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MDU Resources Group Executive Compensation (FY25)

MDU · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Nicole Kivisto
Latest say-on-pay support
=
May 11, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): May 13, 2026
13 filings cited on this page
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305 figures on this page: 294 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
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 — Nicole Kivisto: $5,628,905 → $4,812,252 (14.5% lower)
CEO pay ratio: 52:1 → 42:1 (19.2% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is MDU Resources Group's chief executive and what were they paid?
Nicole Kivisto, President and Chief Executive Officer, received $4,812,252 in total compensation for fiscal 2025. Kivisto's total moved 14.5% lower from the $5,628,905 reported for fiscal 2024.
What was MDU Resources Group's say-on-pay result?
Shareholders recorded 98.5% support for the say-on-pay proposal at the meeting held May 11, 2026 for fiscal 2025.
Which companies are in MDU Resources Group's peer group?
The disclosed peer group includes ALLETE, Inc., Alliant Energy Corporation, Atmos Energy Corporation, Avista Corporation and Black Hills Corporation, among others. Companies named in the rTSR Peer Group (PSA Performance Measurement) include Chesapeake Utilities Corporation, National Fuel Gas Company and Otter Tail Corporation.
What is MDU Resources Group's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 42:1, against median employee compensation of $113,619.

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
David Goodin
Former President and Chief Executive Officer
◇—◇—◇◇◇◇
Jeffrey Thiede
Former President and Chief Executive Officer, Everus business unit
◇—◇—◇—◇◇
Jason Vollmer
Chief Financial Officer
◇—◇—◇—◇◇
Nicole Kivisto
President and Chief Executive Officer
◇—◇—◇◇◇◇
Anne Jones
Chief Human Resources, Administration, and Safety Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Goodin
Former President and Chief Executive Officer
◇—◇—◇◇◇◇
Nicole Kivisto
President and Chief Executive Officer
◇—◇—◇◇◇◇
Jason Vollmer
Chief Financial Officer
◇—◇—◇◇◇◇
Jeffrey Thiede
Former President and Chief Executive Officer, Everus business unit
◇—◇—◇—◇◇
Anne Jones
Chief Human Resources, Administration, and Safety Officer
◇—◇—◇◇◇◇
Rob Johnson
President, WBI Energy, Inc.
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nicole Kivisto
President and Chief Executive Officer
◇—◇—◇—◇◇
Jason Vollmer
Chief Financial Officer
◇—◇—◇—◇◇
Jeffrey Thiede
Former President and Chief Executive Officer, Everus business unit
Departed during or after this year
◇—◇———◇◇
Garret Senger
Chief Utilities Officer
◇—◇—◇—◇◇
Anne Jones
Chief Human Resources, Administration, and Safety Officer
◇—◇—◇—◇◇
Rob Johnson
President, WBI Energy, Inc.
◇—◇—◇—◇◇
David Goodin
Former President and Chief Executive Officer
Departed during or after this year
◇—◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nicole Kivisto
President and Chief Executive Officer
◇—◇—◇◇◇◇
Jason Vollmer
Chief Financial Officer
◇—◇—◇◇◇◇
Garret Senger
Chief Utilities Officer
◇—◇—◇◇◇◇
Anthony Foti
Chief Legal Officer and Corporate Secretary
◇—◇—◇—◇◇
Rob Johnson
President, WBI Energy, Inc.
◇—◇—◇—◇◇
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
Anthony FotiPSU◇◇◇—◇—◇
Anthony FotiPSU◇◇◇—◇—◇
Anthony FotiRSU◇——◇——◇
Garret SengerPSU◇◇◇—◇—◇
Garret SengerPSU◇◇◇—◇—◇
Garret SengerRSU◇——◇——◇
Jason VollmerPSU◇◇◇—◇—◇
Jason VollmerPSU◇◇◇—◇—◇
Jason VollmerRSU◇——◇——◇
Nicole KivistoPSU◇◇◇—◇—◇
Nicole KivistoPSU◇◇◇—◇—◇
Nicole KivistoRSU◇——◇——◇
Rob JohnsonPSU◇◇◇—◇—◇
Rob JohnsonPSU◇◇◇—◇—◇
Rob JohnsonRSU◇——◇——◇
Fiscal 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
Nicole KivistoRSU◇———
RSU◇◇——
PSU◇———
PSU◇◇——
Jason VollmerRSU◇———
RSU◇◇——
PSU◇———
PSU◇◇——
Garret SengerRSU◇———
PSU◇———
RSU◇◇——
PSU◇◇——
Rob JohnsonRSU◇———
RSU◇◇——
PSU◇———
PSU◇◇——
Anthony FotiPSU◇◇——
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 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Darrel T. Anderson
Board chair
◇◇———◇◇
Dennis W. Johnson
◇◇———◇◇
Douglas W. Jaeger
◇◇———◇◇
Marian M. Durkin
◇◇———◇◇
Vernon A. Dosch
◇◇———◇◇
Priti R. Patel
◇◇———◇◇
Lisa A. Wang
◇◇———◇◇
Tammy J. Miller
◇◇———◇◇
Charles M. Kelley
◇◇———◇◇
Nicole A. Kivisto served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
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◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock (fully vested).
Stock ownership guideline: 5x Annual Retainer Fee

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • ALLETE, Inc. ALE
  • Alliant Energy Corporation LNT
  • Atmos Energy Corporation ATO
  • Avista Corporation AVA
  • Black Hills Corporation BKH
  • DT Midstream, Inc. DTM
  • Equitrans Midstream Corporation ETRN
  • IDACORP, Inc. IDA
  • MGE Energy, Inc. MGEE
  • New Jersey Resources Corporation NJR
  • NiSource Inc. NI
  • Northwest Natural Holding Company NWN
  • Northwestern Energy Group, Inc. symbol not shown
  • OGE Energy Corp. OGE
  • ONE Gas, Inc. OGS
  • Pinnacle West Capital Corporation PNW
  • Portland General Electric Company POR
  • Southwest Gas Holdings, Inc. SWX
  • Spire Inc. SR
  • TXNM Energy, Inc. TXNM
rTSR Peer Group (PSA Performance Measurement)
  • Chesapeake Utilities Corporation CPK
  • National Fuel Gas Company NFG
  • Otter Tail Corporation OTTR

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 11, 2026=◇◇◇
2024May 13, 2025=◇◇◇
2023May 14, 2024=◇◇◇
2022May 9, 2023=◇◇◇
2021May 10, 2022=◇◇◇
2020May 11, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 7, 2019=◇◇◇
2017May 8, 2018=◇◇◇
2016May 9, 2017=◇◇◇
2015April 26, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Nicole Kivisto (President and Chief Executive Officer), FY2025 total compensation $4,812,252 (base salary $925,000) [exec_comp, SEC accession 0000067716-26-000040, filed 2026-04-01]

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What this page does not include

Everything above is a fact MDU Resources Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where MDU Resources Group 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 — $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 — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
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.
305 figures on this page: 294 cited to the filing that reported them, 11 calculated from figures it prints.
294 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000067716-26-000054
  2. 0000067716-26-000040
    2025 Director Compensation · CEO Pay Ratio · Director Compensation · Grants of Plan-Based Awards in 2025 · and 2 more sections
  3. 0000067716-25-000052
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000067716-25-000031
  5. 0000067716-24-000059
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000067716-23-000069
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0000067716-22-000031
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000067716-21-000029
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0000067716-20-000030
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000067716-19-000045
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000067716-18-000036
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000067716-17-000045
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000067716-16-000133
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
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Velarion, “MDU Resources Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MDU (accessed 2026).
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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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13 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers MDU Resources Group discloses

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

ALLETE, Inc.Alliant Energy CorporationAtmos Energy CorporationAvista CorporationBlack Hills CorporationDT Midstream, Inc.Equitrans Midstream CorporationIDACORP, Inc.MGE Energy, Inc.New Jersey Resources CorporationNiSource Inc.Northwest Natural Holding CompanyOGE Energy Corp.ONE Gas, Inc.Pinnacle West Capital CorporationPortland General Electric CompanySouthwest Gas Holdings, Inc.Spire Inc.TXNM Energy, Inc.Chesapeake Utilities CorporationNational Fuel Gas CompanyOtter Tail Corporation

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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