David L. King
Primoris ServicesAbout David L. King
David L. King, age 72, is Chairman of the Board and, effective March 2025, Interim President & Chief Executive Officer at Primoris. He has served as a Director since 2015 and previously served as CEO (2015–2019), President (2015–2019), and EVP/COO (2014–2015). He is NACD Directorship Certified and holds a B.S. in Mechanical Engineering (Texas Tech), an MBA (University of Texas, Tyler), and an Advanced Executive Management degree from INSEAD .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Primoris Services Corporation | Chairman of the Board | May 2019–present | Board leadership; not listed on standing committees |
| Primoris Services Corporation | Interim President & CEO | Effective March 2025–present | Temporary combined leadership during CEO search; independence suspended while serving as CEO |
| Primoris Services Corporation | Chief Executive Officer | Aug 2015–Nov 2019 | Led company growth and strategic initiatives |
| Primoris Services Corporation | President | Aug 2015–Apr 2019 | Executive leadership |
| Primoris Services Corporation | EVP & Chief Operating Officer | Mar 2014–Aug 2015 | Operations oversight |
| Chicago Bridge & Iron (CB&I) | President, Lummus Engineered Products | 2013–Mar 2014 | Energy-related engineered products leadership |
| CB&I (The Hague) | President, Project Engineering & Construction | 2010–2013 | Global operations management |
| CB&I (The Woodlands, TX) | Group VP, Downstream Operations (Lummus) | 2009–2010 | Downstream operations |
| CB&I | Managed/established Global Services Group | 2008 | Services group formation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chicago Bridge & Iron (CB&I) | Multiple executive roles (see above) | 2008–2014 | Global energy EPC leadership experience |
| Public Company Boards | Not disclosed | — | No public board interlocks disclosed; Board states no interlocking relationships exist among PRIM Directors |
Board Governance
- Current role: Chairman of the Board; Interim President & CEO effective March 2025 .
- Committee assignments: Not listed as a member of Audit, Compensation, Nominating & Corporate Governance, or Strategy & Risk committees in the current composition tables .
- Independence: Determined not independent while serving as Interim CEO; previously considered independent prior to March 2025 .
- Attendance: Each Director attended at least 75% of Board and applicable committee meetings in 2024; Board and each committee held four meetings in 2024 .
- Executive sessions: Independent Directors held executive sessions of the Board without management four times in 2024 .
- Governance structure: All committees chaired by independent Directors; Lead Independent Director role exists; mandatory Board retirement age 75; Director stock ownership requirement; anti-hedging policy .
Fixed Compensation
| Component | 2024 Amounts | Notes |
|---|---|---|
| Fees Earned or Paid in Cash (King) | $212,500 | Includes quarterly cash retainers and additional annual cash compensation for Chairman |
| Stock Awards (King) | $151,950 (grant date fair value) | Common stock issued quarterly under 2023 Equity Incentive Plan; one-year holding requirement |
| Total (King) | $364,450 | — |
| Independent Director Quarterly Cash (effective July 2024) | $25,000 per quarter | Increased from $22,500 prior to July 2024 |
| Independent Director Quarterly Stock (effective July 2024) | ~$37,500 per quarter | Increased from ~$32,500 prior to July 2024 |
| Additional Annual Cash – Chairman of the Board | $120,000 | Applies to non-employee Chairman |
| Additional Annual Cash – Lead Independent Director | $30,000 | — |
| Additional Annual Cash – Audit Committee Chair | $20,000 | — |
| Additional Annual Cash – Other Committee Chairs (non-employee) | $15,000 | — |
Performance Compensation
| Metric | Structure | Details |
|---|---|---|
| Equity grant form | Common stock | Quarterly grants under 2023 Equity Incentive Plan; one-year holding requirement; number of shares based on average closing price in month prior to quarter start |
| Options to Directors | None | Company has never issued stock options as Director compensation; no outstanding equity awards as of Dec 31, 2024 |
| Performance conditions | None disclosed for Directors | Director equity grants are not tied to explicit performance metrics; company maintains clawback policy and stock ownership guidelines |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards (King) | Not disclosed in biography |
| Interlocks | No interlocking relationships exist between members of PRIM’s Board and other boards’ members/comp committees (2024) |
Expertise & Qualifications
- Deep EPC expertise across energy-related projects (LNG, offshore, pipelines, refining, petrochemicals, gas processing) .
- NACD Directorship Certified; financial and operational leadership background .
- Education: B.S. Mechanical Engineering (Texas Tech), MBA (UT Tyler), Advanced Exec Management (INSEAD) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| David L. King | 24,285 | <1% | As of March 10, 2025 |
| Outstanding Director Options/Equity Awards | None outstanding as of Dec 31, 2024 | — | Equity grants are common stock with a one-year holding period |
| Hedging/Short-Selling | Prohibited for Directors/officers | — | Anti-hedging policy in Code of Conduct/Governance Guidelines |
| Related-party transactions | None reportable since Jan 1, 2024 | — | Audit Committee oversees related-party approvals |
Governance Assessment
- Board effectiveness: King’s chair role and extensive industry experience support strategic oversight; all standing committees are independent-led, mitigating concentration of power .
- Independence/conflict signals: Temporary combination of Chairman and Interim CEO reduces independence; Board indicates intent to review and likely return to separate Chairman/CEO after permanent CEO selection (transition risk manageable) .
- Engagement/attendance: Meets ≥75% attendance threshold; independent Director executive sessions held regularly, supporting robust oversight .
- Pay/ownership alignment: Director pay mix combines cash and fixed-share grants with one-year holding; no options. King’s beneficial ownership is modest (<1%), with stock ownership guidelines in place and anti-hedging policy—a neutral alignment signal without a disclosed ownership multiple to benchmark compliance .
- Red flags: None disclosed on related-party transactions, Section 16 delinquency, or compensation interlocks; no board interlocks. Primary watch item is the temporary dual role’s impact on independence until CEO transition completes .
