V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough

Southwest Gas Holdings Executive Compensation (FY25)

SWX · Executive and director compensation, fiscal 2025 only

The Southwest Gas Holdings brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): May 11, 2026
10 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Southwest Gas Holdings brief$1,500Get the executive brief
195 figures on this page: 186 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Karen Haller
Median of the other named officers
$1,809,946
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 7, 2026
Chief executive pay ratio
◇
To the median employee

Frequently asked questions

Answers drawn from the data on this page.
Who is Southwest Gas Holdings' chief executive and what were they paid?
Karen Haller was paid $10,029,409 in total compensation as President and Chief Executive Officer for fiscal 2025.
What was Southwest Gas Holdings' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 97.7% of votes cast for or against in favor at the meeting held May 7, 2026.
Which companies are in Southwest Gas Holdings' peer group?
Companies named in the disclosed peer group include Alliant Energy Corporation, Ameren Corporation, Atmos Energy Corporation, Avista Corporation and Black Hills Corporation, among others.
What is Southwest Gas Holdings' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 68:1, against median employee compensation of $147,777.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Karen Haller
President and Chief Executive Officer
◇—◇—◇◇◇◇
Robert Stefani
Former Senior Vice President/Chief Financial Officer
Departed during or after this year
◇—◇—◇◇◇◇
Justin Brown
President, Southwest Gas Corporation
◇—◇—◇◇◇◇
Catherine Mazzeo
Senior Vice President/Chief Legal, Safety and Compliance Officer and Corporate Secretary
◇—◇—◇◇◇◇
Randall Gabe
Senior Vice President/Chief Administrative Officer, Southwest Gas Corporation
◇—◇—◇◇◇◇
Justin Forsberg
Senior Vice President/Chief Financial Officer and Treasurer
◇—◇—◇◇◇◇
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
Catherine M. MazzeoPSU—◇◇—◇—◇
Catherine M. MazzeoRSU———◇——◇
Justin L. BrownPSU—◇◇—◇—◇
Justin L. BrownRSU———◇——◇
Justin S. ForsbergPSU—◇◇—◇—◇
Justin S. ForsbergRSU———◇——◇
Karen S. HallerRSU———◇——◇
Karen S. HallerPSU—◇◇—◇—◇
Karen S. HallerPSU—◇◇—◇—◇
Karen S. HallerRSU———◇——◇
Randall P. GabeRSU———◇——◇
Randall P. GabePSU—◇◇—◇—◇
Robert J. StefaniPSU—◇◇—◇—◇
Robert J. StefaniRSU———◇——◇
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
Robert StefaniRSU◇◇——
RSU◇◇——
Catherine MazzeoRSU◇◇——
PSU◇◇——
Justin BrownPSU◇◇——
RSU◇◇——
Justin ForsbergPSU◇◇——
RSU◇◇——
Karen HallerRSU◇◇——
Randall GabePSU◇◇——
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
Anne L. Mariucci
◇◇——◇◇◇
Andrew W. Evans
◇◇———◇◇
E. Renae Conley
Board chair
◇◇———◇◇
Leslie T. Thornton
◇◇——◇◇◇
Jane Lewis-Raymond
◇◇———◇◇
Carlos A. Ruisanchez
◇◇———◇◇
Henry P. Linginfelter
◇◇———◇◇
Andrew J. Teno
◇◇———◇◇
Ruby Sharma
◇◇———◇◇
A. Randall Thoman
◇◇——◇◇◇
Brian E. Sandoval
◇◇——◇◇◇
Karen S. Haller, Molly R. Carson, Justin L. Brown and Leezie Kim 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◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as Common Stock (shares).
Stock ownership guideline: 5x annual cash retainer

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
  • Atmos Energy Corporation ATO
  • Avista Corporation AVA
  • Black Hills Corporation BKH
  • CMS Energy Corporation CMS
  • Evergy, Inc. EVRG
  • Hawaiian Electric Industries, Inc. HE
  • IDACORP, Inc. IDA
  • MDU Resources Group, Inc. MDU
  • New Jersey Resources Corporation NJR
  • NiSource Inc. NI
  • NorthWestern Energy Group, Inc. NWE
  • OGE Energy Corporation OGE
  • ONE Gas, Inc. OGS
  • Pinnacle West Capital Corporation PNW
  • Portland General Electric Company POR
  • Spire, Inc. SR

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 7, 2026=◇◇◇
2024May 1, 2025=◇◇◇
2023May 2, 2024=◇◇◇
2022May 4, 2023=◇◇◇
2021May 19, 2022=◇◇◇
2020May 6, 2021=◇◇◇
2019May 7, 2020=◇◇◇
2018May 2, 2019=◇◇◇
2017May 3, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Southwest Gas Holdings files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Southwest Gas Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Southwest Gas Holdings 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.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Southwest Gas Holdings' disclosed peer group is defensible, who names Southwest Gas Holdings back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
195 figures on this page: 186 cited to the filing that reported them, 9 calculated from figures it prints.
186 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001692115-26-000090
  2. 0001692115-26-000080
    2025 Director Compensation Table · CEO Pay Ratio · Director Compensation · Grants of Plan-Based Awards (2025) · and 2 more sections
  3. 0001692115-25-000107
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001692115-24-000074
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001692115-23-000112
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001692115-22-000013
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001692115-21-000027
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001692115-20-000034
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001692115-19-000038
  10. 0001692115-18-000025
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Southwest Gas Holdings executive compensation, FY2025.” https://intel.velarion.ai/comp/SWX (accessed 2026).
Short form: data: Velarion

The Southwest Gas Holdings brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
10 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
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Southwest Gas Holdings and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Peers Southwest Gas Holdings discloses

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

Alliant Energy CorporationAmeren CorporationAtmos Energy CorporationAvista CorporationBlack Hills CorporationCMS Energy CorporationEvergy, Inc.Hawaiian Electric Industries, Inc.IDACORP, Inc.MDU Resources Group, Inc.New Jersey Resources CorporationNiSource Inc.NorthWestern Energy Group, Inc.OGE Energy CorporationONE Gas, Inc.Pinnacle West Capital CorporationPortland General Electric CompanySpire, Inc.

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}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy