Cadiz Inc. Announces Appointment of Barbara Lloyd to its Board of Directors

A veteran of the public finance industry, Lloyd brings over thirty years of experience in capital markets, government and infrastructure finance, including leadership positions at KPMG and the California State Treasurers Office.

Los Angeles, CALIFORNIA (03.01.24) – Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the “Company”) announced that Barbara Lloyd, a leading professional in the project finance industry with deep experience in public-private infrastructure financing in California, was appointed today to the Company’s Board of Directors.

“Barbara is exactly the experienced veteran we need as we move into the development phase of our water infrastructure projects,” said Susan Kennedy, Chairman and CEO of Cadiz. “Cadiz will be the first Company in the world to convert natural gas pipelines for water conveyance. Barbara’s knowledge and experience will be a tremendous asset to the company as a Director.”

“I have built my career creating financial solutions at the critical nexus between public policy, infrastructure, and capital markets. Large-scale infrastructure development requires coordination, vision and innovative financing strategies. I am excited to join the Cadiz Board and be part of the solution in addressing the impacts of climate change on California’s infrastructure and access to clean, affordable water,” said Director Lloyd.

Director Lloyd is Founder and CEO of IMPACTS USA Advisory Services, a private consulting firm advising governments, developers and investors on innovative capital asset strategies, including public-private partnerships for complex infrastructure projects such as California High-Speed Rail.  IMPACTS advisory clients include the University of California and the California Departments of Transportation and Veterans Affairs. She also advised the state Department of Water Resources and the cities of Los Angeles, Oakland and San Jose at prior employers.

Prior to founding IMPACTS, Lloyd served as a Managing Director for KPMG Corporate Finance, a global leader in alternative financing and delivery options for complex infrastructure projects and governmental facilities.  Previously, Lloyd served as Chief Deputy Treasurer and Deputy Treasurer for Public Finance for the California State Treasurers Office where she led multiple high-profile, complex bond transactions, such as California’s $11 billion Power Supply Revenue Bonds, then the largest municipal bonds ever issued (2002), and $12.3 billion Economic Recovery Bonds, including the largest single-day issuance in municipal bond history, at $7.9 billion (2004). In her role at the State Treasurers Office, Lloyd also served as chief negotiator and senior spokesperson with rating agencies, credit enhancement providers, investors, governmental agencies, and other bond market participants.

Lloyd’s expansive financial career also includes roles in senior executive public finance positions at Lehman Brothers Public Finance, acquired by Barclays, and Leifer Capital, now KNN Public Finance. She led banking transactions for the State of California, Los Angeles Department of Water and Power; California Department of Veterans Affairs; Irvine Ranch Water District; San Diego County; City of Oakland; and California Communities JPA. Lloyd began her career as chief of staff in the 14th California State Assembly district and also served as treasury manager for the City of Oakland.

Lloyd has an MBA from Stanford University and a B.A. in Political Science from UC Davis.

Lloyd’s appointment filled an existing vacancy on the Cadiz Board and is effective immediately.  The Board also appointed Lloyd to serve on the Audit & Risk and Compensation committees. The appointment of Lloyd makes the Cadiz Board a majority women directors for the first time in the Company’s history.

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