Cadiz Management

Management criteria checks 2/4

Cadiz's CEO is Susan Kennedy, appointed in Jan 2024, has a tenure of less than a year. total yearly compensation is $320.81K, comprised of 83% salary and 17% bonuses, including company stock and options. directly owns 0.51% of the company’s shares, worth €723.54K. The average tenure of the management team and the board of directors is 0.3 years and 3.1 years respectively.

Key information

Susan Kennedy

Chief executive officer

US$320.8k

Total compensation

CEO salary percentage	83.0%
CEO tenure	less than a year
CEO ownership	0.5%
Management average tenure	less than a year
Board average tenure	3.1yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Susan Kennedy's remuneration changed compared to Cadiz's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	-US$37m
Sep 30 2023	n/a	n/a	-US$37m
Jun 30 2023	n/a	n/a	-US$36m
Mar 31 2023	n/a	n/a	-US$35m
Dec 31 2022	US$321k	US$266k	-US$30m
Sep 30 2022	n/a	n/a	-US$29m
Jun 30 2022	n/a	n/a	-US$30m
Mar 31 2022	n/a	n/a	-US$35m
Dec 31 2021	US$88k	n/a	-US$34m

Compensation vs Market: Susan's total compensation ($USD320.81K) is below average for companies of similar size in the German market ($USD705.27K).

Compensation vs Earnings: Susan's compensation has increased whilst the company is unprofitable.

CEO

Susan Kennedy (61 yo)

less than a year

Tenure

US$320,805

Compensation

Ms. Susan P. Kennedy serves as Advisory Board Member at GrubMarket, Inc. since October 2023. She has been Director at Cadiz Inc. since March 24, 2021 and its Chief Executive Officer Since January 01, 2024...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Susan Kennedy	CEO & Chairman	less than a year	US$320.81k	0.51% $ 723.5k
Stanley Speer	CFO & Secretary	3.9yrs	US$630.68k	0.12% $ 168.7k
Scott Slater	Senior Advisor	less than a year	US$820.15k	0.31% $ 444.1k
Lesley Thornburg	Operations Manager	no data	no data	no data
Courtney Degener	Vice President of Investor Relations	no data	no data	no data
Teffiny Bagnara	Controller	no data	no data	no data

0.3yrs

Average Tenure

62yo

Average Age

Experienced Management: 2ZC's management team is not considered experienced ( 0.3 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Susan Kennedy	CEO & Chairman	3.1yrs	US$320.81k	0.51% $ 723.5k
Stephen Courter	Independent Director	15.5yrs	US$100.00k	0.088% $ 125.1k
Winston Hickox	Lead Independent Director	17.5yrs	US$100.00k	0.37% $ 523.6k
Kenneth Lombard	Independent Director	2yrs	US$75.00k	0.013% $ 18.0k
Richard Polanco	Director	1.8yrs	US$50.00k	0.0084% $ 12.0k
Barbara Lloyd	Independent Director	less than a year	no data	no data
Maria Echaveste	Independent Director	4.8yrs	US$100.50k	0.035% $ 49.2k
Carolyn Webb de Macías	Independent Director	4.8yrs	US$100.00k	0.038% $ 54.3k
Maria Dreyfus	Independent Director	less than a year	no data	0.18% $ 260.3k

3.1yrs

Average Tenure

68yo

Average Age

Experienced Board: 2ZC's board of directors are considered experienced (3.1 years average tenure).

Cadiz Management

Management criteria checks 2/4

Key information

Recent management updates

CEO & Chairman recently bought €53k worth of stock

High number of new directors

Cadiz Inc. Announces Resignation of Scott Slater as President and Director

Cadiz Inc. Appoints Susan Kennedy as Chief Executive Officer, Beginning January 1, 2024

Cadiz Inc. Appoints Richard Polanco as Member of the Board

Cadiz Inc., Annual General Meeting, Jul 12, 2022

Recent updates

CEO & Chairman recently bought €53k worth of stock

Full year 2023 earnings released: US$0.56 loss per share (vs US$0.60 loss in FY 2022)

Cadiz Inc. announced that it has received $20 million in funding from Heerema International Group Services SA

High number of new directors

Cadiz Inc. Announces Resignation of Scott Slater as President and Director

U.S. Bureau of Land Management Approves Mineral Leasing Act Right-Of-Way Grant to Cadiz for Northern Pipeline

U.S. Bureau of Land Management Approves Mineral Leasing Act Right-Of-Way Grant to Cadiz for Northern Pipeline

Cadiz Inc. Appoints Susan Kennedy as Chief Executive Officer, Beginning January 1, 2024

Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.15 loss in 3Q 2022)

New major risk - Share price stability

Second quarter 2023 earnings released: US$0.13 loss per share (vs US$0.13 loss in 2Q 2022)

New major risk - Financial position

First quarter 2023 earnings released: US$0.19 loss per share (vs US$0.16 loss in 1Q 2022)

Full year 2022 earnings released: US$0.60 loss per share (vs US$0.84 loss in FY 2021)

Forecast to breakeven in 2024

Third quarter 2022 earnings released: US$0.15 loss per share (vs US$0.22 loss in 3Q 2021)

Cadiz Inc. (NasdaqGM:CDZI) acquired ATEC Systems, Inc. from Dave Ketchum.

Cadiz Inc. (NasdaqGM:CDZI) announced a definitive agreement to acquire ATEC Systems, Inc. from Dave Ketchum.

Second quarter 2022 earnings released: US$0.13 loss per share (vs US$0.30 loss in 2Q 2021)

Cadiz Inc. Appoints Richard Polanco as Member of the Board

Cadiz Inc.(NasdaqGM:CDZI) dropped from Russell Microcap Value Index

Cadiz Inc., Annual General Meeting, Jul 12, 2022

First quarter 2022 earnings released: US$0.16 loss per share (vs US$0.16 loss in 1Q 2021)

Forecast breakeven date pushed back to 2024

Cadiz Inc. Appoints Kenneth T. Lombard as A New Member of the Board

Lead Independent Director recently bought €150k worth of stock

Full year 2021 earnings released: US$0.84 loss per share (vs US$1.11 loss in FY 2020)

Cadiz Inc. Forms New Equity, Sustainability, and Environmental Justice Committee

Founder & Chairman recently bought €80k worth of stock

Third quarter 2021 earnings released: US$0.22 loss per share (vs US$0.13 loss in 3Q 2020)

Forecast to breakeven in 2023

Second quarter 2021 earnings released: US$0.30 loss per share (vs US$0.14 loss in 2Q 2020)

Cadiz Inc.(NasdaqGM:CDZI.P) dropped from NASDAQ Composite Index

Cadiz Inc. (NasdaqGM:CDZI) acquired 220-Mile Northern Pipeline Asset from El Paso Natural Gas Company, L.L.C for $19 million.

Independent Director Murray Hutchison has left the company

Independent Director Richard Nevins has left the company

Independent Director Richard Nevins has left the company

Independent Director Murray Hutchison has left the company

First quarter 2021 earnings released: US$0.16 loss per share (vs US$0.66 loss in 1Q 2020)

Full year 2020 earnings released: US$1.11 loss per share (vs US$1.11 loss in FY 2019)

New 90-day high: €9.45

New 90-day high: €9.20

New 90-day high: €8.80

New 90-day high: €8.70

Third quarter 2020 earnings released: US$0.13 loss per share

New 90-day low: €8.25

First half earnings released

New 90-day low - €8.30

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age