Joe Bob Perkins
Targa ResourcesAbout Joe Bob Perkins
Independent director of Targa Resources Corp. since January 2012; age 64 as of March 28, 2025; former CEO (2012–2020), Executive Chairman (Mar–Dec 2020), and President (2005–2011) of Targa. Background spans leadership across midstream and upstream energy and management consulting at McKinsey & Company; credentials include engineering and business educational background (specific degrees not disclosed) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Targa Resources Corp. | Director | Jan 2012–present | Independent director; broad strategic counsel |
| Targa Resources Corp. | Chief Executive Officer | Jan 2012–Mar 2020 | Led operational/strategic initiatives |
| Targa Resources Corp. | Executive Chairman | Mar–Dec 2020 | Oversight of transition and strategy |
| Targa Resources Corp. | President | Oct 2005–Dec 2011 | Built integrated midstream footprint |
| McKinsey & Company | Management Consultant (Energy) | Not disclosed | Strategy and performance improvement |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No current public company directorships disclosed beyond TRGP |
Board Governance
- Independence: Determined independent under NYSE standards .
- Committee memberships and chair roles:
- Risk Management Committee, Chair; members Joyce, Perkins, Davis .
- Other committees (Audit, Compensation, Nominating & Governance, Sustainability) fully independent; Perkins is not listed as a member of Audit/Comp/Nom/Sustainability in 2024–2025 .
- Attendance: 98% of Board and committee meetings in 2024; 100% in 2023 .
- Years of service on Board: 13+ years (since Jan 2012) .
- Board structure: Classified board with staggered three-year terms; Lead Independent Director is Laura C. Fulton .
Fixed Compensation
| Year | Cash Retainer (Director) | Committee Chair Fees | Meeting Fees | Total Cash | Notes |
|---|---|---|---|---|---|
| 2024 | $115,000 Perkins earned $126,250 | Risk Mgmt Chair $15,000; Chairman of Board $80,000; Audit Chair $25,000; Comp Chair $20,000 | None disclosed | $126,250 (Perkins) | Retainers paid quarterly |
| 2023 | $115,000 (Perkins earned $115,000) | Risk Mgmt Chair $15,000; other chair fees as above | None disclosed | $115,000 (Perkins) | — |
| 2025 (policy) | $125,000 (policy increase) | Chairman of Board +$95,000 (policy) | — | — | Equity retainer increased (see next) |
Performance Compensation
| Year | Equity Grant Type | Shares/Value | Vesting | Notes |
|---|---|---|---|---|
| 2024 | Restricted shares | 1,947 shares; grant-date fair value $82.02/share; Perkins stock award value $159,693 | One-year vest to Jan 2025 | Chairman of Board received 2,891 shares |
| 2023 | Restricted shares | 2,243 shares; Perkins stock award value $166,274; grant-date fair value $74.13/share | One-year vest to Jan 2024 | Chairman of Board received 3,331 shares |
| 2025 (policy) | Restricted shares | Target equity retainer increased to $175,000; Chairman of Board additional $95,000 | One-year vest (consistent practice) | Aligns director interests with shareholders |
Company incentive metrics overseen by the Board (Compensation and strategy signal)
| Category | Metric | Threshold/Target/Max | Actual (2024) | Payout Factor |
|---|---|---|---|---|
| Financial (60%) | Adjusted EBITDA* | $3,292 / $3,658 / $4,207 mm | $4,142 mm | 2.36 |
| Financial (60%) | CFFO per share* | $12.00 / $13.33 / $15.33 | $15.49 | 2.50 |
| Financial (60%) | 3-yr ROIC* | 10% / 12% / 20% | 22% (2022–2024) | 2.50 |
| Ops/Commercial (30%) | Project/commercial/cost execution | Qualitative with on-time/on-budget targets | Met; 90%+ G&P fee-based; Blackcomb stake; growth projects | 2.00 |
| Sustainability (10%) | Talent mgmt; environmental & governance | Qualitative | Met; hiring, methane mgmt, disclosures, board refresh | 1.00 |
| Total | Plan cap and payout | Calculated 2.17x; capped at 2.00x | Approved 2.00x | 2.00 |
2024 Bonus Plan payouts for NEOs were approved at 2.00x; safety modifier not applied .
PSUs for 2022–2024 vested at 250% of target on 239% 3-year TSR (top of AMUS index) .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| — | — | — | No current external public company directorships disclosed; bio references prior board experiences without detail |
Expertise & Qualifications
- Deep midstream operational experience; broad energy sector leadership across midstream and upstream; investment community experience .
- Engineering and business educational background (specific degrees not disclosed) .
- Strategic risk oversight as Risk Management Committee Chair .
Equity Ownership
| Holder | Shares | % of Outstanding | Form | Notes |
|---|---|---|---|---|
| Joe Bob Perkins (aggregate) | 158,132 | <1% (of 217,585,332 shares) | Direct/Indirect | Less than 1% beneficially owned |
| Direct | 21,339 (after Jan 16, 2025 award of 899 shares) | <1% | Direct | Form 4 reports director stock award |
| Indirect (PBHILP) | 110,470 | <1% | Indirect via Perkins Blue House Investments LP | JBP GP, L.L.C. is a GP; Perkins sole member |
| Indirect (PBHtwo LP) | 7,622 | <1% | Indirect via PBHtwo LP | JBP GP, L.L.C. is a GP; Perkins sole member |
| Spouse | 19,600 | <1% | Indirect (by wife) | — |
- Stock ownership guidelines for non-employee directors: 5.0x annual cash retainer; five years to comply; unvested RSUs count; anti-hedging and anti-pledging policy applies to directors .
Insider Trades (recent)
| Date | Type | Shares | Source |
|---|---|---|---|
| Sep 24, 2024 | Sale | 150,000 | SEC Form 4 |
| Aug 14, 2024 | Sale | 18,000 | SEC Form 4 |
| Aug 14, 2024 | Sale | 21,000 | SEC Form 4 |
| Feb 22, 2024 | Sales | 13,762; 31,320; 33,405; 93 | Aggregated via QuiverQuant |
| Jan 16, 2025 | Award (director grant) | 899 | Form 4 (Perkins) ; summary |
Governance Assessment
- Board effectiveness and engagement: High meeting attendance (98% in 2024; 100% in 2023) and independent status support governance quality . Chairing Risk Management aligns with his operating background and provides oversight of commodity price/basis risk and hedging policies .
- Alignment and incentives: Director pay mix balanced between cash retainer and one-year restricted stock grants; ownership guidelines at 5x retainer and anti-pledging/hedging policies reinforce alignment; Perkins beneficially owns 158,132 shares (<1%) with indirect holdings via family partnerships .
- Potential conflicts or related party exposure: No related-party transactions disclosed for Perkins; Audit Committee reviews related-party items; a separate management family relationship (President’s immediate family member at ICE) was reviewed, with transactions stated at market terms .
- Compensation structure signals: Director compensation increased in 2025 (cash retainer to $125,000; equity retainer to $175,000) indicating market alignment; for executives, strong TSR-based PSU payouts (250%) and rigorous financial/CFFO/ROIC targets suggest pay-for-performance culture overseen by independent Compensation Committee .
RED FLAGS: None disclosed specific to Perkins. No pledging/hedging allowed; no related-party transactions disclosed. Insider sales in 2024 were sizable, which can be viewed as personal diversification; monitor ongoing Form 4 activity for patterns and timing around earnings/events .
Investor confidence indicators: Say-on-pay support remained strong (95% in 2024; 96% in 2023), and committees are 100% independent, supporting governance robustness .