Summary
EOG Resources, Inc. (EOG) announced a significant leadership transition through an 8-K filing on December 14, 2017, detailing events as of December 12, 2017. The most impactful information for investors is the appointment of Lloyd W. Helms, Jr. as Chief Operating Officer (COO), effective immediately. Mr. Helms, a long-tenured employee with extensive experience within EOG, including his recent role as Executive Vice President, Exploration and Production, is stepping into this critical operational role. This transition is coupled with the planned retirement of Gary L. Thomas, the current President and COO, who will continue as President to ensure a smooth handover of responsibilities before his expected retirement by the end of 2018. To incentivize Mr. Helms in his new capacity, EOG's Compensation Committee approved an increase in his annual base salary to $615,000, a grant of 8,000 restricted stock units, and an increased bonus target from 90% to 100% of his base salary, effective for fiscal year 2018 compensation.
Key Highlights
- 1Lloyd W. Helms, Jr. appointed Chief Operating Officer (COO) effective December 13, 2017.
- 2Mr. Helms has been with EOG or its predecessor since 1981, bringing extensive operational and exploration experience.
- 3Gary L. Thomas, current President and COO, will transition to President to facilitate a gradual handover before his retirement by year-end 2018.
- 4Mr. Helms' annual base salary increased to $615,000.
- 5Mr. Helms received a grant of 8,000 restricted stock units.
- 6Mr. Helms' bonus target increased from 90% to 100% of base salary, effective for fiscal year 2018 compensation.
- 7The filing includes a press release dated December 14, 2017, as an exhibit.