J. Christopher Eklof
Targa ResourcesAbout J. Christopher Eklof
J. Christopher Eklof is Senior Vice President and Chief Accounting Officer of Targa Resources Corp., appointed effective March 1, 2025; he is 56 years old and has been with Targa since 2010, previously leading financial reporting and technical accounting across subsidiaries . Prior roles include Vice President—Financial Controller (May 2022–Feb 2025) and Vice President—Operational Controller (May 2019–May 2022) . Company performance context: Targa delivered 2024 Adjusted EBITDA of $4,142.3 million, CFFO/share of $15.49, and three-year TSR of 239% (2022–2024), indicating strong pay-for-performance alignment across executive incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Targa Resources Corp. | Senior Vice President & Chief Accounting Officer | Mar 2025–Present | Leads corporate accounting oversight; executive officer and Section 16 filer |
| Targa Resources Corp. | Vice President—Financial Controller | May 2022–Feb 2025 | Led financial control for the company and GP |
| Targa Resources Corp. | Vice President—Operational Controller | May 2019–May 2022 | Oversaw operational accounting controls and processes |
| Targa subsidiaries | Financial reporting & technical accounting leadership | Jul 2010–Apr 2019 | Led SEC reporting and technical accounting across subsidiaries |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| J.P. Morgan (Energy Trading) | Vice President of Accounting | Oct 2007–Jun 2010 | Managed accounting for energy trading operations |
| PricewaterhouseCoopers LLP | Audit practice | ~8 years (prior to 2007) | External audit; technical accounting foundations |
Performance Compensation
Company executive incentive framework (applies to NEOs; CAO typically participates under similar corporate plans):
- Short-term annual cash incentive categories and weighting: Financial Performance (60%), Commercial & Operational Execution (30%), Sustainability (10%); safety operates as a payout modifier only (downside) .
- 2024 plan achieved a 2.00x company performance factor (cap) based on results; no individual multipliers applied to NEOs (1.0x) .
2024 Annual Incentive Metrics and Outcomes (Company-Level)
| Metric | Weight | Target | Actual | Payout Factor |
|---|---|---|---|---|
| Adjusted EBITDA ($mm) | 60% (category) | $3,658 | $4,142 | 2.36 |
| CFFO per Share ($) | 60% (category) | $13.33 | $15.49 | 2.50 |
| 3-year ROIC (%) | 60% (category) | 12% | 22% (2022–2024) | 2.50 |
| Commercial & Operational Execution | 30% | On-time/on-budget major projects; fee-based margins | Exceeded targets; projects delivered; >90% fee-based margins | 2.00 |
| Sustainability (Talent; Env/Gov) | 10% | Talent retention; methane and disclosure progress | Met expectations; progress across initiatives | 1.00 |
| Safety Modifier | N/A | Downside-only | No adjustment applied | N/A |
| Total Company Performance Factor | — | — | — | 2.00 (capped) |
Long-Term Incentives (Company-Level PSU Design and Outcome)
| Plan | Performance Metric | Target Percentile | Max Percentile | Payout at Target | Payout at Max | 2022–2024 Outcome |
|---|---|---|---|---|---|---|
| PSU (3-year) [2024 grant design] | Relative TSR vs Alerian US Midstream Index | 55th | ≥75th | 100% | 250% | 250% earned for 2022–2024 based on 239% TSR (1st/32) |
Notes: Targa uses 50% PSUs (relative TSR) and 50% RSUs with 3-year cliff vesting for senior executives; grants determined as % of base salary for NEOs (e.g., CEO 800% in 2024). CAO grant specifics were not disclosed in the proxy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Eklof) | 13,693 shares directly owned following 04/01/2025 transaction (F code; tax withholding of 991 shares at $203.07) |
| Options | Company did not grant options in 2024; no options outstanding under plans |
| Ownership Guidelines | Executives 3.0× base salary; 5 years to comply; RSUs count toward ownership |
| Hedging/Pledging | Directors and officers prohibited from hedging; certain Insiders prohibited from pledging or margin purchases |
| Clawback | Mandatory recovery of incentive-based comp for Section 16 officers upon financial restatement (effective Oct 2023) |
| Additional Filings | Subsequent Form 4 filed Aug 5, 2025 (filer: EKLOF JOHN CHRISTOPHER) confirms ongoing Section 16 reporting |
Interpretation:
- The April 2025 Form 4 indicates net-share settlement for taxes on a vesting event rather than open-market selling; this typically reduces near-term selling pressure while maintaining core holdings .
- Pledging risk is mitigated by corporate prohibitions; hedging is disallowed for directors and officers .
Employment Terms
| Topic | Disclosure |
|---|---|
| Appointment | Board appointed Eklof as SVP & CAO effective March 1, 2025, succeeding retiring CAO Julie H. Boushka |
| Employment Contracts | Company highlights “no employment contracts” and “no single-trigger change-in-control severance arrangements” for NEOs (policy context applies broadly) |
| Change-in-Control (Equity) | For outstanding PSU/RSU awards to named executive officers: double-trigger vesting upon CoC termination; PSUs vest at ≥100% or actual guideline percentage; RSUs fully vest on CoC termination or death/disability |
| Non-Compete/Garden Leave (Awards) | Post-retirement continued vesting requires consulting or refraining from competitive employment in a similar role through vest dates (directorships at non-competitors permitted) |
| Clawback | Executive incentive compensation recovery policy covers Section 16 officers (cash and equity) upon restatements |
| Insider Trading Windows | Insiders restricted from trading during defined windows; policy prohibits certain derivatives and short sales |
Investment Implications
- Alignment: Equity-heavy executive pay (PSUs/RSUs), ownership guidelines, and clawback policy enhance alignment and reduce agency risk for the CAO; hedging/pledging prohibitions further support investor interests .
- Selling Pressure: The only disclosed 2025 transaction was tax withholding (F code) around a vesting event, not discretionary selling, suggesting low near-term selling pressure from Eklof; beneficial holdings were 13,693 shares post-settlement as of April 2, 2025 .
- Retention: Equity vesting schedules, change-in-control protections (double-trigger for awards), and post-retirement conditions (non-compete-like vesting requirements) promote retention for senior officers including the CAO .
- Pay-for-Performance Context: Company-level metrics (Adjusted EBITDA $4,142.3 million; CFFO/share $15.49; ROIC 22%; 3-year TSR 239%) underpin the incentive pool, signaling robust linkage between payouts and performance; say-on-pay support was 95% in 2024 .