Julie Williams
Senior Vice President, Continuous Improvement and Optimization, Southwest Gas Corporation at 
Southwest Gas Holdings
Southwest Gas HoldingsExecutive
About Julie Williams
Julie M. Williams, age 51, is Senior Vice President, Continuous Improvement and Optimization at Southwest Gas Corporation (a subsidiary of Southwest Gas Holdings) since 2023; she previously served as Senior Vice President/Chief Operating Officer (2022–2023) and Vice President, Southern Arizona Division (2020–2022) . She has 28 years of credited service under Southwest Gas retirement plans, indicating long-tenured operational leadership and domain expertise . Company performance during her recent tenure includes EPS of $2.76, Southwest Gas segment net income of $261.2 million, and Centuri revenues of $2.6 billion for 2024, while company TSR value of a $100 investment reached 110.90 in 2024 versus 116.68 for the S&P 1500 Gas Utilities Index peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Southwest Gas Corporation | Senior Vice President, Continuous Improvement & Optimization | 2023–Present | — |
| Southwest Gas Corporation | Senior Vice President/Chief Operating Officer | 2022–2023 | — |
| Southwest Gas Corporation | Vice President, Southern Arizona Division | 2020–2022 | — |
External Roles
Not disclosed in the latest proxy for Julie M. Williams .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 313,060 | 348,540 | 369,227 |
| Bonus ($) | 77,976 | — | — |
| Stock Awards ($) | 79,141 | 451,430 | 552,658 |
| Non-Equity Incentive Plan Compensation ($) | 75,924 | 306,735 | 352,656 |
| Change in Pension Value & NQDC Earnings ($) | 22,150 | 354,415 | 80,804 |
| All Other Compensation ($) | 180,286 | 12,179 | 12,903 |
| Total Compensation ($) | 748,537 | 1,473,299 | 1,368,248 |
| Annual Incentive Design (2024) | Julie Williams |
|---|---|
| Target Annual Incentive Opportunity (% of Salary) | 60% |
| Aggregate Achievement (% of Target) | 158% |
| Incentive Earned (% of Salary) | 94.8% |
| Incentive Earned ($) | 352,656 |
Performance Compensation
| Annual Incentive Metrics (2024) | Weighting | Targeting/Notes | Payout Mechanics |
|---|---|---|---|
| Utility Adjusted Net Income | 40% (for Julie) | Targets aligned to utility business plan | 50% at threshold, 100% at target, 200% at max; no payout if <80% of target net income |
| Customer Satisfaction | — | Target approximated actual 2023 performance | As above |
| Productivity (O&M per customer) | — | Based on budgeted O&M and customer adds | As above |
| Safety (Damages per 1,000 tickets; Response times) | — | Targets calibrated off 2023; response-time maximum slightly decreased vs 2023 | As above |
| Overall 2024 Annual Incentive Payout (Julie) | — | Aggregate achievement at 158% of target for her cohort | Earned 94.8% of salary, $352,656 |
| PSU Design (2024 Grants for Julie) | Metric | Weighting | Threshold | Target | Maximum | Vesting |
|---|---|---|---|---|---|---|
| 3-year Utility Adjusted Net Income (cumulative 2024–2026) | Financial (Utility) | 60% | $693,991k | $771,101k | $809,657k | Earned PSUs vest after performance period; dividend equivalents accrue |
| 3-year Average Utility ROE | Financial (Utility) | 40% | 7.0% | 7.5% | 8.0% | Earned PSUs vest after performance period; dividend equivalents accrue |
| 2024 PSUs Granted (Target #) | — | — | — | 4,402 | — | Performance period ends 12/31/2026 |
| RSU Vesting Schedule (Julie) | Grant Year | Vests Jan 2025 (#) | Vests Nov 2025 (#) | Vests Jan 2026 (#) | Vests Jan 2027 (#) |
|---|---|---|---|---|---|
| Time-lapse RSUs | 2024 | 1,214 | — | 910 | 910 |
| Time-lapse RSUs | 2023 | 929 | — | 929 | — |
| Time-lapse RSUs | 2022 | 199 | — | — | — |
| Standard RSU Vesting Convention | — | 40% year 1; 30% years 2 and 3 | — | — | — |
| 2024 Equity Activity (Julie) | Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|---|
| RSU/PSU vesting during 2024 | 2,339 | 154,908 |
Equity Ownership & Alignment
| Ownership Snapshot (as of Mar 3, 2025) | Value/Count |
|---|---|
| Beneficial Ownership – SWX Common Shares (#) | 18,545 (<1% of outstanding) |
| Unvested Time-Lapse RSUs – SWX (#) | 5,091 |
| Market Value of Unvested Time-Lapse RSUs – SWX ($) | 359,985 (at $70.71) |
| Unearned PSUs (Target) – SWX (#) | 9,196 |
| Market/Payout Value of Unearned PSUs – SWX ($) | 650,270 |
- Officers’ stock ownership guidelines: Senior Vice Presidents must hold common stock equal to 3× base salary; if below guideline, must retain 50% of net shares from RSU/PSU vesting (CEO retention rate 75%) .
- Pledging/hedging: Directors and officers are prohibited from pledging, hedging, short sales, derivatives, and holding company stock in margin accounts .
- Options: No stock options outstanding in 2024; equity compensation is RSUs/PSUs only .
Employment Terms
| Change-in-Control (Double Trigger assumed at 12/31/2024) | Salary ($) | Incentive ($) | Welfare Benefits ($) | Stock Acceleration ($) | Outplacement ($) | Additional SERP ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Julie M. Williams | 930,000 | 558,000 | 63,774 | 686,218 | 30,000 | 1,456,966 | 3,724,958 |
- CIC vesting terms: All time-lapse RSUs vest; for Williams, PSUs vest pro rata based on months of service in 2023–2025 and 2024–2026 performance periods; equity is not automatically accelerated at change in control (requires double trigger) .
- Pension benefits (present value, as of 12/31/2024): Retirement Plan $1,045,507; SERP $727,905; limited annual SERP benefit $11,210 if leaving before full vesting, per plan provisions .
- Nonqualified deferred compensation (2024): Executive contributions $58,048; company contributions $12,903; aggregate earnings $93,755; ending balance $1,286,634; above-market interest $31,928 .
Investment Implications
- Pay mix skews toward long-term equity: 2024 LTI target equals 130% of salary (52% RSUs, 78% PSUs), aligning incentives to 3-year utility adjusted net income and ROE; reduces near-term cash risk and ties payouts to regulated utility performance .
- Strong 2024 annual incentive realization: Her cohort achieved 158% of target, resulting in a 94.8% of salary cash payout ($352,656), signaling successful execution against utility financial, customer satisfaction, productivity, and safety metrics .
- Vesting pipeline and selling pressure: Unvested SWX RSUs (5,091; $359,985) and PSUs (9,196; $650,270) plus scheduled 2025–2027 RSU tranches create predictable vesting events; however, pledging/hedging prohibitions and retention requirements (50% of net shares until guideline met) mitigate forced selling risk .
- Retention and CIC economics: Double-trigger CIC package totals $3.73 million, with pro rata PSU vesting for Williams, offering retention stability; equity does not accelerate on single-trigger, aligning with shareholder-friendly practices .
- Long-tenured operator: 28 years credited service and roles centered on continuous improvement/optimization suggest execution depth in regulated operations; 2024 company outcomes (EPS $2.76, utility net income $261.2M) and TSR at 110.90 support pay-for-performance credibility during an active separation/optimization agenda .