Corporate Governance

Patrick Beirne is an independent director of the Company. Mr. Beirne is a homebuilding executive with nearly three decades of experience and a track record of operational excellence and sound strategic planning for businesses that require infrastructure and business development. Mr. Beirne is currently President of Nelson Pipeline Constructors, a leading utility contractor specializing in the construction of underground sewer, water, and storm sewer pipelines. Prior to working at Nelson Pipeline Constructors, he worked at Pulte Group, Inc. for 29 years in various roles, including Central Area President. As Central Area President, and a member of Pulte Group’s executive team, he helped develop strategies for the firm’s long-term vision, oversaw operations in 10 states, and consistently grew the operation faster than other Pulte operations. Mr. Beirne earned a BS degree from Michigan State University, is a Licensed General Contractor (Florida), and is active in many community and charity organizations.   

Mark W. Harding joined Pure Cycle in 1990. During his tenure, Mr. Harding has been responsible for the acquisition of over $100 million of water and land interests. He serves as a director on several advisory boards relating to water and wastewater issues in the Denver region and is charged with identifying ways in which Colorado can address the water shortages facing Front Range cities. Mr. Harding holds a Bachelor’s in Computer Science and a Master’s in Business Administration, each obtained from the University of Denver.

Wanda J. Abel is an Independent Director of the Company. Since 1993, Ms. Abel has been a partner at the law firm of Davis Graham & Stubbs LLP, a Denver, Colorado-based firm, where she began as an associate in 1986. She has served as corporate counsel to the Company since 1990 and as securities counsel from 1990 to 2020. In addition, she has represented both public and private companies in securities matters, mergers and acquisitions, complex commercial agreements, financings, and ventures, and served as in-house counsel for an NYSE listed company. Ms. Abel received a Bachelor of Arts degree and a Master of Library Science from Indiana University and a Juris Doctor degree from the University of Colorado Law School. In determining Ms. Abel’s qualifications to serve on the board of directors, the board has considered, among other things, her expertise in securities law, corporate governance, and complex commercial agreements, in particular her extensive knowledge of and experience with our State Land Board Lease and the other Rangeview Water Agreements.

Jeff Sheets is an Independent Director of the Company. Mr. Sheets has been a real estate development executive for over 35 years, specializing in commercial real estate. He has extensive knowledge in office, retail, industrial flex development, land development, master planning, and entitlements for both residential and commercial projects, land acquisitions and property assessment. For the past 29 years, Mr. Sheets has been a Vice President at Koelbel & Company, a private Colorado commercial and residential development company, and has been involved in projects throughout the Front Range of Colorado. He earned an undergraduate degree from Westmont College in Santa Barbara and a master’s degree from the University of Denver.

Fredrick (Rick) A. Fendel III is an Independent Director of the Company. Mr. Fendel brings over 40 years of water rights legal experience to the Board, representing the Company in its water rights matters for the past 18 years. Mr. Fendel retired from his law practice in 2020 and was elected to the board of directors in 2021. Mr. Fendel received a BA degree from the University of Colorado and a JD degree from the University of Michigan Law School.

Mr. Fink has over forty years of experience in municipal finance and public finance law. From 2003 until 2025 he served as a Managing Director at Bank of America and its predecessor Merrill Lynch, where he was Head of the Municipal Energy Group nationally, Head of Southeast Public Finance, and a member of the firm’s Municipal Management Committee. During his tenure he served as underwriter on over $174 billion of financings for municipal utilities and as lead manager on over $63 billion, was lead manager for nineteen of the twenty largest public power issuers in the United States, and Mr. Fink’s team at Bank of America was ranked first in public power transactions and in natural gas commodity prepayment transactions. He advised municipal utilities on generation asset acquisitions, on rating agency and investor relations strategy, and represented a large public power entity before the U.S. Department of Energy in securing a federal loan guarantee.

From 1992 to 2003, Mr. Fink was an Executive Director and Head of the Municipal Energy Group at Morgan Stanley, where he led the underwriting of over $37 billion of municipal utility financings, served as financial advisor on over $6 billion, advised on the largest municipalization in U.S. history for the Long Island Power Authority, and served on the board of Morgan Stanley Derivative Products Inc. He began his career as a tax attorney at Mudge Rose Guthrie Alexander & Ferdon and later at Milbank, Tweed, Hadley & McCloy, where he was recruited to build the tax practice for that firm’s newly formed municipal finance group.

Mr. Fink received a Bachelor of Arts degree from the State University of New York at Albany, a Juris Doctor from the State University of New York at Buffalo, and an LL.M. in Taxation from New York University School of Law. Mr. Fink also holds Series 7, 53 and 63 licenses. 

Mr. Haecker has over thirty-five years of financial leadership experience across public and private companies. Since 2018, he has been a Partner at Capitol Peak Partners, where he is responsible for sourcing, evaluating and executing investments and for providing financial and operational counsel to portfolio companies following acquisition.

Prior to Capitol Peak, Mr. Haecker served as Executive Vice President and Chief Financial Officer of WhiteWave Foods, where he provided financial leadership for the company’s 2012 initial public offering and directed all financial activities, culminating in the $12.5 billion sale to Danone in 2017. He joined WhiteWave as Senior Vice President and Chief Financial Officer of WWF Operating Company, its primary North American operating division. Earlier in his career Mr. Haecker held senior management roles at Gillette, first as head of finance for its Duracell battery division and subsequently leading the finance function for Gillette’s European Commercial Operations from Geneva, Switzerland. He also served as Senior Vice President and Chief Financial Officer of Mother’s–Archway Cookie Company and as Vice President and Corporate Controller of Specialty Foods Corporation. He began his career in the Commercial Audit and Financial Consulting Division of Arthur Andersen LLP.

Mr. Haecker received a Bachelor of Science degree from the University of Nebraska and a Master of Management from the Kellogg School of Management at Northwestern University. He currently serves on the Board of Directors of Universal Pure, Elevation Foods, and Morning Glory Dairy.

Susan Heitmann is an independent director of the Company.  Ms. Heitmann has over 30 years of accounting and finance experience. Ms. Heitmann is a retired partner from KPMG, based in Denver, Colorado, where she started as an associate in 1987. Ms. Heitmann has served as an auditor for SEC clients, private equity entities as well as large privately held companies. Ms. Heitmann received a Bachelor of Science degree from the University of Illinois.