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Knife River Executive Compensation (FY25)

KNF · Executive and director compensation, fiscal 2022 to 2025

The paid brief on Knife River

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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Data as of September 7, 2026Latest filing (8-K): May 21, 2026
6 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Knife River brief$1,500Get the executive brief
220 figures on this page: 217 cited to the filing that reported them, 3 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Brian Gray
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee

More on Knife River

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Brian Gray: $6,941,573 → $5,820,868 (16.1% lower)
Say-on-pay support: 94.8% → 96.0% (1.2 points higher)
CEO pay ratio: 88:1 → 64:1 (27.3% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Knife River's chief executive and what were they paid?
Brian Gray, President and Chief Executive Officer, received $5,820,868 in total compensation for fiscal 2025. Gray's total moved 16.1% lower from the $6,941,573 reported for fiscal 2024.
What was Knife River's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 96.0% of votes cast including abstentions in favor at the meeting held May 20, 2026.
Which companies are in Knife River's peer group?
The disclosed peer group names Allegion plc, Arcosa, Inc., Armstrong World Industries, Inc., Compass Minerals International, Inc. and Construction Partners, Inc., among others.
What is Knife River's chief executive pay ratio?
The company reported a chief executive pay ratio of 64:1 for fiscal 2025, against median employee compensation of $90,710.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Karl Liepitz
Vice President, Chief Legal Officer and Secretary (CLO)
◇—◇—◇—◇◇
Trevor Hastings
Vice President and Chief Operating Officer (COO)
◇—◇—◇—◇◇
Brian Gray
President and Chief Executive Officer (CEO)
◇———◇—◇◇
Nathan Ring
Vice President and Chief Financial Officer (CFO)
◇—◇—◇—◇◇
Nancy Christenson
Vice President of Administration
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Gray
President and Chief Executive Officer
◇—◇—◇—◇◇
Trevor Hastings
Vice President and Chief Operating Officer
◇◇◇—◇◇◇◇
Karl Liepitz
Vice President, Chief Legal Officer and Secretary
◇—◇—◇◇◇◇
Nathan Ring
Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Nancy Christenson
Vice President of Administration
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Gray
President and Chief Executive Officer
◇—◇—◇—◇◇
Trevor Hastings
Vice President and Chief Operating Officer
◇—◇—◇—◇◇
Nathan Ring
Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Karl Liepitz
Vice President, Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Nancy Christenson
Vice President of Administration
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Gray
President and Chief Executive Officer
◇—◇—◇—◇◇
Trevor Hastings
Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
Nathan Ring
Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Karl Liepitz
Vice President, Chief Legal Officer and Secretary
◇—◇—◇◇◇◇
Glenn Pladsen
Vice President and Chief Excellence Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian R. GrayRSU◇——◇——◇
Brian R. GrayPSU◇◇◇◇◇—◇
Glenn R. PladsenRSU◇——◇——◇
Glenn R. PladsenPSU◇◇◇◇◇—◇
Karl A. LiepitzRSU◇——◇——◇
Karl A. LiepitzPSU◇◇◇◇◇—◇
Nathan W. RingRSU◇——◇——◇
Nathan W. RingPSU◇◇◇◇◇—◇
Trevor J. HastingsPSU◇◇◇◇◇—◇
Trevor J. HastingsRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Glenn PladsenPSU◇◇——
RSU◇◇——
Karl LiepitzRSU◇◇——
PSU◇◇——
Nathan RingRSU◇◇——
PSU◇◇——
Brian GrayPSU◇◇——
RSU◇◇——
Trevor HastingsPSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2024
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Karen B. Fagg
Board chair
◇◇———◇◇
Patricia L. Moss
◇◇———◇◇
German Carmona Alvarez
◇◇———◇◇
William J. Sandbrook
◇◇———◇◇
Thomas W. Hill
◇◇———◇◇
Patricia Chiodo
◇◇———◇◇
Thomas Everist
◇————◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Allegion plc ALLE
  • Arcosa, Inc. ACA
  • Armstrong World Industries, Inc. AWI
  • Compass Minerals International, Inc. CMP
  • Construction Partners, Inc. ROAD
  • Dycom Industries, Inc. DY
  • Eagle Materials Inc. EXP
  • Gibraltar Industries, Inc. ROCK
  • Granite Construction Incorporated GVA
  • Martin Marietta Materials, Inc. MLM
  • Minerals Technologies Inc. MTX
  • Simpson Manufacturing Co., Inc. SSD
  • Sterling Infrastructure, Inc. STRL
  • Summit Materials, Inc. SUM
  • The AZEK Company Inc. AZEK
  • Vulcan Materials Company VMC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 20, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 14, 2024=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
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What this page does not include

Everything above is a fact Knife River disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Knife River sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
220 figures on this page: 217 cited to the filing that reported them, 3 calculated from figures it prints.
217 cited to the filing
3 calculated from the filing

Documents cited

  1. 0001628280-26-037338
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-26-023783
    CEO Pay Ratio · Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0001955520-25-000043
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001955520-25-000026
    Compensation of Non-Employee Directors · Summary Compensation Table · Summary Compensation Table for 2024
  5. 0001955520-24-000028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001955520-24-000016
    Summary Compensation Table · Summary Compensation Table for 2023
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Knife River executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/KNF (accessed 2026).
Short form: data: Velarion

The paid brief for Knife River

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
6 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Knife River discloses

The companies named in KNF's own disclosed peer group.

Allegion plcArcosa, Inc.Armstrong World Industries, Inc.Compass Minerals International, Inc.Construction Partners, Inc.Dycom Industries, Inc.Eagle Materials Inc.Gibraltar Industries, Inc.Granite Construction IncorporatedMartin Marietta Materials, Inc.Minerals Technologies Inc.Simpson Manufacturing Co., Inc.Sterling Infrastructure, Inc.Vulcan Materials Company

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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