Hernandez arrives with 26 years of experience in capital markets, having previously served as a partner at Capital Group. His background includes advising boards on strategy and capital allocation, as well as holding director seats at companies like Pioneer Natural Resources and Aris Water Solutions. CEO Susan Kennedy characterized the hire as a strategic move to guide Cadiz through its next phase of growth, specifically citing his expertise in funding large-scale infrastructure and evaluating mergers. To assist with the transition, Speer will remain in an advisory capacity through the end of 2026.

The incoming CFO expressed confidence in the company’s Mojave Groundwater Bank, noting the project’s potential to address water supply challenges across the Colorado River Basin. Hernandez's compensation package includes 800,000 restricted stock units and 800,000 performance stock units, tied to specific employment conditions and stock price hurdles. Alongside this executive shift, the company announced the promotion of controller Teffiny Bagnara to Vice President.