY 2023

Annual Short-Term Incentive (STI)

MetricThresholdTargetStretchActual ResultWeightNotes
Net Operating Earnings Per Share (NOEPS)$1.51 $1.56 $1.61 $1.60 70%180% of target, weighted achievement of 126%
Operational ExcellenceN/A0N/A010%Target achieved
Occupational Health and Safety (DART)0.74 0.70 0.63 0.65 5%171% of target, weighted at 9%
Occupational Health and Safety (PVC)1.73 1.65 1.49 1.49 5%200% achievement
Customer Satisfaction67% 70% 73% 71.5% 10%150% of target, weighted achievement of 15%
  • Overall STI Scorecard Result: 170% of target.
  • Payout Details: Threshold payout: $504,000 ; Target payout: $1,207,500 ; Maximum payout: $2,415,000 ; Final STI Award: $2,500,000 (170% scorecard result × 122.76% performance modifier).
  • Grant Date: January 26, 2023.
  • Evaluation Period: January 1, 2023 – December 31, 2023.
  • Condition: Continued employment and achievement of pre-determined performance goals; vesting occurs upon meeting the performance requirements.

Performance Stock Units (PSUs)

MetricThresholdTargetStretchWeightNotes
Three-Year Cumulative NOEPS$4.86 $5.01 $5.16 50%Aligned with the company’s three-year financial plan
Three-Year Relative Total Shareholder Return (RTSR)30th Percentile 50th Percentile 80th Percentile 25%Relative ranking against a 31-company peer group
Operational Excellence & Safety Index ScorecardN/AN/AN/A10%Composite measures include ILI Miles, Pipe Installed, SAIFI, electric poles inspection, etc.
Employee Engagement Index Score77% 79% 81% 5%Measures employee engagement
Economic Inclusion: Supplier Diversity Spend22% 25% 30% 5%Focus on increasing supplier diversity
Environmental: Greenhouse Gas Emission ReductionN/AN/AN/A5%Targets reduction in vented and fugitive methane emissions
  • Grant Date: January 26, 2023.
  • Grant Date Fair Value: PSU award maximum fair value is $8,418,287 (alternative fair value detail of $4,209,144 noted in some sources ).
  • Number of PSUs Awarded: 145,243.
  • Vesting Schedule: Vesting on February 27, 2026, subject to continuous employment through January 1, 2026; special conditions apply in cases of death, disability, retirement, termination (from January 1, 2024 to December 31, 2025), or a change in control.
  • Dividend Equivalent Rights: Dividend equivalents are credited and reinvested in additional PSUs under the same vesting and forfeiture terms.