Mark Scucchi
RANGE RESOURCESAbout Mark Scucchi
Executive Vice President and Chief Financial Officer of Range Resources (RRC). Joined Range in 2008; appointed CFO in May 2018 after serving as Vice President – Finance & Treasurer . Age 47 . Education: BSBA (Georgetown) and M.S. Accountancy (Notre Dame); CFA charterholder and CPA (Texas) . Under Scucchi’s finance leadership, Range delivered 2024 cash flow from operating activities of $945M and natural gas/NGLs/oil sales of $2.2B while returning capital via dividends and buybacks . Incentives are tied to operational and financial metrics; in 2024, CFO’s annual bonus paid at 130% of base salary target with strong DRR and cost performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Range Resources | EVP & CFO | 2018–present | Balance sheet discipline and incentive program aligned to FCF and ROACE |
| Range Resources | VP – Finance & Treasurer | 2008–2018 | Corporate finance, treasury, planning support for Marcellus-focused strategy |
| JPMorgan Securities | Banking (Commercial & IB) | 2006–2008 | Advised small/mid-cap tech firms; capital markets experience leveraged at Range |
| Ernst & Young LLP | Audit (Manager) | 1999–2006 | Audited upstream oil & gas and utilities; strengthens reporting and controls oversight |
External Roles
No public company board roles disclosed in RRC’s proxy or filings for Scucchi .
Fixed Compensation
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Base Salary ($) | $430,385 | $488,654 | $475,000 | $498,077 | $591,539 | $626,539 |
| Stock Awards ($) | $2,199,991 | $2,051,999 | $2,299,992 | $2,299,965 | $2,599,990 | $2,808,870 |
| Non-Equity Incentive ($) | $466,193 | $712,500 | $712,500 | $450,000 | $978,000 | $819,000 |
| All Other Compensation ($) | $67,136 | $75,319 | $76,328 | $79,593 | $88,361 | $99,047 |
| Total ($) | $3,163,705 | $3,328,472 | $3,563,820 | $3,327,635 | $4,257,890 | $4,353,456 |
| Base Salary Setting (point-in-time) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base ($) | $600,000 (Mar 2023) | $630,000 (Feb 2024) | $650,000 (Feb 2025) |
| Target Annual Cash Incentive (% of base) | — | 100% (CFO target) | 100% (maintained) |
| CFO Bonus Payout % Achieved | — | 130% (2024) | — |
| 2024 “All Other Compensation” detail | Amount |
|---|---|
| Deferred Compensation Plan Match ($) | $62,654 |
| 401(k) Match ($) | $20,700 |
| Executive Disability Premium ($) | $15,693 |
| Total ($) | $99,047 |
Performance Compensation
Long-Term Incentive mix: 60% performance-based (TSR-PSUs), 40% time-based RSAs for CEO and CFO . 2024 CFO LTI target value $2.6M; grants on Feb 6, 2024: 55,555 TSR-PSUs and 37,037 RSAs .
| Metric (2024) | Weight | Threshold | Target | Excellent | Actual | Payout % |
|---|---|---|---|---|---|---|
| Cash Unit Costs ($/mcfe) | 15% | $2.19 | $1.99 | $1.80 | $1.92 | 137% |
| Free Cash Flow ($mm) | 15% | $300 | $425 | $550 | $428 | 102% |
| ROACE (%) | 15% | 10% | 16% | 25% | 15.5% | 96% |
| D&C Cost per Unit ($/mcfe) | 15% | $0.85 | $0.75 | $0.65 | $0.74 | 109% |
| Drilling Rate of Return (%) | 15% | 30 | 40 | 55 | 59 | 200% |
| Discretionary (HSE & strategic) | 25% | — | — | — | Achieved between target & excellent | 134% |
| 2024 Grants (Plan-Based Awards) | Threshold | Target | Max | Shares/Units | Grant Date FV ($) |
|---|---|---|---|---|---|
| ACI (Annual Cash Incentive) | $315,000 | $630,000 | $1,260,000 | — | — |
| RS (Time-Based Restricted Stock) | — | — | — | 37,037 | $1,039,999 |
| PBA (TSR-PSUs) | — | 55,555 | 111,110 | 55,555 | $1,768,871 |
| Matching Awards (Deferred Comp) | — | — | — | Cash elected | $14,192; $16,962; $14,538; $16,962 (dates in 2024) |
Additional LTI design notes: 2024 TSR-PSUs vest based on relative/absolute TSR over 3 years ending Feb 2027; payout 0–200% with a 100% cap if absolute TSR is negative . 2021 TSR program paid at 160% based on third-place TSR ranking .
Equity Ownership & Alignment
| Beneficial Ownership (as of Mar 17, 2025) | Shares |
|---|---|
| Shares Directly Owned | 750,088 |
| Shares in IRA/401(k) | 38,481 |
| Shares in Deferred Compensation Plan | 45,144 |
| Total Common Shares Controlled | 833,713 |
| Percent of Class | Less than 1% |
| Target PSUs excluded (subject to performance) | 156,502 |
Stock ownership requirements: EVP must hold 4x base salary; officers must retain 50% of net shares until compliant; all senior officers currently meet guidelines . Hedging/derivatives and pledging are prohibited; no NEOs have pledged stock .
Outstanding awards and vesting schedule (year-end 2024; price $35.98):
| Award Type | Shares/Units | Vesting / Notes | Value ($) |
|---|---|---|---|
| RS – Annual Stock (A) | 45,142 | Vested Feb 1, 2025 | $1,624,209 |
| RS – Annual Stock (A) | 43,189 | 100% vests Mar 15, 2026 | $1,553,940 |
| RS – Annual Stock (A) | 37,037 | 100% of Annual Stock Awards vest Feb 6, 2027 | $1,332,591 |
| TSR-PSUs – Unearned | 58,587; 58,075; 55,555 | 3-year performance cycles; paid in stock if earned | $2,107,960; $2,089,539; $1,998,869 |
| 2024 Stock Vested | 286,126 shares acquired on vesting; options exercised: none | 2021 RS & PSUs vestings; no options outstanding/exercised | $8,767,735 |
Deferred Compensation Plan (balances and elections):
| Item | Amount |
|---|---|
| Registrant Contributions in 2024 (match) | $62,654 |
| Aggregate Earnings in 2024 | $47,263 |
| Aggregate Withdrawals/Distributions | $(3,822,980) |
| Aggregate Balance at FYE | $2,046,050 |
| Note: Matching awards can be cash or stock; Scucchi chose cash in 2024 |
Employment Terms
No individual employment agreement; covered by the Amended & Restated Executive Change in Control (CIC) Severance Benefit Plan (amended Dec 2024 to remove all remaining tax gross-ups and implement double-trigger for equity awards granted thereafter) .
| CIC Economics (assumes termination without cause at 12/31/2024) | Benefit Multiple | Cash Payments ($) | Accelerated Awards ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Mark S. Scucchi (CFO) | 3x | $4,767,600 | $12,095,397 | $136,519 | $16,999,516 |
Key CIC mechanics:
- Cash payment equals base salary plus higher of target bonus or average of prior 3 bonuses, multiplied by benefit multiple ; “Target Bonus” clarified in 2020 supplement to mean base salary × annual STI percentage .
- Equity awards (time-based and matching awards) vest upon CIC under double-trigger adopted Dec 2024; performance share payout assumptions specified by grant year and metric (e.g., TSR 120% for 2022 grants) .
- Clawback policy in place for restatements; Compensation Committee determines recoveries .
Other benefits and perquisites: supplemental disability; spousal travel reimbursement; limited club dues reimbursement for business use; officers must reimburse personal use . Post-retirement health benefit eligibility is based on age/service (succession-friendly design) .
Investment Implications
- Pay-for-performance alignment: CFO’s variable pay is driven by operational efficiency and free cash flow with 60% of LTI in TSR-PSUs; 2024 performance delivered above-target payouts in DRR and cost metrics; CFO bonus paid at 130% of target .
- Retention and potential selling pressure: Significant unvested RS tranches vest on Mar 15, 2026 and Feb 6, 2027; TSR-PSUs settle shortly after Feb 2027 if earned, creating potential post-vesting share delivery events that may impact liquidity around those dates .
- Alignment and governance quality: Large personal share ownership with no pledging; executive stock ownership guidelines met; clawback policy; removal of tax gross-ups in Dec 2024; say-on-pay support was 98% in 2024—all positive governance signals .
- Change-in-control economics: 3x cash multiple plus accelerated equity yields ~$17.0M estimated payout under conservative assumptions; double-trigger mitigates single-trigger windfalls on equity .
Appendix: Additional Context
- 2025 program: CFO base increased to $650,000; LTI grant value $2.7M; maintained 60/40 TSR-PSU/RSA mix; increased FCF weighting in annual bonus criteria .
- Company performance backdrop: 2024 operating cash flow $945M; sales $2.2B; net debt reduced by $172M; capital returns via buybacks and dividends .