Randall Gabe
Senior Vice President and Chief Administrative Officer, Southwest Gas Corporation at 
Southwest Gas Holdings
Southwest Gas HoldingsExecutive
About Randall Gabe
Senior Vice President/Chief Administrative Officer at Southwest Gas Corporation since 2022; age 55 as of year‑end 2024, with 26 years of credited service indicating long-tenured utility operating experience . Company performance under his executive cohort emphasized Utility adjusted net income, safety, productivity, and customer satisfaction, with 2024 utility officer annual incentives paying at 158% of target on those metrics . During his tenure period, Southwest Gas delivered trailing 12‑month Utility ROE of 8.3%, added ~40,000 meter sets (1.8% customer growth), and improved year‑to‑date utility net income by $18.1 million as of Q3 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Southwest Gas Corporation | Vice President/Gas Resources | 2020–2022 | Not disclosed |
| Southwest Gas Corporation | Vice President/Gas Resources | 2019–2022 | Not disclosed |
External Roles
No external public company directorships or roles disclosed for Gabe.
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $394,040 | $416,749 |
| Target Bonus (% of Salary) | 60% | 60% |
| Annual Incentive Earned ($) | $345,774 | $398,160 |
| Stock Awards ($ grant date fair value) | $354,107 | $431,315 |
| Change in Pension Value & Nonqualified Deferred Comp Earnings ($) | $474,034 | $210,005 |
| All Other Compensation ($) | $8,603 | $14,105 |
| Total Compensation ($) | $1,576,558 | $1,470,334 |
Performance Compensation
| Component | Metric | Weighting | Target Basis | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (Utility Officer) | Utility Adjusted Net Income | 40% | Set by plan/budget | 80.00% of target | Annual cash |
| Annual Cash Incentive (Utility Officer) | Productivity (O&M per Customer) | 30% | Budgeted O&M and customer adds | 26.98% of target | Annual cash |
| Annual Cash Incentive (Utility Officer) | Customer Satisfaction | 15% | Independent surveys, target ~2023 actual | 24.75% of target | Annual cash |
| Annual Cash Incentive (Utility Officer) | Safety – Damages/1,000 tickets | 7.5% | Targets calibrated vs 2023 | 15.00% of target | Annual cash |
| Annual Cash Incentive (Utility Officer) | Safety – Response ≤30 minutes | 7.5% | Max slightly decreased vs 2023 | 11.74% of target | Annual cash |
| Annual Cash Incentive (Total) | Aggregated Achievement | 100% | — | 158% of target; earned 94.8% of salary ($398,160) | Annual cash |
| Long‑Term Incentive – Time‑Lapse RSUs | Time‑based RSUs | 45% of salary target | Granted 2024 at $63.35/share basis | Time‑vest; no payout metric | 40%/30%/30% over 1/2/3 years |
| Long‑Term Incentive – PSUs (3‑yr) | 3‑yr financial metrics (e.g., 3‑yr Adjusted EPS, Utility Adjusted Net Income, 3‑yr Avg Utility ROE) | 45% of salary target | 2024–2026 cycle | In progress (not yet determined) | Earned on 3‑yr performance |
Equity Ownership & Alignment
| Equity Position | FY 2023 | FY 2024 |
|---|---|---|
| Unvested SWX RSUs (#) | 3,952 | 5,120 |
| Unvested SWX RSUs (Market Value $) | $250,384 | $362,035 |
| Unearned PSUs (#, assuming target) | 3,996 | 5,996 |
| Unearned PSUs (Market/Payout Value $) | $253,150 | $423,996 |
| Options Outstanding | None disclosed at FY end 2023 | None listed in FY end 2024 table |
| Beneficial Ownership (as of March 4, 2024) | Shares |
|---|---|
| Randall P. Gabe | 12,460 (less than 1%) |
- 2024 Grant specifics: Time‑Lapse RSUs 2,863 ($215,645) and PSUs 2,863 ($215,670); Board approval Feb 22, 2024; grant date May 2, 2024 .
- Officer stock ownership guidelines: Senior Vice Presidents must hold Common Stock equal to 3× base salary; if not at target, must retain 50% of net shares from vesting/exercise until compliant; unvested RSUs/PSUs count toward qualified shares .
- Anti‑pledging/hedging: Directors and officers are prohibited from pledging, hedging, short sales, derivatives, and margin accounts in Company securities .
Employment Terms
- Role tenure: SVP/Chief Administrative Officer since 2022; age 55 (eligible for certain retirement treatments under plans) .
- Change‑in‑control agreements (Southwest officers): Double‑trigger; no excise tax gross‑ups; accelerated vesting upon certain terminations post‑CIC; severance amounts not greater than 3× base salary (excluding equity/incentive comp, welfare/retirement benefits, outplacement) .
- Annual Incentive plan treatment: Prorated payout for death/disability; if retirement eligible (age ≥55 with service), prorated; for 2024, full‑year performance period ended Dec 31, so full award payable; as of Dec 31, 2024, Gabe was age 55+ and retirement‑eligible under plan rules .
- RSU retirement vesting: On retirement at age ≥55 with ≥10 years service (or certain other terminations), unvested time‑lapse RSUs vest; 2024 RSUs vest 40%/30%/30% over years 1/2/3 absent earlier retirement/termination conditions .
- Clawback policy applies to annual and long‑term incentives, including time‑based RSUs .
- Pension and SERP: Present value of accrued benefits at 12/31/2023 – Retirement Plan $1,346,304; SERP $718,381; vesting in SERP occurs at age 55 with 20 years of service or at age 65 with 10 years; limited SERP annual benefit for Gabe of $5,767 if benefits commenced at age 55 at that time .
- Nonqualified deferred compensation (2023): Contributions $17,205; employer contributions $8,603; aggregate earnings $82,224; year‑end balance $1,213,435 .
Investment Implications
- Pay‑for‑performance alignment: 2024 utility officer incentives tied heavily to Utility adjusted net income, safety, and productivity, with aggregate payout at 158% of target and actual cash incentive equal to 94.8% of salary—clear linkage between operating performance and annual cash compensation . Long‑term incentives split 50/50 between time‑based and performance‑based for Gabe (90% of salary total), with PSUs earned on 3‑year metrics (Adjusted EPS, Utility ROE, Utility adjusted net income), reinforcing multi‑year alignment .
- Retention risk and vesting: Retirement eligibility and RSU acceleration provisions (age ≥55 with service) can reduce unvested RSU forfeiture risk—positive for retention but implies potential near‑term vesting events; lack of option awards reduces forced‑exercise selling pressure .
- Ownership alignment: Unvested RSUs/PSUs and 12,460 beneficially owned shares, coupled with 3× salary ownership guideline and strict anti‑pledging/hedging, indicate governance practices limiting misalignment risk and speculative trading, benefiting long‑term holders .
- Pension/deferral footprint: Material defined benefit accruals and sizable nonqualified deferred comp balance suggest meaningful deferred value at risk with continued service; change‑in‑control terms are shareholder‑friendly (double‑trigger, no tax gross‑ups, capped severance) mitigating parachute concerns .
- Company performance backdrop: Trailing 12‑month Utility ROE of 8.3%, 1.8% customer growth, and improved utility net income year‑to‑date frame an improving utility profile supportive of incentive attainment trends under Gabe’s executive cohort .