Christopher P. Wirtz
About Christopher P. Wirtz
Christopher P. Wirtz (age 51) is Chief Accounting Officer (principal accounting officer) of Solaris Energy Infrastructure, Inc. (SEI), appointed to the role in June 2023. He is a CPA with 20+ years of accounting leadership across energy services; he holds a BBA in Accounting from the University of Louisiana at Lafayette . During his tenure, SEI executed a transformative acquisition (Mobile Energy Rentals) and shifted toward distributed power; company TSR and EBITDA improved in 2024, providing constructive pay-for-performance context for senior executives, including the CAO .
Company performance context (during and just after Wirtz’s appointment):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Shareholder Return – $100 initial value | $82 | $69 | $262 |
| Net Income ($) | $33,512,000 | $38,775,000 | $28,918,000 |
| EBITDA ($) | $72,237,000 | $86,087,000 | $95,949,000 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ProFrac Holding Corp. (ACDC) | Controller, Proppant Segment | Dec 2022–May 2023 | Finance leadership as segment scaled from 2 to 8 sand mines via acquisitions . |
| U.S. Well Services, Inc. | VP Internal Audit & Process Control; Principal Accounting Officer; Corporate Controller | 2018–2022 (various roles); PAO Mar 2019–Nov 2020; Controller Apr 2017–Nov 2018 | Led accounting/reporting and controls through de-SPAC and consolidation prior to ProFrac acquisition . |
| ADS Services, LLC | Chief Financial Officer | Nov 2020–Sep 2021 | Private drilling technology CFO; capital and controls stewardship . |
| Superior Energy Services; BJ Services; Ernst & Young; Broussard, Poché, Lewis & Breaux | Senior finance/audit roles | N/A | Progressive accounting, audit, and energy services experience underpinning CAO skillset . |
External Roles
No public company directorships or external board roles disclosed for Wirtz .
Fixed Compensation
- SEI’s proxy does not list Wirtz as a Named Executive Officer (NEO); therefore, his base salary, target bonus, and cash compensation amounts are not individually disclosed. The 2024 base salaries disclosed for NEOs (context for senior exec pay bands) were: CEO $321,000; President & CFO $350,000; COO $321,000; CLO $325,000; CAO not listed as an NEO .
Performance Compensation
SEI links executive pay to both near-term operating targets and multi-year shareholder returns. While Wirtz’s individual grants are not disclosed, the design and outcomes below apply to SEI’s senior executive program (NEOs), which is the relevant benchmark for CAO incentive alignment.
Short-term (annual incentive) framework for 2024 (NEOs):
| Performance Metric | Weighting | Target (100% payout) | Actual | Earned payout contribution |
|---|---|---|---|---|
| Financial Metrics (EBITDA/FCF) | 25% | $108 million | $102 million | 24% |
| Operating Metrics (utilization/market share) | 25% | 1.094 | 1.123 | 26% |
| Safety | 10% | 0.8 | 1.15 | 0% (below threshold) |
| Individual Performance | 40% | N/A | Variable | Variable |
- NEO target bonuses: CEO 100% of base; President & CFO 90%; COO 90%; CLO 75%; CAO not listed as an NEO. Overall 2024 payout for NEOs was approved at 90% of target; one-time discretionary bonuses were awarded to NEOs (not to the COO) for the 2024 business transformation .
Long-term incentives (equity) design and vesting:
- Time-based RSAs vest ratably over 3 years; intended for retention and ownership alignment .
- Performance-based RSUs (PSUs) measured on Absolute TSR and Relative TSR versus the Russell 2000 Oil Equipment & Services Subsector; Relative TSR PSUs vest 25%/25%/50% across years 1/2/3; Absolute TSR PSUs cliff-vest at year 3 .
- Payout curves:
- Absolute TSR: <5% annualized = 0%; 10% = 100%; ≥15% = 200% (linear interpolation) .
- Relative TSR: <25th percentile = 0%; 50th = 100%; ≥75th = 200% (linear interpolation) .
- 2024 outcomes: the second tranche of 2023 Relative TSR PSUs and first tranche of 2024 Relative TSR PSUs achieved 200% vesting (indicating above 75th percentile relative performance), creating elevated share settlement potential as tranches vest (applies to NEO awards; likely similar structure for senior executives) .
Program governance and calibration:
- Target positioning: base salaries ~25th percentile; total direct compensation ~50th percentile with heavier LTIs to reinforce long-term alignment .
- 2024 say-on-pay support ~96%, indicating strong shareholder backing of pay design and outcomes .
- No option repricing, no excise tax gross-ups, limited perquisites, and an SEC/NYSE-compliant clawback policy adopted in 2023 .
Equity Ownership & Alignment
- Individual beneficial ownership for Wirtz is not itemized in the proxy (he is not an NEO or director); consequently, his direct/indirect share counts, vested/unvested breakdown, and option status are not disclosed in the proxy tables .
- Company-wide policies affecting alignment and risk:
- Hedging and pledging of company stock are prohibited; any pledge waiver requires Audit Committee approval .
- 2023 clawback policy complies with SEC/NYSE rules; recoups incentive compensation upon an accounting restatement .
- Section 16 compliance: the company reports no delinquencies by directors, executive officers, or 10% owners for 2024 filings (indicates disciplined insider reporting controls) .
Employment Terms
- Appointment: Named Chief Accounting Officer in June 2023 .
- Employment agreements: The proxy states NEOs do not have employment agreements and instead have change-in-control (CIC) severance agreements; Wirtz’s individual CIC/contract terms are not disclosed .
- CIC severance plan terms (for NEOs, as context): double-trigger; cash severance of 2.5x–3.0x (base + target bonus) by tier; 18–24 months of COBRA-equivalent payments; earned prior-year bonus; pro-rata current-year bonus; full vesting of unvested equity, with PSUs vesting at the greater of target or actual performance to date; release required .
Compensation Committee, Peer Group, and Governance (context)
- Compensation Committee: F. Gardner Parker (Chair), Ray N. Walker, Jr., and A. James Teague; all independent under NYSE standards .
- Consultant: Pearl Meyer engaged for executive and director compensation reviews; market data/peer benchmarks are used to calibrate targets and mix .
- 2024 peer group includes oilfield services and related mid-cap peers (e.g., Archrock, Cactus, ProPetro, Liberty Energy, NOV, Patterson-UTI, U.S. Silica, Newpark, Select Water Solutions, Oil States, Nine Energy) .
Risk Indicators & Red Flags
- Positive indicators: strong say-on-pay approval (96%); explicit clawback; anti-hedging/anti-pledging; no option repricing; limited perquisites; Section 16 filing discipline .
- Watch items: Relative TSR PSUs achieved 200% on multiple tranches, which can amplify annual equity settlements and elevate insider selling cadence around vesting windows, though this reflects strong relative performance rather than design risk per se .
Investment Implications
- Alignment: The CAO role is covered by robust corporate policies (clawback, anti-hedging/pledging) and a company-wide equity program emphasizing TSR—supporting investor alignment despite limited CAO-specific disclosure .
- Retention: 3-year RSA and PSU vesting schedules foster retention; 200% Relative TSR vesting on recent tranches suggests continued potential for equity settlement-related insider liquidity windows, but also signals strong performance momentum supporting executive incentives .
- Execution risk: Wirtz’s deep accounting and controls background across complex integrations (U.S. Well Services into ProFrac) is well matched to SEI’s 2024 strategic pivot into distributed power and the heightened complexity of convertible notes, credit amendments, and segment reporting—reducing financial reporting risk as growth accelerates .
- Governance quality: Independent Compensation Committee, external consultant benchmarking, and high say-on-pay support reduce pay risk; no evidence of shareholder-unfriendly provisions (e.g., tax gross-ups, repricing) .
Notes on disclosure gaps:
- Wirtz is not a Named Executive Officer or director; the proxy does not disclose his base salary, target bonus, individual equity grants, or personal share ownership. The analysis above therefore relies on company-level program design and outcomes disclosed for NEOs, which represent the senior executive incentive framework at SEI .