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Richard J. Carty is the former President and CEO of Civitas Resources, where he served from November 2014 until June 2017. He has a strong background in finance, holding a Bachelor’s degree in Economics from the University of Waterloo. Before...

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Richard J. Carty

Ex-CEO of Civitas Resources

Education

Bachelor's degree in Economics from the University of Waterloo

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Energy

Born

January 1, 1972 - 53 years ago

CEO of Civitas Resources for

2 years 7 months (Nov 2014 - Jun 2017)

Previous Experience

Chairman of the Board since December 2010

Holdings

See how much did Richard J. Carty make over time.

During his tenure as CEO, Richard J. Carty held a substantial number of restricted stock units (RSUs) with a notable spike in value reflecting the company’s recovery. At one point, his vested stocks were valued over $4.3 million, linked to...

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Insider Trading

See recent insider trades of Richard J. Carty.

No insider trades found for this CEO.

Compensation History

See how much did Richard J. Carty make over time.

Carty's compensation during his time at Civitas Resources highlights a common practice in executive pay structures, where significant parts of the overall package are performance-driven. For instance, in 2017, his total compensation amounted to nearly $7.6 million, primarily consisting of a base salary of $575,000 and substantial performance bonuses. His cash bonuses were tied directly to achieving specific financial goals, demonstrating a focus on aligning executive incentives with company performance. In previous years, his total compensation varied significantly. For example, just a year prior in 2016, he earned about $1.1 million. This jump shows how the rewards for leadership roles in energy companies can be drastically tied to the company’s recovery and performance metrics. Additionally, Carty participated in long-term incentives, including RSUs that not only rewarded him for immediate successes but were also linked to the company’s performance over several years, a strategy designed to keep executives committed to long-term goals.

Year

2017

Total Compensation

$5.27M

Salary

$575.00K

Board Justification

The compensation philosophy aims to attract and retain top executive talent, drive accountability for performance, and align executive officers with stockholders' interests.

Bonus

$371.13K

Board Justification

Cash bonuses under the Cash Incentive Plan based on performance against pre-set key financial, operational and strategic execution performance indicators.

Other

$17.84K

Board Justification

Includes various forms of compensation such as life insurance premiums and 401(k) employer match.

Restricted Stock

$4.31M(157.41K RSU)

Board Justification

Restricted stock units that vested upon separation from the company effective June 11, 2017.

Performance Metrics

Performance metrics include achievement of revenue and adjusted EBITDA targets, with a focus on quality of services.