Fabio Pineda
Southwest Gas HoldingsAbout Fabio Pineda
Fabio A. Pineda is Vice President/Controller and Chief Accounting Officer of Southwest Gas Holdings, Inc. and Southwest Gas Corporation, appointed effective July 17, 2025; he signed the Company’s Q2 and Q3 2025 Form 10‑Qs in this capacity . Age 44, he is a CPA (Texas) with a dual BBA in Accounting and Finance (Global Energy Management concentration) from the University of Houston, C.T. Bauer College of Business . Company performance context preceding his appointment: 2024 EPS $2.76, Southwest Gas utility net income $261.2 million, Centuri revenues $2.6 billion, and utility ROE 8.1%; 2024 dividends were $2.48 per share and quarterly dividend held at $0.62 in February 2025 . For PSU assessments over 2022‑2024, Company TSR ranked between the 25th and 75th percentile of the selected peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sempra | Assistant Controller | Jul 2020 – Jul 2025 | Oversaw financial reporting, consolidation, pension/benefits, corporate/technical accounting; provided accounting oversight across operating companies . |
| Sempra | Director – Corporate Accounting Research & Policies | Apr 2017 – Jul 2020 | Led accounting policy function; technical accounting research and governance . |
| Ernst & Young LLP | Audit/Assurance (various) | 2007 – 2017 | Foundation in public accounting, SEC reporting and controls . |
External Roles
No external board or public company directorships disclosed for Mr. Pineda .
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base Salary | $340,000 per year | Set at appointment (effective Jul 17, 2025) . |
| Sign‑on Bonus | $350,000 cash, paid over two years in equal installments; first within 30 days of start, remaining on first and second anniversaries | Structured to support retention through staggered payments . |
| Benefits Eligibility | Eligible for annual cash incentive awards and long‑term equity awards; participates in other compensation/benefit programs at levels consistent with role | Standard officer package . |
| Change‑in‑Control Agreement | Same form as provided to other officers | Company policy features double‑trigger, no excise tax gross‑ups, “best net” approach; severance not greater than 3× base salary (excluding equity/incentive, welfare, retirement, outplacement) . |
| Indemnification | Standard officer indemnification agreement | Company standard form for officers . |
Performance Compensation
| Incentive Type | Metric/Structure | Grant/Eligibility | Vesting |
|---|---|---|---|
| Annual Cash Incentive | Company annual program ties to financial (utility adjusted net income; for some officers Centuri EBITDA and FCF), productivity (O&M per customer), customer satisfaction, and safety (damage rate, response times) | Eligible as an officer; individual target % not disclosed for Mr. Pineda . | Paid annually based on threshold/target/max with linear interpolation . |
| Time‑based RSUs | Service‑vested | Reported initial grant of 1,443 RSUs on Jul 17, 2025 (Form 4) . | Company practice for 2024 RSUs: 40%/30%/30% over three years; Mr. Pineda’s specific cadence not disclosed in 8‑K; RSU grant date confirmed by Form 4 . |
| Performance Stock Units (PSUs) | Three‑year metrics typically include adjusted EPS, utility adjusted net income, and utility ROE; earn‑out 50%–200% of target | Eligible; quantities for Mr. Pineda not disclosed | Vests based on three‑year performance; dividend equivalents added to earned PSUs . |
Context: In 2024, the Company’s incentive framework delivered CEO/holdings officer payouts at 146% of target and utility officers at 158% based on utility adjusted net income, productivity, customer satisfaction, and safety outcomes; Centuri EBITDA/FCF underperformed targets for holdings officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Ownership Filings | Form 3 filed Jul 21, 2025 (initial statement of beneficial ownership) . |
| Reported Grants | 1,443 RSUs reported on Form 4 filed Jul 21, 2025; no sales reported in the filing . |
| Pledging/Hedging | Prohibited for directors and officers; short sales/derivatives/margin accounts disallowed . |
| Ownership Guidelines | Officers must hold Common Stock equal to a multiple of base salary: 1× for vice presidents; retention requirements 50% of net shares for officers until guideline met; compliance required within five years . |
| Clawback | Company’s clawback covers excess incentive compensation on restatements, including time‑based RSUs and PSUs; administered by Compensation Committee . |
Employment Terms
| Term | Disclosure |
|---|---|
| Start Date | Effective July 17, 2025; appointment disclosed July 9, 2025 . |
| Title | Vice President/Controller/Chief Accounting Officer (SWX and Southwest Gas Corporation) . |
| Contract/Agreements | Change‑in‑Control Agreement (same form as other officers); indemnification agreement . |
| Severance Economics (CIC policy) | Double‑trigger; no 280G excise tax gross‑ups; “best net” optimization; severance capped at ≤3× base salary (excluding specified items) . |
| Insider Trading Policy | Applies to officers; prohibits trading with MNPI and restricts certain transactions in Company or counterparties’ securities . |
Investment Implications
- Alignment: Equity‑heavy compensation (RSUs/PSUs) and officer ownership guidelines (1× salary for VPs, retention requirements) plus anti‑pledging/hedging policies support alignment and reduce adverse incentive risk .
- Retention: The two‑year, installment sign‑on bonus ($350k) and initial RSU grant (1,443 units) indicate near‑term retention hooks during his transition into CAO; no insider sales reported to date mitigate near‑term selling pressure .
- Change‑of‑Control: Standard double‑trigger agreements without tax gross‑ups and capped severance (≤3× salary) lower golden‑parachute risk; clawback coverage for RSUs/PSUs strengthens governance .
- Execution risk: As CAO, his impact is on controls/reporting quality; his Sempra/EY technical accounting background reduces execution risk in financial reporting. Company incentive metrics emphasize utility adjusted net income, ROE, O&M per customer, customer satisfaction and safety—areas where accounting rigor and controllership discipline support payout determination integrity .
Fabio Pineda’s details are drawn from SWX’s July 9, 2025 Item 5.02 8‑K (appointment, compensation terms, biography) , Q2/Q3 2025 10‑Q signatures (role confirmation) , DEF 14A (CIC policy, clawback, ownership/pledging policies, incentive framework) , and SEC ownership filings (Form 3; Form 4 RSU grant of 1,443 units on Jul 17, 2025) .