01—Abstract
Summary
Summary of the 8-K filed January 10, 2024. Cited figures are marked; the original filing is the authoritative source.
APA Corporation, filing under that name on January 10, 2024, reported in an Item 5.02 Current Report that its Management Development and Compensation Committee, acting under authority delegated by the full Board, appointed Stephen J.
Riney, 63, to the role of president and chief financial officer effective January 1, 2024. John J. Christmann IV, who previously held the president role, continues as chief executive officer and a Board member.
Riney had already served as executive vice president since February 18, 2015, and as chief financial officer since March 3, 2015. The filing sets Riney's compensation effective January 1, 2024: an annual base salary of $900,000,a a target annual incentive opportunity of 120% of base salary, and a target long-term incentive opportunity of 600%. The long-term incentive consists of performance shares (cash-based restricted stock units with performance conditions) and restricted stock units, granted under the 2016 Omnibus Compensation Plan, as amended.
The filing states Riney has no family relationship with any director or executive officer, is not party to any related person transaction, and was not selected under any arrangement with another person. The company issued a press release on January 9, 2024, describing the promotion, which is furnished as Exhibit 99.1. The release states Christmann credited Riney with helping refine APA's strategic direction and says the promotion formalizes Riney's role in guiding strategy, goals and execution.
02—Key points
Key Highlights
- Stephen J. Riney, 63, appointed president and chief financial officer effective January 1, 2024, following prior service as executive vice president and CFO since 2015.
- John J. Christmann IV continues as chief executive officer and a member of the Board; he previously held the president role.
- Annual base salary set at $900,000 for Riney.
- Target annual incentive opportunity of 120% of base salary.
- Target long-term incentive opportunity of 600%, comprised of performance shares and restricted stock units under the 2016 Omnibus Compensation Plan, as amended.
- Riney's prior experience includes CFO of BP Exploration and Production (July 2012 to January 2015) and global head of mergers and acquisitions for BP p.l.c. (January 2007 to June 2012).
- Press release dated January 9, 2024 announced the appointment and is furnished as Exhibit 99.1.
03—Questions
Frequently Asked Questions
Who is leading APA's finance function after this change?
Stephen J. Riney, who was appointed president and chief financial officer effective January 1, 2024. He had served as chief financial officer since March 3, 2015.
Did the CEO change?
No. John J. Christmann IV continues as chief executive officer and a member of the Board. He previously held the president role, which passed to Riney.
What is Riney's compensation under this appointment?
The Committee approved an annual base salary of $900,000, a target annual incentive opportunity of 120% of base salary, and a target long-term incentive opportunity of 600%, all effective January 1, 2024.
Are there any related-party or family relationships tied to Riney's appointment?
The filing states Riney has no family relationship with any director or executive officer, is not a party to any related person transaction with the Company, and was not selected under any arrangement or understanding with another person.
04—Continue