Jigisha Desai
About Jigisha Desai
Independent director at Tutor Perini Corporation (TPC) since 2021; age 58. Chairs the Corporate Governance & Nominating Committee and serves on the Audit Committee; the Board has designated all Audit Committee members as “audit committee financial experts.” Education: B.S. Accounting (University of Houston), MBA Corporate Finance (Golden Gate University); credentials include Certified Treasury Professional (inactive), Harvard Business School Advanced Management Program and Women Executives on Boards, and DCRO Institute’s Certificate in Cyber Risk Governance and Qualified Risk Director designation .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Granite Construction Incorporated | EVP & Chief Strategy Officer | Jan–Dec 2021 | Strategic leadership following CFO tenure |
| Granite Construction Incorporated | SVP & Chief Financial Officer | Jul 2018–Jan 2021 | Led finance, risk management and corporate strategy |
| Granite Construction Incorporated | VP Corporate Finance & Treasurer | Sep 2013–Jul 2018 | Treasury and corporate finance leadership |
| Granite Construction Incorporated | Various financial management roles | 1993–2013 | Progressive finance roles |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Central States (employee-owned metal building products) | Director | Since Apr 2024 | Private company board |
| ElementUS Minerals | Director | Former; through 2024 | Private company until 2024 |
| 1st Capital Bank | Director | 2020–2024 | Former director; acquired in 2024 |
| QualTek Services, Inc. | Director; Audit Committee Chair | Feb–Dec 2022 | Former public company board service |
Board Governance
- Independence: Affirmatively determined independent under NYSE rules .
- Committee leadership and membership:
- Corporate Governance & Nominating Committee: Chair; met 4 times in 2024 .
- Audit Committee: Member; committee met 12 times in 2024; all members designated “audit committee financial experts” .
- Attendance and engagement:
- Board met 5 times in 2024; each director attended at least 75% of Board and committee meetings on which they served. Non‑management directors met in executive session on the same day as each of the four regular Board meetings; directors (except Mr. Klein) attended the 2024 Annual Meeting .
- Lead Independent Director: Robert C. Lieber; duties include agendas, executive sessions, liaison role, and governance consultation .
- Key governance practices: Majority voting standard for uncontested director elections adopted in 2024; anti‑hedging and anti‑pledging policies; Dodd‑Frank compliant clawback; annual Board/committee self‑evaluations .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Cash Retainer | $100,000 | Directors could elect shares; Desai elected 4,786 shares at $20.89 ($99,980) plus $20 cash for her cash retainer |
| Annual Equity Value Retainer | $160,000 | Granted in shares at grant date price |
| Governance Committee Chair Retainer | $15,000 | Chair fee |
| Audit Committee Member Retainer | $12,500 | Member fee |
| Meeting Fees (post‑May 2024, beyond reasonable #) | $1,500 per meeting | Audit Committee held three such meetings in 2024 |
| 2024 Actual Compensation | Amount |
|---|---|
| Fees Earned (Cash/Stock) | $146,003 |
| Stock Awards (Grant‑date fair value) | $159,997 |
| Total | $306,000 |
Performance Compensation
- Director compensation is not tied to performance metrics; annual equity grants are time‑based (retainer shares) rather than performance‑conditioned for directors .
Other Directorships & Interlocks
| Company | Relationship to TPC | Interlock/Conflict Indicators |
|---|---|---|
| Central States | Supplier/customer relationship not disclosed | No related‑party transaction disclosed involving Desai |
| 1st Capital Bank (prior) | Financial services; no TPC RPT disclosed | No interlock noted |
| QualTek Services, Inc. (prior) | Telecom infrastructure; no TPC RPT disclosed | No interlock noted |
Expertise & Qualifications
- Financial leadership: Granite CFO; qualified “audit committee financial expert” .
- Corporate strategy and risk: EVP & CSO; DCRO Qualified Risk Director; cyber risk governance certificate .
- Education and professional programs: University of Houston (B.S. Accounting), Golden Gate University (MBA Corporate Finance); Harvard AMP and Women Executives on Boards; Certified Treasury Professional (inactive) .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Jigisha Desai | 72,983 | * (less than 1%) |
- Stock ownership guidelines for non‑management directors: 5x annual cash retainer; all current non‑management directors are in compliance .
- Anti‑hedging/anti‑pledging: Company prohibits hedging; no executive officer or director pledges Company stock; policy limits pledging to ≤30% if ever used .
Governance Assessment
- Strengths: Independent director; chairs governance; Audit Committee financial expertise; strong attendance; adoption of majority voting standard; robust clawback and anti‑hedging/pledging policies .
- Alignment: Elected to take the cash retainer largely in stock, increasing ownership alignment; complies with 5x retainer ownership guideline .
- Potential conflicts: None disclosed for Desai; related‑party reviews focused on other directors (Arkley/Alliant, Oneglia/O&G); Audit Committee oversees RPTs .
- Shareholder sentiment context: 2024 Say‑on‑Pay received <50% support for NEO pay; Board implemented changes (CEO transition, pay adjustments, broader equity strategy); as Governance Chair, Desai sits at the center of ongoing board refreshment and policy improvements, which may bolster investor confidence if sustained .