Luis Fernandez-Moreno
About Luis Fernandez-Moreno
Luis Fernandez-Moreno, age 63, is an independent director of Select Water Solutions (WTTR) since May 2022. He is Interim President & CEO and a director of Ingevity Corporation (NYSE: NGVT) (since October 2024), and previously held senior leadership roles across Ashland, Arch Chemicals, Rohm & Haas/Dow, with deep operating and chemicals expertise. He holds a B.S. in Chemical Engineering from Universidad Iberoamericana and is a graduate of the Wharton Management Program.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ashland (Chemicals, Specialty Ingredients, Water Technologies) | SVP; President of Chemicals; President of Specialty Ingredients; President of Water Technologies | 2012–2017 | Led large business units; strategy, operations in chemicals markets |
| Arch Chemicals | EVP, HTH Water Products & Wood Protection | 2010–2011 | Water treatment and wood protection portfolio leadership |
| Rohm & Haas → Dow Chemical (Coatings) | ~25 years; led Dow Coatings Materials post-acquisition | To 2010 | Managed coatings materials integration and business performance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ingevity Corporation (NYSE: NGVT) | Interim President & CEO; Director | Since Oct 2024 | Senior leadership; board oversight |
| Strat and Praxis, LLC | Sole Manager | Since May 2018 | Strategy, process, org design consulting |
| Huber Engineered Materials | Director | Not disclosed | Board governance |
| Hasa, Inc. | Director | Not disclosed | Board governance |
| Univ. of Pennsylvania Museum of Archaeology & Anthropology | Director’s Council Member | Not disclosed | Advisory engagement |
| Prior boards: Ascensus Specialties; OQ Chemicals | Director (past) | Not disclosed | Board governance |
Board Governance
- Independence: The Board determined Fernandez-Moreno is independent under NYSE standards; all directors except the CEO are independent.
- Committee assignments: Compensation Committee (member); Nominating, Governance & Sustainability (NG&S) Committee (member).
- Attendance and engagement: In 2024, Board met 7 times; Audit 4; Compensation 4; NG&S 3. Each director attended at least 75% of Board/committee meetings; all directors attended the 2024 Annual Meeting.
- Lead Independent Director: Richard A. Burnett serves as Lead Director (appointed in March 2023) and leads executive sessions.
- Executive sessions: Independent directors meet regularly in executive sessions, agenda set by Lead Director.
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Fees Earned (Cash) | $75,777 | Program cash retainer $70,000; no chair stipends for Fernandez-Moreno (chairs receive $20k Audit, $15k Compensation, $10k NG&S; Lead Director $20k; Chair of Board $100k). |
| Stock Awards (RSAs) | $151,477 | Annual director equity valued at ~$150,000, typically 1-year vest. |
| Total | $227,254 |
RSU/RSA grant details:
- 16,447 restricted shares granted May 7, 2024; vest May 7, 2025; grant-date fair value $151,477 (closing price $9.21).
Performance Compensation
- None. Director equity grants are time-based restricted shares with one-year vesting; no performance metrics tied to director compensation.
Other Directorships & Interlocks
| Company | Public/Private | Role | Interlocks/Notes |
|---|---|---|---|
| Ingevity (NYSE: NGVT) | Public | Interim President & CEO; Director | No WTTR-related interlock disclosed; independence affirmed by WTTR Board. |
| Huber Engineered Materials | Private | Director | No WTTR-related interlock disclosed. |
| Hasa, Inc. | Private | Director | No WTTR-related interlock disclosed. |
- Compensation Committee interlocks: Committee includes Burleson (Chair), Fernandez-Moreno, Roberts, Wall; proxy notes Schmitz sits on boards connected to Burnett (Silver Creek) but no interlock involving Fernandez-Moreno.
Expertise & Qualifications
- Expertise includes Energy industry, Operations/Strategic planning, Executive leadership, Human capital, Corporate governance, Legal/Regulatory, Sustainability/Energy transition, Technology/Engineering (Board skills matrix).
- Education and technical credentials: B.S. Chemical Engineering (Universidad Iberoamericana); Wharton Management Program.
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (Class A) | 51,784 shares | As of March 6, 2025. |
| Unvested restricted shares | 16,447 shares | Granted May 7, 2024; vest May 7, 2025. |
| Stock ownership guideline | 5x annual base retainer for non-employee directors | All directors/executives have satisfied or are on track to meet guidelines within five years. |
| Anti-hedging/pledging policy | Hedging prohibited; pledging requires Audit Committee pre-approval | Insider Trading Policy applies to directors. |
Governance Assessment
- Board effectiveness: Fernandez-Moreno contributes operational and chemicals expertise across Compensation and NG&S committees, with independence and sufficient attendance record.
- Alignment: Director pay mix favors equity (time-based RSAs) and a firm-wide stock ownership guideline set at 5x retainer; disclosure indicates directors are meeting or on track, supporting investor alignment.
- Potential conflicts: No related-party transactions or interlocks disclosed involving Fernandez-Moreno; his external role at NGVT may warrant routine time-commitment monitoring, but independence is affirmed.
- Shareholder signals: WTTR recorded ~98% support on 2024 say‑on‑pay; committee governance uses independent consultants and robust pay practices, indicating positive investor confidence context.
- RED FLAGS: None disclosed for Fernandez-Moreno (no related-party transactions, legal proceedings, or hedging/pledging issues identified). Company policy restricts hedging and pledging.