Summary
EOG Resources, Inc. (EOG) has announced a significant leadership change with the appointment of Ezra Y. Yacob as President, effective January 4, 2021. Mr. Yacob, a long-time EOG executive with extensive experience in exploration and production, will report directly to Chairman and CEO William R. Thomas. This transition marks a key moment in the company's executive structure, elevating an internal leader who has demonstrated deep knowledge of EOG's operations. In conjunction with his promotion, Mr. Yacob's compensation package has been adjusted. This includes a new base salary of $650,000 and an increased bonus target to 100% of his base salary, effective for fiscal year 2021. Additionally, he received a long-term incentive grant valued at $650,000, comprising performance units, restricted stock, and stock-settled stock appreciation rights, all to be granted under the company's existing equity compensation plan. These changes reflect the company's investment in its leadership talent and alignment of executive compensation with company performance.
Key Highlights
- 1Ezra Y. Yacob appointed as President of EOG Resources, Inc. effective January 4, 2021.
- 2Mr. Yacob previously served as Executive Vice President, Exploration and Production since December 2017.
- 3New annual base salary for Mr. Yacob set at $650,000.
- 4Bonus target for Mr. Yacob increased from 90% to 100% of base salary for fiscal year 2021.
- 5Mr. Yacob received a long-term incentive grant valued at $650,000.
- 6The incentive grant consists of 60% performance units, 25% restricted stock, and 15% stock-settled stock appreciation rights.
- 7All compensation and grants are subject to the terms of EOG's 2008 Omnibus Equity Compensation Plan and standard vesting provisions.