Raymond Kaszuba
Northwest Natural HoldingAbout Raymond Kaszuba
Senior Vice President and Chief Financial Officer of Northwest Natural Holding Company (NW Natural Holdings) and NW Natural since August 31, 2024; age 45 at appointment; BS in Business Administration (University of Dayton) and MBA (Carnegie Mellon Tepper) . Prior roles include Interim President and prior VP & CFO of AmeriGas, VP & Treasurer at UGI Corporation, and senior finance/treasury roles at Enviva, ExxonMobil, Allegheny Energy, and US Bank . Company performance context: FY 2024 revenues $1,152.994 million vs. FY 2023 $1,197.475 million ; FY2023 1197475000.0 ]; EBITDA rose to $358.602 million* from $343.987 million*; Net Income fell to $78.871 million from $93.868 million; ROE 5.91%* vs. 7.63%* ; FY2023 93868000.0 ; ROE FY2024 5.9096*; FY2023 7.6337*]. Long-term incentive payouts for the 2022–2024 cycle were reduced to 71.60% of target due to a below-target 3-year relative TSR modifier, despite meeting ROIC threshold and 95.47% EPS factor .
Values marked with * were retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AmeriGas (UGI subsidiary) | Interim President | Nov 2023–Aug 2024 | Senior leadership of U.S. largest propane distributor |
| AmeriGas (UGI subsidiary) | Vice President & Chief Financial Officer | Oct 2022–Nov 2023 | Led finance function in energy distribution |
| UGI Corporation | Vice President & Treasurer | Jul 2020–Oct 2022 | Corporate treasury leadership across energy businesses |
| Enviva | SVP Finance & Treasurer; VP & Treasurer | 2015–2020 | Finance/treasury roles at renewable bioenergy producer |
| ExxonMobil; Allegheny Energy; US Bank | Treasury, finance, audit roles | Prior to 2015 | Early-career finance and audit experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed in NWN filings |
Fixed Compensation
| Component | Amount | Timing/Notes |
|---|---|---|
| Base Salary | $525,000 | Effective Aug 31, 2024 |
| Hiring Bonus | $200,000 | Paid at commencement |
| Relocation Cash Payment | $100,000 | Paid at commencement |
Performance Compensation
| Plan | Metric | Weighting | Target | Actual | Payout/Factor | Vesting/Timing |
|---|---|---|---|---|---|---|
| EAIP (Company Performance Factor) | Net Income | 71.43% of 70% | $88,736,712 | $90,631,155 (adjusted) | 122.87% factor | Cash; paid by Mar 15, 2025 |
| EAIP (Company Performance Factor) | Operations | 28.57% of 70% | Multiple safety/operational goals | Achieved aggregate | 92.73% factor | Cash; paid by Mar 15, 2025 |
| EAIP (Individual/Priority Goals) | NEO-specific goals incl. ROIC component | 30% | NEO goals | NEO avg 154.14% (range 143–169.10%) | Contributes to overall 126.40% avg payout | Cash; paid by Mar 15, 2025 |
| Performance Shares (LTIP) | ROIC threshold | — | ≥ 4.26% (2024 grants threshold) | 3-yr avg adjusted ROIC 5.70% (2022–2024 cycle) | Threshold met | Shares issued post cycle |
| Performance Shares (LTIP) | 3-yr Cumulative EPS | — | 100% = target; 105% = 185% | 95.47% factor (2022–2024 cycle) | 95.47% | Shares issued post cycle |
| Performance Shares (LTIP) | 3-yr Relative TSR modifier | — | ±25% modifier | Below-target TSR | −25% modifier → 71.60% payout | Shares issued post cycle |
| EAIP – Raymond J. Kaszuba (2024) | Target Award % of Base | Target Amount | Actual as % of Target | Actual Award |
|---|---|---|---|---|
| Pro-rated for Aug 31 start | 60% | $105,872 | 124% | $131,000 |
| Note | — | — | — | Had he served full year, actual would have been $389,000 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Dec 31, 2024) | 0 shares directly; unvested time-based RSUs of 7,815 excluded from “beneficial ownership” table (>60 days vest) |
| Total Shares Including Unvested/Deferred | 7,815 (time-based RSUs) |
| Vested vs. Unvested | Vested: 0; Unvested RSUs: 7,815 |
| RSU Grant (Off-cycle attraction/retention) | 7,815 RSUs granted 9/1/2024; vesting in three equal tranches (2,605) on Sept 1, 2025, 2026, 2027; no performance threshold; subject to continued employment |
| RSU Fair Value at Grant | $314,319 |
| RSU Market Value (12/31/2024) | $309,161 (based on $39.56 close) |
| Acceleration (death/disability) | Time-based RSUs immediately vest; estimated value $373,620 at 12/31/2024 |
| Stock Ownership Guidelines | Senior VPs/NEOs: 2x base salary; Board found NEOs have achieved or are making appropriate progress (Feb 2025 review) |
| Hedging/Pledging Policy | Hedging prohibited; pledging restricted (non-recourse margin/loans restricted) |
| Options | Company does not grant options to directors/officers in current program |
Employment Terms
| Agreement/Term | Key Economics/Details |
|---|---|
| Indemnity Agreement | Executed in standard form for executive officers |
| Change-in-Control Severance | Double-trigger; 2x base salary + target annual bonus; no tax gross-up |
| Estimated CIC Payouts (hypothetical at 12/31/2024) | Cash Severance: $1,680,000; Insurance Continuation: $55,865; RSU Acceleration: $373,620; Performance Share Acceleration: $0; Total: $2,109,485 |
| Deferred Compensation | Eligible for non-qualified deferred compensation plan; no above-market interest credited for 2024 (Kaszuba: $0) |
| Pension/SERP | Not a participant in defined benefit pension or SERP; N/A |
| Clawback (Compensation Recovery Policy) | Company must recover erroneously awarded incentive compensation following material restatement; applies to executive officers |
Company Performance Context (FY)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues (USD) | $1,197,475,000 | $1,152,994,000 |
| EBITDA (USD) | $343,987,000* | $358,602,000* |
| Net Income (USD) | $93,868,000 | $78,871,000 |
| Return On Equity (%) | 7.63%* | 5.91%* |
Values marked with * were retrieved from S&P Global.
Investment Implications
- Compensation alignment: EAIP is formulaic with 70% company metrics (Net Income and Operations) and 30% individual/priority goals including a ROIC component, producing an average 126.40% payout in 2024; Kaszuba’s pro-rated award at 124% of target suggests strong alignment and execution under challenging regulatory conditions .
- Retention and selling pressure: Significant unvested RSUs (7,815) vest ratably each Sept 1 (2025–2027), creating potential discretionary selling windows around vest dates; however, hedging is prohibited and pledging restricted, moderating alignment risks .
- Change-in-control economics: Double-trigger 2x salary+bonus and immediate vesting of time-based RSUs on death/disability provide downside protection but are standard in utilities; estimated CIC total of ~$2.11M highlights moderate severance exposure without tax gross-ups .
- Pay-for-performance discipline: 3-year LTIP payouts cut by 25% due to below-target relative TSR, even with ROIC threshold met and 95.47% EPS factor, indicating the committee applied negative discretion consistent with shareholder outcomes .
- Execution risk: FY 2024 net income and ROE down versus 2023 while EBITDA rose*, with EAIP adjustments excluding Oregon rate-case and acquisition expenses; near-term focus likely on stabilizing earnings and navigating regulatory outcomes while integrating acquisitions ; ROE FY2024 5.9096*; EBITDA FY2024 358602000.0*].