Sarah Slusser
Director at PLD
Board
About Sarah Slusser
Sarah A. Slusser (62) is CEO of Cypress Creek Renewables, a U.S. solar and storage independent power producer, and is nominated to join Prologis’ Board at the May 8, 2025 annual meeting. She brings 30+ years across renewables, M&A, and power operations; prior roles include 21 years at AES leading corporate M&A and divisional P&L leadership, co-founding GeoGlobal Energy (sold 2015), and founding Point Reyes Energy Partners. She holds a BA in Geology (Harvard, cum laude) and an MBA (Yale SOM). The Board has affirmatively determined she is independent under NYSE rules if elected .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AES Corporation | Corporate M&A lead; President of one of eight divisions (Caribbean, Mexico, Central America) | ~21 years (prior to 2015) | Led global M&A; ran development, construction, operations across a regional power division |
| GeoGlobal Energy | Co-founder | Through 2015 exit | Built geothermal platform in U.S., Chile, Germany; sold to cornerstone investor in 2015 |
| Point Reyes Energy Partners | Founder/Partner | Since prior to 2019; ongoing founding partner | Advisory and development in solar/storage; strategic advice to large renewables companies |
| Cypress Creek Renewables | Chief Executive Officer | 2019–present | Repositioned business for sustainable growth; 1,700 MW operating fleet; O&M for 4,000 MW; 12,000 MW dev. pipeline |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| TransAlta Corporation | Director | Current | Canada’s largest investor-owned power producer and wholesale marketer of electricity |
Board Governance
- Status at PLD: New director nominee for election at the 2025 Annual Meeting; Board determined she meets independence standards; Audit, Governance, and Compensation committees are 100% independent. Committee assignment to be set post-election .
- Fit to strategy: Board cites her renewable energy expertise as directly additive to Prologis Essentials (onsite solar/storage) and sustainability agenda .
- Attendance: In 2024, all PLD directors met or exceeded 75% attendance; independent director executive sessions held each meeting (Slusser not yet on Board in 2024) .
- Board refresh: Slusser is part of a multi-year refresh emphasizing skills in energy and customer solutions aligned to Essentials; director age cap is 75 .
Fixed Compensation (PLD Non-Employee Directors)
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $120,000 | Paid to non-employee directors |
| Annual equity (DSUs) | $225,000 | DSUs vest at next annual meeting or 1 year; settlement deferred ≥3 years; 2024 grant: 2,080 DSUs at $108.15 |
| Lead independent director retainer | $50,000 | Additional to base retainer |
| Committee Chair retainers | Audit $37,500; Compensation $30,000; Governance $25,000 | Increased in 2024 following market review |
| Excess meeting fee | $1,500 per meeting >20 combined | Applies above 20 Board+committee meetings |
Stock ownership guideline: Directors must hold 5x annual cash retainer ($600,000 as of 12/31/24); directors must retain 50% of net shares until in compliance; hedging/pledging prohibited .
Performance Compensation
| Element | Structure | Metrics |
|---|---|---|
| Director equity | Time-based DSUs | Non-employee director equity is not performance-conditioned; time-vested with deferred delivery |
Other Directorships & Interlocks
| Company | Sector/Relation to PLD | Interlock/Conflict Notes |
|---|---|---|
| TransAlta Corporation | Power generation/marketing | No PLD-related party transactions reported for 2024; Board reiterates no hedging/pledging and strong conflict controls . |
Expertise & Qualifications
- Renewable energy development and operations (CEO of Cypress Creek; O&M and development scale; storage) .
- Corporate M&A and capital allocation (AES corporate M&A lead; co-founder roles) .
- Strategic fit to PLD Essentials (onsite solar/storage offerings; >600 MW installed; targeting 1 GW by 2025) .
- Education: BA Geology (Harvard, cum laude); MBA (Yale SOM) .
Equity Ownership
- Board policy: Directors must reach ownership equal to 5x retainer ($600,000); all directors and executive officers are stated as in compliance, with strict prohibition of hedging/pledging. As a new nominee, Slusser’s initial PLD director equity would begin upon election and grant; no personal PLD ownership disclosure appears for her in the March 12, 2025 beneficial ownership table (she was not yet a director) .
Governance Assessment
- Board effectiveness: Slusser adds domain expertise directly aligned with PLD’s Essentials growth (solar/storage) and sustainability oversight under the Governance Committee—a gap the Board explicitly seeks to fill via refreshment .
- Independence and time capacity: Independence affirmed; current public board count suggests no overboarding issues; Board monitors directors serving on ≥3 boards; committees are fully independent .
- Alignment and incentives: Director comp skewed to equity (65%) with robust ownership guideline and no hedging/pledging—positive for alignment; DSUs defer share delivery ≥3 years .
- Conflicts/related parties: Company discloses no related party transactions; while Slusser is CEO of a solar developer and a founding partner of an energy advisory, no PLD related-party dealings are reported. Continue to monitor for any Cypress Creek or Point Reyes transactions with PLD, given PLD’s growing onsite solar program .
- RED FLAGS: None disclosed specific to Slusser. Board-level protections (clawbacks, anti-hedging/pledging, independent comp consultant, committee independence) mitigate governance risk .