Robert McNally
About Robert J. McNally
Independent director since February 2022; age 54. President of Eco Material Technologies; former CEO of EQT Corporation and CFO of Precision Drilling. Education: B.S. Mechanical Engineering (University of Illinois), B.A. Mathematics (Knox College), MBA (Tulane University). Core credentials: oil and gas leadership, corporate finance, governance; designated audit committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EQT Corporation | President & CEO | 2018–2019 | Led NYSE-listed natural gas producer; prior CFO role supported capital markets and performance management. |
| EQT Corporation | SVP & CFO | 2016–2018 | Oversaw finance functions; board experience across EQT entities. |
| Precision Drilling Corporation | EVP & CFO | 2010–2016 | TSE/NYSE-listed drilling contractor; international operations oversight. |
| Kenda Capital LLC | Investment Principal | 2007; 2009–2010 | Energy investment experience; transaction diligence and value creation. |
| Dalbo Holdings, Inc. | CEO | 2008 | Led services company; operational turnaround. |
| Warrior Energy Services Corp. | EVP Operations & Finance | 2006 | Operations and finance leadership. |
| Simmons & Company International | Corporate Finance | 2000–2005 | Energy investment banking; M&A and capital raising. |
| Schlumberger Limited | Engineer (various roles) | 1994–2000 | Technical and operational foundation in oilfield services. |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Eco Material Technologies | President | Current | Executive leadership of industrial materials platform. |
| Summit Midstream Partners, LP | Director | Current | Audit Committee member. |
| Oasis Petroleum, Inc. | Director | Prior | Audit & Reserves Committee; Compensation Committee. |
| Warrior Energy Services; Dalbo Holdings; EQT Midstream Partners; EQT GP Holdings; Rice Midstream Partners; EQT Corporation | Director (various) | Prior | Boardroom experience across energy midstream and services. |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member; Chair of Nominating and Corporate Governance Committee. All are NASDAQ/SEC “independent.” McNally is designated an audit committee financial expert.
- Independence: Four of five nominees are independent; CEO is not independent. McNally joined as an independent director in 2022.
- Attendance: Board expects directors to attend Board, committee, and annual meetings; in FY2024 directors attended at least 75% of meetings; all directors attended the 2024 Annual Meeting.
- Board/committee meeting cadence (FY2024):
| Body | Meetings (FY2024) |
|---|---|
| Board of Directors | 8 |
| Audit Committee | 9 |
| Nominating & Corporate Governance Committee | 5 |
| Compensation Committee | 7 |
| Actions by Unanimous Consent | 8 |
- Governance enhancements: Majority vote standard for director elections (bylaws amended Feb 19, 2025); robust anti-hedging/anti-pledging; stock ownership guidelines; updated committee charters.
Fixed Compensation (Independent Director)
- Retainer/fees policy (2025):
| Component | Amount (USD) |
|---|---|
| Annual cash retainer – Non-Employee Director | $45,000 |
| Independent Chairman of the Board | $40,000 |
| Audit Committee Chair | $10,000 |
| Audit Committee Member | $7,500 |
| Compensation Committee Chair | $7,500 |
| Compensation Committee Member | $6,000 |
| Nominating & Governance Chair | $5,000 |
| Nominating & Governance Member | $5,000 |
- FY2024 actual compensation:
| Name | Fees Earned (Cash) | Stock Awards | Special Project Compensation | Total |
|---|---|---|---|---|
| Robert J. McNally | $68,500 | $75,000 | $20,000 | $163,500 |
- Special Projects policy: Established Dec 2024; Board awarded $85,000 aggregate to four independent directors in Jan 2025; McNally received $20,000 in FY2024 for special projects.
Performance Compensation (Independent Director)
- Equity grant structure: Annual restricted stock; one-year vest; non-employee director grant value $75,000; priced using trailing 30-day average; FY2024 grant date July 25, 2024 at $8.81/share, resulting in 8,509 shares to each non-employee director.
- Vesting: One-year for director grants; directors may use 10b5-1 plans to sell a portion to cover taxes post-vesting (subject to policy approvals).
| Grant Year | Grant Date | Shares Granted | Valuation Basis | Vesting |
|---|---|---|---|---|
| 2024 | Jul 25, 2024 | 8,509 | $8.81 30-day avg; $75,000 fair value | 1-year |
Other Directorships & Interlocks
| Company | Relationship to PPIH | Potential Interlock/Conflict Notes |
|---|---|---|
| Summit Midstream Partners, LP | Director; Audit Committee | Energy midstream is not a disclosed PPIH related-party; Company reports no related party transactions in 2024. |
| Oasis Petroleum (prior) | Former director; Audit & Reserves, Compensation | Prior role; no disclosed PPIH transactions tied to Oasis. |
Related-party transactions: None in 2024 (Company-wide). Anti-hedging/anti-pledging policy applies to directors.
Expertise & Qualifications
- Audit committee financial expert designation.
- Deep energy industry operating and finance experience (EQT CEO/CFO; Precision Drilling CFO).
- M&A, capital markets, governance experience across public boards and executive roles.
- Education: Mech. Engineering (UIUC), Mathematics (Knox), MBA (Tulane).
Equity Ownership
- Ownership guidelines: Independent directors must hold equity equal to 3.0x annual base cash retainer; 5-year compliance period. Anti-hedging/pledging; discourage sales until guidelines met.
- Compliance: McNally meets guideline; excess $69,602 (grant-date fair value basis).
| Metric | Value |
|---|---|
| Beneficially owned shares (Apr 28, 2025) | 28,668 |
| % of shares outstanding | <0.5% |
| Total position in shares (incl. deferred/unvested) | 28,668 |
| Fair value of shares owned on grant date | $275,102 |
| Ownership guideline multiple | 3.0x retainer |
| Guideline achieved | Yes |
| Excess over guideline | $69,602 |
| Vested shares (as of Jan 31, 2025) | 14,159 |
| Unvested restricted shares granted (FY2024) | 8,509 |
| Shares purchased (FY2024) | 6,000 |
| Insider trading policy (hedging/pledging) | Prohibited for directors; advance notice required; policy updated May 1, 2025. |
Insider Trades Summary (FY2024)
| Item | Detail |
|---|---|
| Open-market share purchases | 6,000 shares; Forms 4 filed Sep 22, 2023; Sep 28, 2023; Oct 10, 2023 (amounts included in “Shares Purchased”). |
| Restricted stock vesting (director grants) | One-year vest; policy permits limited sales for tax coverage via 10b5-1 plans. |
Governance Assessment
- Strengths: Chair of Nominating & Governance; audit committee financial expert; broad energy sector finance/operator background; compliant with ownership guidelines; anti-hedging/pledging enhances alignment.
- Engagement: FY2024 Board/committee attendance at least 75%; active involvement across three committees; executive sessions standard.
- Compensation alignment: Director pay mix balanced (cash retainer + time-based equity with 1-year vest); special projects compensation disclosed and modest relative to total; clear, transparent equity valuation and vesting.
- Conflicts/Red flags: Company reports no related-party transactions in 2024; policy prohibits hedging/pledging; majority voting standard for director elections adopted. No disclosed investigations or legal proceedings tied to McNally.