In 2024, Kip Rupp, IRO for Quanta Services, an energy contractor that has benefitted from rising demand for engineering and construction of renewables, celebrates another year ranked first in his sector by sell- and buy-side participants of the annual Institutional Investor All-America executive team survey. The latest ranking puts Rupp at third place in the II Hall of Fame, with nine first place votes over the years.
While there are fewer than a thousand investor relation officers in the US, there are a handful of places on II’s Hall of Fame for the memorable executives that have served their company for many years. For a second year Jeff Kotkin from Eversource Energy sits at the top of the all-time rankings with 11 first place votes, despite his retirement in 2023. “I never wanted to hear that a potential investor took a pass on us because they couldn’t obtain the information they required, even though it was publicly available,” Kotkin said.
Two of the top five in II’s Hall of Fame highlight the importance of serving the customer. Randy Burkhalter said that after 21 years working as an IRO for Texas-headquartered gas and oil pipeline company Enterprise Products Partners, and 32 years as an IRO in the energy sector, that respecting all customers, regardless of the size of their investment, has been key to his success. Burkhalter, who will retire in April after four decades in the energy business, is in second place on II’s IRO Hall of Fame. He said IROs need to remember that all customers should be treated equally, including sell-side analysts, whose research touches a broad community of high-net worth investors and institutional clients.
Ann Scott at Ball Corp tied for fourth, adding an eighth first place ranking in 2024. She echoes Burkhalter’s sentiment that positivity and politeness are qualities of successful IROs, and believes in listening to all customers. “Sometimes you learn the most from those you may disagree with,” she said. “Avoiding a difficult conversation never solves a misunderstanding.”
The IROs in the top five are experts on their company and its strategy – but they must also take a role in shaping the investor community and getting the right people on board. Burkhalter said in his career at five different companies, he’s learned that an IRO must understand the idiosyncrasies and expectations of the job at each company, often going beyond simple relationships with the chief financial officer and a solid knowledge of the accounts. The best IROs help CEOs nurture relationships with investors.
Those at the very top say the diversity in the role makes for a thrilling career, involving international travel, encounters with people from across the political spectrum, and the chance to learn something new every day. “There are not too many professions that can say the same thing,” Rupp said.
Jeff Kotkin, Eversource
First place count: 11
What is the greatest lesson you've learned as an IRO?
I always try to respond to investor or analyst inquiries as promptly as possible, regardless of the time or the day of the week. They are frequently considering significant investments in our company and are certainly owed the courtesy of timely and fulsome information.
What's something important about the job that IROs sometimes forget?
I think IROs can forget how many different potential investments analysts and portfolio managers are looking at. It could be 20, 40, 60, for even 80. IROs usually have one company they need to be expert in, maybe four or five, if there are a number of subsidiaries.
Randy Burkhalter, Enterprise Products Partners
First place count: 10
What is the greatest lesson you've learned as an IRO?
To make sure you understand management’s expectations of the role since the IR function is not as defined as in accounting or engineering and differs depending on the sector and size of the company. I’ve worked for five different companies in my 32 years of doing IR in the energy sector, and each one was a little different from the others when it came to the job description and expectations.
What are you most looking forward to in your work in the next year?
Interesting question since I’m retiring April 15, after 46 years of working in the energy business, including the last 21 years doing IR for my current employer, Enterprise Products Partners.
What's something important about the job that IROs sometimes forget?
The customer service aspect. No matter how large or small a position an investor has in your company, they are interested enough in your company to own your stock and should be treated as a customer. As for the sell-side analysts, whether they have a buy recommendation or not on your company, they need to distribute research notes to their constituency and may need information or clarification to complete them. Their research notes and marketing reach a broad audience of high-net-worth investors and the brokerage community, in addition to institutional investors that read their research before making an decision.
Kip Rupp, Quanta
First place count: 9
What is the greatest lesson you've learned as an IRO?
There are many, but I think always operating and communicating in a credible manner is critical and serves any IRO well over time. Also, relationships matter in this business. From time-to-time, I have calls and meetings with investors I used to work with more than 20 years ago when I was a sell-side analyst, and those relationships still provide a foundation of credibility for me with them today.
What are you most looking forward to in your work in the next year?
Quanta has a great story and I look forward to sharing it with new potential investors and expanding our stockholder base globally.
What's something important about the job that IROs sometimes forget?
My career has allowed me to travel all over the world, meet interesting and intelligent people, do well financially and every day brings something different and presents opportunities to learn something.
Ann Scott, Ball Corp.
First place count: 8
What is the greatest lesson you've learned as an IRO?
Start each day with a positive attitude, ownership mindset, and a focus on being in service of your stakeholders. Developing a genuine interest in your stakeholders as individuals, providing world-class customer service, and actively listening to their input is the foundation of effective relationships and long-term value creation for your company. Investor relations is a team sport and our company’s success is the result of every employees’ hard work.
What are you most looking forward to in your work in the next year?
Engaging with the investment community to expand ownership in our great company and mentoring next-gen leaders at Ball.
What's something important about the job that IROs sometimes forget?
Treat every investor and analyst with respect and on a level playing field. Sometimes you learn the most from those you may disagree with and avoiding a difficult conversation never solves a misunderstanding.
Jay Wilson, Hess Corp.
First place count: 7
What is the greatest lesson you've learned as an IRO?
Relationships matter! To be successful, IROs need to be a trusted partner — both within the company and the investment community.
What are you most looking forward to in your work in the next year?
Completing our pending merger with Chevron. We’re looking forward to getting this favorable transaction across the finish line.
What's something important about the job that IROs sometimes forget?
Have fun! I feel blessed to work with a brilliant, close-knit management team, as well as some of the best and brightest minds on Wall Street and the buyside. Day-in and day-out interaction with really smart people raises your game and keeps things interesting.
CORRECTION NOTICE
This article originally stated Tapestry's Andrea Shaw Resnick was the IRO for Tapestry. Tapestry's IRO (and Head of Investor Relations) is Christina Colone.
We apologize for any confusion caused.
