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Companies H2O AMERICA

H2O AMERICA (HTO): executive pay, fiscal 2025

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CEO total pay$2,872,942CEO Andrew Walters · source
Say-on-pay support97.43%Latest vote · source
CEO vs. named peers1st pct.Of 6 peer CEOs
CEO pay ratio21:1To the median employee · source

CEO pay, last three years

  • $1,337,226FY2023
  • $1,344,608FY2024
  • $2,872,942FY2025

CEO total pay was $2,872,942 in fiscal 2025, up from $1,344,608 in fiscal 2024.

FY2025: salary $619,308 · bonus $0 · stock awards $1,690,019 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Eric Thornburg$461,572$0$1,783,435$0$0$806,463$13,800$3,065,270
Former President, Chief Executive Officer and Chairman of the Board
Andrew Walters619,30801,690,0190427,66025,540110,4152,872,942
Chief Executive Officer and Chairman of the Board
Kristen Johnson543,8090395,3490211,681569,96218,1221,738,923
President of Shared Services, Senior Vice President and Chief Administrative Officer
Bruce Hauk543,5980471,5380264,93597,06114,0001,391,132
President and Chief Operating Officer
Willie Brown460,0000286,6550166,367128,08839,0001,080,110
Vice President and General Counsel
Ann Kelly451,2300351,8340191,32955,81225,0001,075,205
Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Eric Thornburg$3,065,270$4,045,212$4,210,736↓ −979,942
Andrew Walters2,872,9421,344,6081,337,226↑ +1,528,334
Kristen Johnson1,738,9231,509,6181,899,293↑ +229,305
Bruce Hauk1,391,1321,248,6281,242,550↑ +142,504
Willie Brown1,080,110———
Ann Kelly1,075,205———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMercer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Willie BrownPSU2025-02-288261,652—3,304$91,455
Bruce HaukRSU2025-01-02——2,998—146,003
Bruce HaukRSU2025-07-01——2,076—110,775
Ann KellyRSU2025-07-01——952—50,799
Ann KellyPSU2025-07-017061,411—2,11775,291
Eric ThornburgRSU2025-01-02——11,058—538,525
Andrew WaltersPSU2025-02-281,0972,193—4,386242,809
Willie BrownRSU2025-01-02——2,382—116,003
Willie BrownPSU2025-02-288261,652—2,47879,197
Bruce HaukPSU2025-02-281,0402,079—4,158115,093
Bruce HaukPSU2025-02-281,0402,079—3,11999,667
Ann KellyRSU2025-01-02——1,833—89,267
Ann KellyPSU2025-02-28283565—84827,086
Ann KellyPSU2025-02-28283565—1,13031,278
Ann KellyPSU2025-07-017061,411—2,82278,113
Andrew WaltersRSU2025-01-02——3,163—154,038
Andrew WaltersPSU2025-07-012,1514,301—6,452229,501
Eric ThornburgPSU2025-02-285,11310,225—15,338490,187
Andrew WaltersRSU2025-07-01——3,580—191,029
Kristen JohnsonRSU2025-01-02——2,382—116,003
Eric ThornburgPSU2025-02-286,81713,633—27,266754,723
Kristen JohnsonPSU2025-02-288261,652—2,47879,197
Andrew WaltersPSU2025-02-281,0972,193—3,290157,723
Andrew WaltersPSU2025-07-013,2296,457—12,914714,919
Kristen JohnsonPSU2025-02-288261,652—3,30491,455
Kristen JohnsonRSU2025-07-01——2,037—108,694

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Willie Brown$116,003$170,652$059.5%
Bruce Hauk256,778214,760045.5%
Ann Kelly140,066211,768060.2%
Eric Thornburg538,5251,244,910069.8%
Andrew Walters345,0671,344,952079.6%
Kristen Johnson224,697170,652043.2%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kristen JohnsonRSU430—$21,066
Willie BrownRSU430—21,066
Bruce HaukRSU511—25,034
Ann KellyPSU565—27,679
Andrew WaltersRSU579—28,365
Willie BrownPSU592—29,002
Kristen JohnsonPSU603—29,541
Bruce HaukPSU713—34,930
Andrew WaltersPSU801—39,241
Ann KellyPSU848—41,544
Ann KellyRSU952—46,638
Willie BrownRSU1,154—56,534
Kristen JohnsonRSU1,176—57,612
Willie BrownPSU1,369—67,067
Bruce HaukRSU1,389—68,047
Kristen JohnsonPSU1,394—68,292
Ann KellyRSU1,411—69,125
Andrew WaltersRSU1,560—76,424
Bruce HaukPSU1,648—80,736
Kristen JohnsonPSU1,652—80,931
Willie BrownRSU1,652—80,931
Ann KellyRSU1,833—89,799
Andrew WaltersPSU1,850—90,632
Kristen JohnsonRSU2,037—99,793
Bruce HaukRSU2,076—101,703
Bruce HaukPSU2,079—101,850
Ann KellyPSU2,117—103,712
Eric ThornburgRSU2,162—105,916
Andrew WaltersPSU2,193—107,435
Kristen JohnsonRSU2,382—116,694
Willie BrownRSU2,382—116,694
Kristen JohnsonPSU2,478—121,397
Willie BrownPSU2,478—121,397
Bruce HaukRSU2,998—146,872
Bruce HaukPSU3,119—152,800
Andrew WaltersRSU3,163—154,955
Andrew WaltersPSU3,290—161,177
Andrew WaltersRSU3,580—175,384
Ann KellyRSU4,236—207,522
Eric ThornburgPSU5,130—251,319
Eric ThornburgRSU5,624—275,520
Andrew WaltersRSU6,452—316,083
Andrew WaltersRSU6,457—316,328
Eric ThornburgPSU8,895—435,766
Eric ThornburgRSU11,058—541,731
Eric ThornburgRSU13,633—667,881
Eric ThornburgPSU15,338—751,409
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gregory P. LandisIndependent · Lead Independent Director · Compensation · Nominating & Governance · Finance$145,000$106,418———$251,418
Daniel B. MoreIndependent · Audit (Chair) · Finance (Chair) · Compensation · Nominating & Governance137,500106,418———243,918
Carol P. WallaceIndependent · Audit · Finance · Sustainability · Compensation120,000106,418———226,418
Heather HuntIndependent · Compensation · Nominating & Governance112,500106,418———218,918
Mary Ann HanleyIndependent · Audit · Nominating and Governance · Sustainability110,000106,418———216,418
Rebecca A. KleinIndependent · Compensation · Finance · Sustainability · Audit107,500106,418———213,918
Denise L. KrugerIndependent · Audit · Sustainability · Finance105,000106,418———211,418
Carl GuardinoIndependent · Nominating & Governance · Sustainability · Compensation100,000106,418———206,418
Eric W. ThornburgEmployee director · Board Chair112,5000———112,500
Nick O. RoweNot independent · Finance · Sustainability · Newly elected——————

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$110,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guideline$350,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,050,000
Equity awards (grant-date value)$851,344
All other compensation$0
Total cost of the board$1,901,344

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names H2O AMERICA as a peer

Companies that benchmark against HTO

1 company names HTO as a compensation peer

Each company listed discloses HTO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HTO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies H2O AMERICA names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including H2O AMERICA.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Consolidated Edison, Inc.2025Timothy Cawley$1,445,833$9,773,900$0$2,809,000$19,899,971
2Exelon Corporation2025Calvin Butler1,379,00010,900,02402,665,71915,601,905
3NiSource Inc.2025Lloyd Yates1,191,6679,619,86402,261,78413,197,800
4Southwest Gas Holdings, Inc.2025Karen Haller1,090,6855,776,08501,861,20010,029,409
5Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
6DTE Energy Company2025Joi Harris852,3083,098,52001,544,4376,732,386
7H2O AMERICA2025Andrew Walters619,3081,690,0190427,6602,872,942

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
H2O AMERICAnot disclosednot disclosednot disclosedMercer
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Consolidated Edison, Inc.143.5%PSU 70 · RSU 30NoMercer
DTE Energy Company169.87%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Exelon Corporation133.62%PSU 67 · RSU 33Yes — 3-year TSRWillis Towers Watson (WTW)
NiSource Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
Southwest Gas Holdings, Inc.141%PSU 60 · RSU 40NoAon Human Capital Solutions

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1334,474,021908,54896,24697.43%Passed
20252025-05-1426,970,1981,537,53561,81394.61%Passed
20242024-06-2022,256,0904,030,53044,71984.67%Passed
20232023-04-2623,195,9241,419,77151,34894.04%Passed
20222022-04-2723,177,1951,242,70758,38794.91%Passed
20212021-04-2822,182,187465,24968,85897.95%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1397.43%a
20252025-05-1494.61%b
20242024-06-2084.67%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)21 : 1
CEO total compensation—
Median employee compensation—
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (62 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Eric Thornburg. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 51. As printed: 3,065,270. View filing ↗
  • Section 01, Andrew Walters. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 51. As printed: 2,872,942. View filing ↗
  • Section 01, Kristen Johnson. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 51. As printed: 1,738,923. View filing ↗
  • Section 01, Bruce Hauk. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 51. As printed: 1,391,132. View filing ↗
  • Section 01, Willie Brown. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 51. As printed: 1,080,110. View filing ↗
  • Section 01, Ann Kelly. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 51. As printed: 1,075,205. View filing ↗
  • Section 03, Willie Brown PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Bruce Hauk RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Bruce Hauk RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ann Kelly RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ann Kelly PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Eric Thornburg RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Andrew Walters PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Willie Brown RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Willie Brown PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Bruce Hauk PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Bruce Hauk PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ann Kelly RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ann Kelly PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ann Kelly PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ann Kelly PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Andrew Walters RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Andrew Walters PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Eric Thornburg PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Andrew Walters RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Kristen Johnson RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Eric Thornburg PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Kristen Johnson PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Andrew Walters PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Andrew Walters PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Kristen Johnson PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Kristen Johnson RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-03. Section “CEO Pay Ratio”. As printed: 21 : 1. View filing ↗
  • Section 08, Gregory P. Landis. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 251,418. View filing ↗
  • Section 08, Daniel B. More. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 243,918. View filing ↗
  • Section 08, Carol P. Wallace. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 226,418. View filing ↗
  • Section 08, Heather Hunt. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 218,918. View filing ↗
  • Section 08, Mary Ann Hanley. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 216,418. View filing ↗
  • Section 08, Rebecca A. Klein. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 213,918. View filing ↗
  • Section 08, Denise L. Kruger. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 211,418. View filing ↗
  • Section 08, Carl Guardino. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 206,418. View filing ↗
  • Section 08, Eric W. Thornburg. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 112,500. View filing ↗
  • Section 08, Nick O. Rowe. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-19. Item 5.07 · say-on-pay result. As reported: 97.43% (votes for as printed: 34,474,021). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-20. Item 5.07 · say-on-pay result. As reported: 94.61% (votes for as printed: 26,970,198). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-06-21. Item 5.07 · say-on-pay result. As reported: 84.67% (votes for as printed: 22,256,090). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,050,000 + equity 851,344 + all other 0 = 1,901,344, summed across the director compensation table rows.
  • Consolidated Edison, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Consolidated Edison, Inc.'s own proxy. As printed: 19,899,971. View filing ↗
  • Exelon Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Exelon Corporation's own proxy. As printed: 15,601,905. View filing ↗
  • NiSource Inc., Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. View filing ↗
  • Southwest Gas Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. View filing ↗
  • Alliant Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. View filing ↗
  • DTE Energy Company, Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in DTE Energy Company's own proxy. As printed: 6,732,386. View filing ↗
  • H2O AMERICA (subject), Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in H2O AMERICA's own proxy. As printed: 2,872,942. View filing ↗
  • Section 10a, Southwest Gas Holdings, Inc. reciprocity. DEF 14A. Southwest Gas Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include H2O AMERICA. View filing ↗
  • Section 10a, Alliant Energy Corporation reciprocity. DEF 14A. Alliant Energy Corporation's most recent proxy was read; its disclosed peer group does not include H2O AMERICA. View filing ↗
  • Section 10a, Consolidated Edison, Inc. reciprocity. DEF 14A. Consolidated Edison, Inc.'s most recent proxy was read; its disclosed peer group does not include H2O AMERICA. View filing ↗
  • Section 10a, Exelon Corporation reciprocity. DEF 14A. Exelon Corporation's most recent proxy was read; its disclosed peer group does not include H2O AMERICA. View filing ↗
  • Section 10a, DTE Energy Company reciprocity. DEF 14A. DTE Energy Company's most recent proxy was read; its disclosed peer group does not include H2O AMERICA. View filing ↗
  • Section 10a, NiSource Inc. reciprocity. DEF 14A. NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include H2O AMERICA. View filing ↗
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