Niharika Taskar Ramdev
Shoals Technologies GroupAbout Niharika Taskar Ramdev
Independent director at Shoals Technologies Group (SHLS) since August 9, 2024; Class I director standing for annual election following the Board’s declassification. Age 55 as of March 6, 2025; member of the Audit Committee and designated an SEC “audit committee financial expert.” Prior roles include CFO, Global Cadillac at General Motors (2018–2019), with a B.Com. in Financial Accounting (University of Bombay) and MBA (Harvard Business School). Shareholders showed strong support at the 2025 AGM: 132,847,190 “For” vs. 642,360 “Withheld” for her election.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| General Motors | CFO, Global Cadillac | 2018–2019 | Senior finance leadership; international and supply chain exposure |
External Roles
| Company | Role(s) | Tenure | Committees |
|---|---|---|---|
| Silgan Holdings (NYSE: SLGN) | Director; Audit Chair; Comp & Nominating member | Since Nov 2022 | Audit (Chair); Compensation; Nominating |
| Kaman Corporation (NYSE: KAMN) | Director | Jun 2022–Apr 2024 | Audit; Finance |
| Triton International (NYSE: TRTN) | Director | Aug 2021–Sep 2023 | Audit |
| Renewable Energy Group (Nasdaq: REGI) | Director | Nov 2021–Jun 2022 | Risk; Audit (May–Jun 2022) |
| XL Fleet / Spruce Power (NYSE: XL) | Director; Audit Chair; Comp member | Dec 2020–May 2022 | Audit (Chair); Compensation |
Board Governance
- Independence: Board affirmed she meets Nasdaq independence standards.
- Committee assignments: Audit Committee member; designated “audit committee financial expert.”
- Attendance (partial-year 2024): Appointed Aug 9, 2024; attended 1 of 2 Audit meetings and 1 of 1 Board meetings during her service period.
- Board structure: Separate Chair/CEO; Board declassification phased through 2027 (signal of improved accountability).
- Hedging/pledging: Prohibited for directors under Insider Trading Policy (alignment positive).
| Governance Item | Status |
|---|---|
| Independence | Independent (Nasdaq) |
| Audit Committee | Member; Audit Committee Financial Expert |
| Board Attendance (2024, partial) | Audit 1/2; Board 1/1 (appointed 8/9/2024) |
| Election Result (2025 AGM) | 132,847,190 For; 642,360 Withheld |
Fixed Compensation (Director)
| Component | Amount/Policy | Notes |
|---|---|---|
| Annual cash retainer | $75,000 | Non-employee director annual retainer |
| Committee chair fees | Audit Chair $25,000; Comp Chair $15,000; Nominating Chair $15,000 | Additional cash if chairing applicable committee |
| 2024 cash paid to Ramdev | $29,347 | Pro-rated for partial-year service in 2024 |
| Expense reimbursement | Reasonable out-of-pocket | Standard policy |
Performance Compensation (Director)
Directors receive time-based RSUs (no performance metrics). The Board increased the annual RSU grant value from ~$160,000 to ~$180,000 effective May 2, 2024; the Chairman receives an additional ~$100,000 in RSUs. Ramdev received a pro-rated grant upon appointment.
| Grant | Shares/Value | Vesting | Notes |
|---|---|---|---|
| Annual director equity policy (2024) | ~$180,000 RSUs | Vest at next annual meeting | Policy updated May 2, 2024 |
| Ramdev 2024 equity grant | 25,594 RSUs; $131,041 | 100% at 2025 Annual Meeting | Granted Aug 9, 2024 upon appointment |
Other Directorships & Interlocks
- Current public board: Silgan Holdings (SLGN) – Audit Chair; also serves on compensation and nominating committees. No disclosed related-party transactions or conflicts between her external affiliations and Shoals. Independence affirmed by the Board.
Expertise & Qualifications
- Designation: Audit Committee Financial Expert (SEC definition).
- Education: B.Com. in Financial Accounting (University of Bombay); MBA (Harvard).
- Functional expertise: Finance, risk management, supply chain, international operations; Board skills matrix flags financial expertise, M&A, risk mitigation/litigation, international, and manufacturing & supply chain.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Niharika Taskar Ramdev | 25,594 | <1% | Beneficial ownership as of Mar 6, 2025; includes RSUs vesting within 60 days |
| Director ownership guideline | 5x annual cash retainer | — | Unvested RSUs count toward guideline; 50% net shares retention until met |
| Hedging/pledging | Prohibited | — | Applies to directors |
Governance Assessment
-
Positives
- Financial expert on Audit Committee; deep finance and M&A background enhances audit oversight and risk management.
- Strong shareholder endorsement at 2025 AGM (over 132.8M “For”), a clear investor confidence signal.
- Independent director with no disclosed related-party transactions; robust hedging/pledging prohibitions and ownership guidelines support alignment.
- Director compensation structure balanced: cash retainer plus time-based RSUs in line with market; policy increased equity to $180k, maintaining competitiveness.
-
Watch items
- 2024 attendance below 75% driven by mid-year appointment (1/2 Audit meetings attended); monitor full-year 2025 attendance to confirm engagement trend.
- Company-level say-on-pay support tightened in 2025 (80.7M For vs. 51.8M Against), indicating broader investor scrutiny of pay practices; not attributable to the director personally but a governance context to monitor.
Director Compensation (2024 detail)
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Niharika Taskar Ramdev | $29,347 | $131,041 | $160,388 |
Committee Assignments
| Committee | Role | Chair? |
|---|---|---|
| Audit Committee | Member; Financial Expert | No (Chair: Robert Julian) |
Say-on-Pay & Shareholder Feedback (context)
- 2024 say-on-pay approval ~82% (supportive backdrop).
- 2025 say-on-pay: 80,726,245 For; 51,805,858 Against; 957,447 Abstain (lower margin, signaling increased scrutiny).
Related Party Transactions
- None disclosed for Ramdev; Board independence determination reviewed transactions and confirmed independence (separate TVA consideration related to another director).