David L. Goodin is the CEO of MDU Resources Group, Inc., where he started his journey as an electrical engineer back in 1983. Over the years, he climbed the corporate ladder, becoming the President and CEO in 2013. He has...

David L. Goodin is the CEO of MDU Resources Group, Inc., where he started his journey as an electrical engineer back in 1983. Over the years, he climbed the corporate ladder, becoming the President and CEO in 2013. He has a Bachelor’s degree in Electrical Engineering and an MBA, which gave him a solid foundation in both technical and business skills. Under his leadership, MDU Resources has focused on improving its performance metrics and integrating various subsidiaries. He is known for his commitment to diversity, equity, and inclusion initiatives, as highlighted by his incentive bonuses tied to these efforts. As he prepares for retirement in January 2024, Goodin leaves behind a legacy that combines extensive industry knowledge and a passion for community service. He has been pivotal in steering the company through changes and ensuring it remains a significant player in the utility sector.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other MDU Resources Group CEOs

M

David L. Goodin

Ex-CEO of MDU Resources Group

Education

Bachelor's degree in Electrical Engineering

Field of Expertise

Technology & Engineering - Engineering

Sector of Economy

Industrials

Born

January 1, 1960 - 65 years ago

CEO of MDU Resources Group for

11 years 0 months (Jan 2013 - Jan 2024)

Previous Experience

Various positions within MDU Resources since 1983

Rivals

Competitors/colleagues of David L. Goodin

B

Linden R. Evans

CEO of Black Hills

2023 Compensation

Stock

$1.14M

Salary

$893.33K

Bonus

$1.37M

Other

$607.73K

Total Holdings

$10.37M

N

Stephen D. Westhoven

CEO of New Jersey Resources

2023 Compensation

Stock

$1.41M

Salary

$938.25K

Bonus

$0.00

Other

$75.31K

Total Holdings

$8.28M

O

Sean Trauschke

CEO of OGE Energy

2023 Compensation

Stock

$0.00

Salary

$1.16M

Bonus

$1.49M

Other

$154.25K

Total Holdings

$24.83M

Holdings

See how much did David L. Goodin make over time.

Throughout his time at MDU Resources Group, David Goodin has shown a consistent approach to stock ownership and equity. His holdings include vested stock worth over $200,000 in 2023, despite fluctuations in values over the years. In 2022, he received...

Throughout his time at MDU Resources Group, David Goodin has shown a consistent approach to stock ownership and equity. His holdings include vested stock worth over $200,000 in 2023, despite fluctuations in values over the years. In 2022, he received more than $5 million in total compensation, a significant rise from $4.2 million in 2020, primarily due to performance incentives. His stock holdings reflect a steady growth strategy as he aligns them with company performance, showcasing his investment in the business’s future. Goodin's tenure has seen a progressive increase in his vested stock units, which indicates confidence in his leadership and the company's direction.

Charitable Transactions

MDU

270,783.225 shares

MDU

Recent Charitable Transactions

MDU

141,000 shares

MDU

Dec 31, 2021

Charity

MDU

9,018.407 shares

MDU

Aug 22, 2016

Charity

Insider Trading

See recent insider trades of David L. Goodin.

MDU

124,401 shares

MDU

May 31, 2023

Received

MDU

$2.81M

MDU at $15.58/share

Feb 16, 2023

Received

MDU

51,971 shares

MDU

Feb 11, 2021

Received

MDU

$3.72M

MDU at $27.73/share

Feb 17, 2022

Received

MDU

141,000 shares

MDU

Dec 31, 2021

Charity

MDU

$3.22M

MDU at $27.35/share

Feb 11, 2021

Received

MDU

$100.82K

MDU at $20.16/share

May 12, 2020

Purchase

MDU

$450.22K

MDU at $31.63/share

Feb 13, 2020

Received

MDU

$122.24K

MDU at $24.45/share

May 30, 2019

Purchase

MDU

138,269 shares

MDU

Feb 14, 2019

Received

Compensation History

See how much did David L. Goodin make over time.

In 2023, David Goodin's total compensation at MDU Resources Group reached approximately $7.1 million. His salary was around $1.08 million, with a bonus of about $2.43 million, mostly tied to performance achievements with emphasis on diversity, equity, and inclusion measures. His pay consistently aligns with the company’s results, with a significant portion of it being based on performance metrics. In previous years, his total compensation reflected the company's evolving structure and focus. For example, in 2021, he earned just over $5.2 million. This performance-based model aims to ensure that executive compensation closely matches the company’s success. Goodin's approach highlights a commitment to aligning the interests of executives with the overall growth and achievements of MDU Resources Group.

Year

2023

Total Compensation

$3.78M

Salary

$1.09M

Board Justification

The compensation philosophy focuses on aligning executive compensation with company performance, including a significant portion of pay at risk based on performance metrics.

Bonus

$2.43M

Board Justification

Annual cash incentive based on performance measures achieved in 2023, including a DEI modifier of 5% for diversity, equity, and inclusion initiatives.

Other

$48.69K

Board Justification

Includes contributions to the 401(k) plan, life insurance premiums, and matching charitable contributions.

Restricted Stock

$207.41K(115.91K RSU)

Board Justification

Time-vesting restricted stock units that vested on December 31, 2023, as part of the long-term incentive plan.

Performance Metrics

Business segment earnings, electric and natural gas distribution earnings, construction services EBITDA, and strategic initiatives related to the spinoff of Knife River.

Other MDU Resources Group CEOs

Here are other CEOs of MDU Resources Group

Nicole A. Kivisto

Ex-CEO of MDU Resources Group

January 2024 - October 2024