Tanya Moniz-Witten
SJWAbout Tanya Moniz-Witten
Tanya Moniz-Witten (age 53) is President of San Jose Water Company (SJWC), appointed March 25, 2024, after senior operations leadership roles at National Grid (VP, Electric Distribution Field Operations – New England) and Pacific Gas & Electric (Senior Director, Electric Distribution Field Operations – Bay/Central) . Company performance in 2024 included Net Income of $93.967 million and Adjusted Diluted EPS of $2.93, with cumulative TSR (from 12/31/2019) at $77.40 per $100 initial investment; her 2024 annual incentive result was 84.4% of target based on subsidiary and group goals . She is one of SJW’s named executive officers and participates in standard executive programs (ownership guidelines, clawback, severance) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Grid (New England) | VP, Electric Distribution Field Operations | Jan 2021–Mar 2024 | Led field operations across a multi-state electric distribution territory, overseeing reliability, safety, and customer service execution . |
| Pacific Gas & Electric (PG&E) | Senior Director, Electric Distribution Field Operations (Bay/Central) | Oct 2019–Jan 2021 | Directed major regional distribution operations in a complex regulatory and safety environment . |
| PG&E | Various roles (earlier) | Pre-2019 | Progressive leadership in electric operations underpinning large-scale field execution . |
External Roles
No public company directorships or external board roles disclosed .
Fixed Compensation
| Component | 2024 Detail | Notes |
|---|---|---|
| Base Salary | $337,500 (pro-rated; annualized $450,000) | Joined March 25, 2024; annualized rate of $450,000 . |
| Target Bonus % | 40% of base salary | Set by Compensation Committee . |
| Actual Annual Incentive | $197,913 (129.4% of target including individual performance uplift) | 84.4% payout on performance criteria plus 45% individual performance (CEO recommendation, excludes CEO) . |
| Sign-On Bonus | $175,000 (one-time) | To offset forfeited compensation from prior employer . |
| Perquisites/Other | $135,378 relocation; $1,558 vehicle personal use; $10,385 401(k) match | Standard benefits; no tax gross-ups on perquisites . |
Performance Compensation
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout Impact |
|---|---|---|---|---|---|---|
| SJW Group Adjusted Diluted EPS ($) | 10% | 2.68 | 2.83 | 2.98 | 2.93 | Above target contributed to payout . |
| SJWC Net Income ($) | 10% | 60,870,000 | 64,250,000 | 67,630,000 | 71,000,000 | Above max supported higher financial score . |
| SJWC Capital Additions ($) | 15% | 160,040,000 | 169,000,000 | 177,960,000 | 178,000,000 | Slightly above maximum . |
| Customer Satisfaction | 10% | 82% | 85% | 88% | 77% | Below threshold reduced payout . |
| Employee Satisfaction | 10% | 78% | 82% | 86% | 76% | Below threshold reduced payout . |
| Environmental Leadership – Water Quality | 10% | ≤1 citation | 0 citations | 0 citations + no monitoring violations | Maximum | Maxed category . |
| OSHA Recordable Incident Rate | 10% | 3.9 | 3.3 | 2.4 | 4.4 | Above threshold reduced payout . |
| O&M Efficiency Ratio (%) | 10% | 34.70 | 32.95 | 31.21 | 32.50 | Between target and threshold . |
| Strategic Goal (Communications/Branding) | 15% | Threshold | Target | — | Threshold | Met at threshold . |
| Weighted Total (Performance Criteria) | — | — | — | — | 84.4% | Performance portion for Moniz-Witten . |
Equity Awards (2024 grants):
- Service RSUs: $636,000 total grant value (includes $510,000 special RSU) .
- PSUs (rTSR and ROE): $30,780 and $23,220 grant-date values, respectively .
- Share counts granted: Service RSUs 2,270 (3/25/2024) and 9,367 (4/30/2024); PSUs rTSR target 419 (threshold 210; max 629), ROE target 555 (threshold 278; max 1,110) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 3,871 shares (less than 1% of outstanding) as of March 24, 2025 . |
| Unvested RSUs | 2,270 and 9,367 RSUs unvested (market values $111,729 and $461,044 at $49.22) . |
| Unvested PSUs | ROE: 419 (assumed at target for disclosure, $20,623); rTSR: 278 (assumed at threshold, $13,683) . |
| Options | None outstanding; company does not grant stock options currently . |
| Shares Pledged | None; pledging prohibited by policy . |
| Ownership Guidelines | 1.5× base salary; service RSUs and deferred shares count; all NEOs compliant as of 12/31/2024 . |
| Hedging/Pledging Policy | Prohibits hedging/monetization and pledging; blackout trading controls . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Executive Severance Plan (Change-in-Control – double trigger) | Benefits paid only upon qualifying termination within 24 months of CIC (or during CIC deal period) . |
| CIC Severance Multiples | Cash severance of 3× salary + 3× target bonus for NEOs (applies to Moniz-Witten) . |
| Excise Tax Gross-Up | Not provided to CEO or executives participating after 10/26/2022; gross-up applies to certain legacy executives; Moniz-Witten not indicated as receiving gross-up . |
| Accelerated Vesting | Service RSUs vest and PSUs vest (at target) if not assumed; otherwise vest upon qualifying termination . |
| Potential Payments – with CIC | Cash: $1,428,225; Enhanced pension PV: $37,563; COBRA: $105,673; Accelerated equity: $620,713; Total: $2,192,174 . |
| Potential Payments – without CIC | Accelerated equity only: $588,753 (assumes target performance) . |
| Clawback | SEC-compliant clawback adopted Dec 1, 2023; covers cash incentives and stock-based awards . |
Investment Implications
- Pay-for-performance and alignment: Compensation mix includes meaningful PSUs tied to ROE and rTSR, plus subsidiary line-of-sight operational metrics in annual incentives—improves accountability for SJWC outcomes and shareholder value creation .
- Retention and selling pressure: Significant unvested service RSUs (2,270 and 9,367) and PSUs (target 419 and 555) vest over time, reducing near-term selling pressure; company prohibits hedging/pledging and imposes blackout windows, further moderating trading risk .
- Change-in-control economics: Double-trigger protection with 3× cash multiple and equity acceleration provides retention through strategic events but creates potential lump-sum exposure; no excise gross-up for Moniz-Witten reduces shareholder cost risk relative to legacy executives .
- Governance and signals: Strong clawback, ownership guidelines (1.5× salary), and prohibition on options (shift to RSUs/PSUs) reflect governance discipline; 2024 say-on-pay support at 84% indicates shareholder acceptance of overall pay framework .
Overall, Moniz-Witten’s package is aligned to financial and operational execution at SJWC and SJW Group, with multi-year equity vesting and CIC double-trigger protections balancing retention and shareholder safeguards .