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NiSource Executive Compensation (FY25)

NI · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 12, 2026
296 figures on this page: 285 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Lloyd Yates, President and CEO, received $13,197,800 in total compensation for fiscal 2025, and compared with the $9,216,680 reported for fiscal 2023, Yates' total was 43.2% higher. For fiscal 2025, the company reported a chief executive pay ratio of 106:1, against median employee compensation of $125,021. The say-on-pay proposal drew 94.8% of votes cast including abstentions in favor at the meeting held May 11, 2026 for fiscal 2025. Companies named in the disclosed peer group include Alliant Energy Corporation, Ameren Corporation, American Electric Power Company, Inc., Atmos Energy Corporation and Black Hills Corporation, among others.
Chief executive, fiscal 2025
◇
Lloyd Yates
Latest say-on-pay support
=
May 11, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2023 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 — Lloyd Yates: $9,216,680 → $13,197,800 (43.2% higher)
Say-on-pay support: 95.7% → 94.8% (0.9 points lower)
CEO pay ratio: 102:1 → 106:1 (3.9% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is NiSource's chief executive and what were they paid?
Lloyd Yates, President and CEO, received $13,197,800 in total compensation for fiscal 2025. Compared with the $9,216,680 reported for fiscal 2023, Yates' total was 43.2% higher.
What was NiSource's say-on-pay result?
The say-on-pay proposal drew 94.8% of votes cast including abstentions in favor at the meeting held May 11, 2026 for fiscal 2025.
Which companies are in NiSource's peer group?
Companies named in the disclosed peer group include Alliant Energy Corporation, Ameren Corporation, American Electric Power Company, Inc., Atmos Energy Corporation and Black Hills Corporation, among others.
What is NiSource's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 106:1, against median employee compensation of $125,021.

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
Lloyd Yates
President and Chief Executive Officer
◇◇◇—◇—◇◇
Melody Birmingham
Executive Vice President and Chief Innovation Officer
◇◇◇—◇—◇◇
Donald Brown
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Pablo Vegas
Former Executive Vice President and Group President, NiSource Utilities
Departed during or after this year
◇◇◇———◇◇
William Jefferson
Executive Vice President Operations and Chief Safety Officer
◇◇◇—◇—◇◇
Shawn Anderson
Senior Vice President Strategy and Chief Risk Officer
◇—◇—◇—◇— not reconciled
Joseph Hamrock
Former President and Chief Executive Officer
Departed during or after this year
◇———◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lloyd Yates
President and Chief Executive Officer
◇—◇—◇—◇◇
Donald Brown
Executive Vice President and Chief Innovation Officer, Former CFO
Departed during or after this year
◇◇◇—◇—◇◇
Michael Luhrs
Executive Vice President, Strategy and Risk and Chief Commercial Officer
◇◇◇—◇—◇◇
Melody Birmingham
Executive Vice President and Group President, NiSource Utilities
◇—◇—◇—◇◇
William Jefferson
Executive Vice President, Operations and Chief Safety Officer
◇—◇—◇—◇◇
Shawn Anderson
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lloyd Yates
President and CEO
◇—◇—◇—◇◇
Michael Luhrs
EVP, Technology, Customer and Chief Commercial Officer
◇—◇—◇—◇◇
Shawn Anderson
EVP and CFO
◇—◇—◇—◇◇
Melody Birmingham
EVP and Group President, Utilities
◇—◇—◇—◇◇
William Jefferson
EVP, Chief Operating and Safety 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
Lloyd YatesRSU◇——◇——◇
Lloyd YatesPSU◇◇◇—◇—◇
Melody BirminghamPSU◇◇◇—◇—◇
Melody BirminghamRSU◇——◇——◇
Michael LuhrsPSU◇◇◇—◇—◇
Michael LuhrsRSU◇——◇——◇
Michael LuhrsRSU◇——◇——◇
Shawn AndersonPSU◇◇◇—◇—◇
Shawn AndersonRSU◇——◇——◇
William JeffersonRSU◇——◇——◇
William JeffersonPSU◇◇◇—◇—◇
Fiscal 2022, 2023 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
Melody BirminghamRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Shawn AndersonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Lloyd YatesRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
William JeffersonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael LuhrsRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
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
Kevin T. Kabat
Board chair · Lead independent director
◇◇————◇
Michael E. Jesanis
◇◇———◇◇
Peter A. Altabef
◇◇———◇◇
Deborah A. Henretta
◇◇————◇
William D. Johnson
◇◇————◇
Sondra L. Barbour
◇◇————◇
Cassandra S. Lee
◇◇———◇◇
Theodore H. Bunting, Jr
◇◇————◇
Eric L. Butler
◇◇————◇
Deborah A.P. Hersman
◇◇———◇◇
John McAvoy
◇◇————◇
Lloyd M. Yates 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.
Earlier years 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.

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 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
  • Alliant Energy Corporation LNT
  • Ameren Corporation AEE
  • American Electric Power Company, Inc. AEP
  • Atmos Energy Corporation ATO
  • Black Hills Corporation BKH
  • CenterPoint Energy, Inc. CNP
  • CMS Energy Corporation CMS
  • Dominion Energy, Inc. D
  • DTE Energy Company DTE
  • Evergy EVRG
  • Eversource Energy ES
  • FirstEnergy Corporation FE
  • New Jersey Resources Corporation NJR
  • OGE Energy Corp. OGE
  • ONE Gas, Inc. OGS
  • PPL Corporation PPL
  • Public Service Enterprise Group PEG
  • Sempra Energy SRE
  • Southwest Gas Holdings, Inc. SWX
  • Spire, Inc. SR
  • WEC Energy Group, Inc. WEC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 11, 2026=◇◇◇
2024May 12, 2025=◇◇◇
2023May 13, 2024=◇◇◇
2022May 23, 2023=◇◇◇
2021May 24, 2022=◇◇◇
2020May 25, 2021=◇◇◇
2019May 19, 2020=◇◇◇
2018May 7, 2019=◇◇◇
2017May 8, 2018=◇◇◇
2016May 9, 2017=◇◇◇
2015May 11, 2016=◇◇◇

Chief executive pay ratio

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

Everything above is a fact NiSource disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where NiSource 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.
296 figures on this page: 285 cited to the filing that reported them, 11 calculated from figures it prints.
285 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-219872
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001140361-26-011851
    2025 DIRECTOR COMPENSATION · 2025 Director Compensation · 2025 Grants of Plan-Based Awards · 2025 Summary Compensation Table · and 1 more section
  3. 000114036126011851
    CEO Pay Ratio
  4. 0001193125-25-118298
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-24-137263
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001140361-24-016755
    2023 Summary Compensation Table
  7. 0001193125-23-153009
  8. 0001140361-23-018017
    2022 Summary Compensation Table
  9. 0001193125-22-159458
  10. 0001193125-21-173292
    Say-on-Pay Proposal
  11. 0001193125-20-148219
    Say-on-Pay Proposal
  12. 0001193125-19-141386
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001111711-18-000024
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001111711-17-000039
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001111711-16-000066
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Velarion, “NiSource executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NI (accessed 2026).
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Utilities rankings

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

Peers NiSource discloses

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

Alliant Energy CorporationAmeren CorporationAmerican Electric Power Company, Inc.Black Hills CorporationCenterPoint Energy, Inc.CMS Energy CorporationDominion Energy, Inc.DTE Energy CompanyEvergyEversource EnergyFirstEnergy CorporationOGE Energy Corp.PPL CorporationPublic Service Enterprise GroupSempra EnergyWEC Energy Group, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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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