Chris Herbold
PLAINS GP HOLDINGSAbout Chris Herbold
Chris Herbold is Senior Vice President, Finance and Chief Accounting Officer at Plains GP Holdings (PAGP), age 52 as of March 24, 2025, with more than two decades at Plains and prior public accounting experience at Arthur Andersen LLP . He joined Plains in April 2002 and progressed through accounting leadership roles, becoming SVP, Finance and Chief Accounting Officer in August 2021 . Company performance metrics relevant to his finance/accounting remit include 2024 Adjusted EBITDA attributable to PAA of $2.779 billion (4% above guidance) and Implied DCF per CUE of $2.49 (2% above guidance), with PAGP/PAA delivering strong shareholder returns and multiple distribution increases in 2024–2025 . Over the 2019–2024 window used in the proxy’s pay-versus-performance disclosure, the value of a $100 initial investment in PAA rose to $137.87, with Adjusted EBITDA attributable to PAA at $2.78B for 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Plains GP Holdings / Plains All American | SVP, Finance & Chief Accounting Officer | Aug 2021–present | Finance and chief accounting leadership for Plains entities |
| Plains GP Holdings / Plains All American | SVP & Chief Accounting Officer | Aug 2018–Aug 2021 | Led enterprise accounting and reporting |
| Plains All American | VP – Accounting & Chief Accounting Officer | Aug 2010–Aug 2018 | Oversaw accounting policy and controls |
| Plains All American | Controller | 2008–Aug 2010 | Managed corporate accounting operations |
| Plains All American | Director – Operational Accounting | 2006–2008 | Operational accounting oversight |
| Plains All American | Director – Financial Reporting & Accounting | 2003–2006 | External reporting and accounting leadership |
| Plains All American | Manager – SEC & Financial Reporting | 2002–2003 | SEC filings and financial reporting |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arthur Andersen LLP | Public Accounting (Audit/Accounting) | ~1995–2002 (7 years) | Built foundational audit and reporting expertise |
Fixed Compensation
- Not separately disclosed for Chris Herbold; 2024 Named Executive Officers (NEOs) in the proxy are the CEO, President, CFO, EVP GC, EVP COO, and EVP CCO .
Performance Compensation
- Plains’ executive compensation framework emphasizes pay-for-performance, with >80% of target NEO compensation variable/at-risk, 100% formulaic annual bonus tied to financial and safety metrics, and 50% of LTIP equity performance-based (relative TSR and multi-year DCF/CUE), plus DERs; policies include no guaranteed bonuses, no tax gross-ups, no option repricing/backdating, and prohibitions on hedging/pledging for directors and officers .
PAGP 2024 company metrics used in annual incentive framework:
| Metric | Weight | 2024 Target | 2024 Result | 2024 Payout % |
|---|---|---|---|---|
| Adjusted EBITDA attributable to PAA ($MM) | 40% | $2,675 | $2,779 | 152% |
| Implied DCF per CUE ($/unit) | 40% | $2.44 | $2.49 | 127% |
| Safety (TRIR) | 10% | 0.25 | 0.25 | 75% (with 25 bps reduction) |
| Environmental (FRR) | 10% | 15 | 19 | 89% (with 25 bps increase) |
| Company Performance Subtotal | — | — | — | 128% |
LTIP structure (plan-level features applied broadly; specific Herbold awards not disclosed):
- 2024 LTIP design: 50% time-based (vest Aug 2027) and 50% performance-based (vesting scaled 0–200% on 3-year relative TSR with negative TSR modifier and cumulative DCF/CUE target, with leverage modifier); DERs accrue and pay per grant terms .
- Long-term incentive grants provide double-trigger change-in-control vesting (requires both change-in-control and change in status); clawback policy covers incentive-based compensation for restatements and detrimental conduct .
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Equity Ownership Guidelines (SVP multiple) | SVP must hold 1x base salary in PAA/PAGP securities; “hold until met” requirement on vested units/shares |
| Compliance | All current executive officers and directors are either on track to meet or have met guidelines by applicable dates |
| Anti-Hedging/Pledging | Directors and officers prohibited from hedging or pledging company securities; insider trading policies applicable to directors, officers, and employees |
| Pledging Status (as disclosed) | No Class A or Class B shares pledged by directors or Named Executive Officers as of March 24, 2025 |
- Beneficial ownership totals for Chris Herbold are not individually disclosed in the proxy’s ownership table; directors/NEOs are enumerated, and totals for “all directors and executive officers as a group (16 persons)” are provided .
Employment Terms
- Specific employment agreement, severance, non-compete/non-solicit terms are not disclosed for Chris Herbold. The proxy details such provisions for certain NEOs (e.g., CEO and President) and plan-level double-trigger change-in-control vesting for NEO LTIP grants; clawback policy applies firmwide .
Investment Implications
- Alignment: Strong governance and compensation design (formulaic annual bonus tied to Adjusted EBITDA and DCF/CUE, 50% performance-based LTIP with TSR/DCF targets, ownership guidelines with “hold-until-met”, clawback, anti-hedging/pledging) support pay-for-performance and alignment for finance leaders like Herbold .
- Retention risk: Company has used special retention grants for key EVPs and extended CEO promotional grants; while Herbold-specific grants aren’t disclosed, broad LTIP usage and ownership guidelines mitigate retention risk in the finance/accounting bench .
- Trading signals: Prohibition on hedging/pledging and high say-on-pay support (~98% approval) reduce governance red flags; absence of individual Form 4 analysis here limits near-term selling pressure assessment .
- Performance backdrop: 2024 delivery above guidance on Adjusted EBITDA and DCF/CUE, leverage at ~3.0x, ratings upgrade, and distributions increased in 2024 and Feb 2025, provide a constructive operating/financial context for the CAO’s stewardship of reporting and controls .