Ron Hulme
About Ron Hulme
Ron Hulme, 67, is Chairman of the Board (since February 2023). He is CEO of Parallel Resource Partners (since February 2011) and Managing Director at Bluescape Energy Partners (since August 2015). He previously spent 26 years at McKinsey as a senior partner leading global energy, strategy, corporate finance (co-founded M&A/PE practices), and risk practices, and later served as CEO of Carlson Capital LP, also heading its energy investments. He holds a BBA from the University of Texas (graduated first in class) and an MBA from Stanford GSB (Arjay Miller Scholar) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| McKinsey & Company | Senior Partner; led Global Energy, Strategy; co-founded Global Corporate Finance; founded Global Risk | 1982–2008 | Advised clients on restructurings, turnarounds, M&A, risk mitigation |
| Carlson Capital LP | Chief Executive Officer; Head of Energy | 2008–2011 | Oversaw ~$5.0B AUM, ~$20.0B GMV; ~$2.0B GMV energy portfolio across public equities, credit, PE |
| Parallel Resource Partners | Chief Executive Officer | Feb 2011–present | Energy-focused PE; raised institutional fund in 2021; manages upstream assets |
| Bluescape Energy Partners | Managing Director (leadership roles) | Aug 2015–present | Successor institutional PE investing in upstream energy and electric power |
External Roles
| Organization | Role | Status |
|---|---|---|
| Parallel Resource Partners | Chief Executive Officer | Private firm leadership |
| Bluescape Energy Partners | Managing Director | Private firm leadership |
The proxy biography does not disclose other public company directorships for Mr. Hulme .
Board Governance
- Structure: Chairman role established to balance CEO authority and reinforce board independence; Chairman moderates executive sessions of independent directors and sets agendas with the CEO .
- Independence: Board determined Mr. Hulme is independent under SEC/Nasdaq rules; VGAS is a “controlled company,” but independent directors comprise a majority of the board .
- Committees: Member, Compensation Committee; Compensation Committee chaired by Graham van’t Hoff; member Jonathan Siegler (non-independent) serves under controlled-company exemption. Hulme qualifies as independent for compensation committee service . Audit Committee members are Duncan Palmer (Chair), Dail St. Claire, Curtis Hébert, Jr.; Hulme is not on Audit .
- Attendance: In 2024, Board met 5x; Audit met 4x; Compensation met 1x; each director attended ≥75% of meetings. Hulme was the only director attending the 2024 annual meeting of stockholders, signaling engagement .
- Class and term: Class II director; nominated for re-election to a term expiring at the 2028 annual meeting .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Cash Retainer | $70,000 | Payable quarterly; adopted since April 2023 |
| 2024 Total Cash Fees (Disclosure) | $70,000 | 2024 Director Compensation table |
Performance Compensation
| Grant Date | Instrument | Shares/Options (#) | Strike/Grant Price | Vesting | Expiration | Grant Date Fair Value |
|---|---|---|---|---|---|---|
| 2024-05-29 | Stock Option (Right to Buy) | 80,338 | $5.99 | Earlier of 1-year from grant or Annual Meeting | 7 years | $118,900 ; terms ; date/price |
| 2025-06-02 | Stock Option (Right to Buy) | 100,968 | $4.76 | Not disclosed in Form 4 excerpt | Not disclosed in Form 4 excerpt | N/A |
| 2023-04-27 | Restricted Stock Units (RSUs) | 25,831 | N/A | Vested 2024-04-27 | N/A | $112,365 |
2024 director options included an additional 23,324 options for Hulme in respect of his Chairman role (total 80,338) with the above vesting and 7-year term; directors reimbursed for reasonable expenses . In 2023, directors received 18,332 RSUs; Hulme received 7,499 additional RSUs (total 25,831) for Chair role; RSUs vested 2024-04-27 .
Other Directorships & Interlocks
- Controlling shareholder: Bluescape Clean Fuels Holdings, LLC beneficially owns 52.3% of total voting power (100% of Class C) as of April 24, 2025 .
- Affiliation note: Hulme is Managing Director at Bluescape Energy Partners; the board nonetheless determined him independent; Audit Committee reviews/approves related party transactions per charter .
Expertise & Qualifications
- Energy and finance: Extensive leadership across upstream energy, electric power investing, and energy strategy; senior advisory history on restructurings, M&A, and risk .
- Capital markets/PE: CEO roles in hedge fund and energy-focused PE; co-founded McKinsey’s M&A Advisory and Private Equity practices .
- Education: BBA (UT Austin); MBA (Stanford GSB, Arjay Miller Scholar) .
Equity Ownership
| As of Record Date | Class A Shares | Options Exercisable within 60 Days | Total Beneficially Owned | Ownership % of Common Stock |
|---|---|---|---|---|
| 2025-04-24 | 25,831 | 80,338 | 106,169 | <1% (asterisked in proxy) |
- Insider policy prohibits hedging and pledging of company securities, enhancing alignment (short sales and derivative equivalents also prohibited) .
Insider Trades (Form 4)
| Filing Date | Transaction Date | Type | Security | Quantity | Price | Post-Transaction Ownership | Source |
|---|---|---|---|---|---|---|---|
| 2024-05-31 | 2024-05-29 | A – Award | Stock Option (Right to Buy) | 80,338 | $5.99 | 80,338 | https://www.sec.gov/Archives/edgar/data/1841425/000121390024048610/0001213900-24-048610-index.htm |
| 2025-06-04 | 2025-06-02 | A – Award | Stock Option (Right to Buy) | 100,968 | $4.76 | 100,968 | https://www.sec.gov/Archives/edgar/data/1841425/000121390025051182/0001213900-25-051182-index.htm |
Governance Assessment
-
Positives:
- Independent Chairman role provides counterbalance to CEO; Hulme moderates independent director executive sessions and sets agendas, supporting board effectiveness .
- Board determined Hulme independent; independent directors are a majority despite controlled-company status, supporting governance robustness .
- Strong engagement: Hulme was the only director attending the 2024 annual meeting; all directors met ≥75% attendance thresholds .
-
Risks/Red Flags:
- Controlled company with majority voting power concentrated in Bluescape Clean Fuels Holdings (52.3%), raising potential influence risks over nominations/compensation .
- Compensation Committee includes a non-independent member (Siegler) via controlled-company exemption, which may weaken pay oversight despite independent chair and Hulme’s independence .
- Hulme’s leadership role at Bluescape Energy Partners overlaps with the controlling shareholder’s brand, representing a perceived affiliation risk even with formal independence; relies on Audit Committee’s related-party transaction oversight .
Director compensation structure is primarily cash retainer plus equity options; no disclosed performance metrics for director pay, and vesting is time/meeting-based rather than performance-based .