Ronald Keating
EnproAbout Ronald C. Keating
Independent director at Enpro Inc. (NPO) since 2023; age 56. Currently President & CEO of Excelitas Technologies Corp. (since Oct 2023); previously President & CEO of Evoqua Water Technologies Corp. (2014–2023). Education: MBA, Kellogg School of Management, Northwestern University; BS in Industrial Distribution, Texas A&M University. Core credentials: 15+ years as CEO, deep operating and M&A experience, governance, finance/audit/risk/cybersecurity expertise, and knowledge of Enpro’s end markets .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Excelitas Technologies Corp. | President & CEO; Director | Oct 2023–present | Industrial technology/photonic solutions leadership; operating, strategy, M&A, risk and cybersecurity oversight |
| Evoqua Water Technologies Corp. | President & CEO; Director | Dec 2014–Sep 2023 | Led NYSE-listed global water solutions firm; extensive senior management and operating experience |
| Contech Engineered Solutions LLC | Chairman, President & CEO | May 2008–Nov 2014 | Infrastructure products leadership; strategy and operations |
| Contech Engineered Solutions LLC | President & COO | Aug 2007–May 2008 | Senior operating leadership |
| Kennametal Inc.; Ingersoll-Rand Inc. | Senior leadership roles | Prior to 2007 | Manufacturing/operations experience |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Evoqua Water Technologies Corp. | Director | Within last five years | NYSE-listed; prior board seat |
| US Ecology, Inc. | Director | Within last five years | Prior public company board seat |
Board Governance
- Committee assignments: Audit & Risk Management (member), Compensation & Human Resources (member), Nominating & Corporate Governance (member). Chairs: Audit—John Humphrey; Compensation—Thomas M. Botts; Nominating—Judith A. Reinsdorf .
- Independence: Board determined all nominees other than the CEO are independent; Keating is independent .
- Attendance: Board met 4 times in 2024; each director attended at least 75% of board and committee meetings during their service period. All director nominees then serving attended the 2024 annual meeting .
- Board leadership: Independent Chairman (David L. Hauser) acts as lead independent; independent directors meet regularly in executive sessions without management .
- Ownership and conduct policies: Directors must reach ≥5x cash retainer in stock within 5 years; anti-hedging and anti-pledging policies apply; all directors/officers certified Code of Conduct compliance in Q1 2025 .
- Shareholder engagement & say-on-pay: 2024 say-on-pay approved by ~94.6%; active outreach with governance feedback incorporated by the Compensation Committee .
Fixed Compensation
| Component (2024) | Amount | Detail |
|---|---|---|
| Annual cash retainer | $100,000 | Keating deferred $100,000 into stock account, credited with 619 stock units under the director deferred plan |
| Annual equity grant (stock/phantom) | $132,423 | Standard award of 803 shares or phantom shares valued at closing price on 2/15/2024; directors may elect phantom shares |
| All other comp | — | No other 2024 director-specific cash comps for Keating disclosed |
| Total | $232,423 | Sum of fees and stock awards |
Notes: Non-employee directors also receive additional cash fees only if they chair committees (Audit $20k; Compensation $15k; Nominating $10k) or serve as Board Chair ($100k). Keating is not a chair .
Performance Compensation
- For directors, annual equity is time-based (fully-vested shares or phantom shares) and/or deferred stock units; no performance-conditioned metrics are tied to director compensation. Phantom shares receive dividend equivalents; deferred stock accounts accrue units based on fair market value; payouts occur at/after board service end per plan terms .
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Prior public company boards | Evoqua Water Technologies Corp.; US Ecology, Inc. |
| Committee interlock | Keating serves on Enpro’s Compensation Committee while serving as Excelitas CEO |
| Commercial relationship | Excelitas is a customer of Enpro’s Alluxa division; 2024 transactions ≈$423,000 on standard commercial terms; Board concluded not material and not a material relationship for independence |
Expertise & Qualifications
- Senior leadership (CEO), manufacturing/operations, M&A/business development, corporate governance, finance/audit/risk/cybersecurity, and experience across Enpro’s end markets .
Equity Ownership
| Ownership item | Quantity | Notes |
|---|---|---|
| Beneficially owned shares | 2,283 | Includes shares acquirable within 60 days under phantom share awards payable in shares upon board service end |
| Director stock units (deferred plan) | 1,199 units | Deferred from cash fees; paid in shares upon cessation of service |
| Phantom shares | 1,598 | Phantom share holdings including dividend equivalents, to be settled in shares of common stock |
| Percent of class | <1% | Individual ownership; directors and executive officers as a group 1.5% |
Policies: No hedging or pledging of Enpro stock by directors is permitted; directors must reach ≥5x cash retainer in stock within five years; as of Feb 13, 2025, all directors with ≥5 years tenure complied (Keating joined in 2023) .
Governance Assessment
- Board effectiveness: Keating brings current operator perspective (Excelitas CEO) and prior public-company CEO experience (Evoqua), strengthening Audit/Compensation/Nominating oversight and risk governance, consistent with Enpro’s practice that all independent directors serve on all committees except Executive Committee .
- Independence and engagement: Determined independent; met attendance thresholds; participates in committees with independent chair structures; robust shareholder engagement and strong say-on-pay outcomes support investor confidence .
- Alignment and incentives: Director pay mix (cash + equity) with meaningful stock ownership guidelines and widespread use of deferrals/phantom shares promotes alignment; anti-hedging/pledging and clawback policies enhance governance rigor .
- Related-party exposure: Excelitas-Alluxa customer relationship (~$423k in 2024) is small, on standard terms, reviewed by the board, and deemed immaterial; nevertheless, continued monitoring is prudent given Keating’s Compensation Committee role .
Red flags and mitigants:
- RED FLAG (potential conflict): Excelitas customer transactions while Keating serves on Compensation Committee; mitigated by immaterial size (~$423k), standard terms, and explicit board independence determination .
- No pledging/hedging; no Section 16(a) delinquencies in 2024; robust clawback framework (Dodd-Frank policy) with recent restatement review resulting in no recovery required .