What is the compensation for the newly appointed officers?

Jeffrey R. Leitzell will have an annual base salary of $615,000 and a 100% bonus target percentage, effective December 18, 2023, and January 1, 2024, respectively. Ann D. Janssen will receive an annual base salary of $600,000 and a 90% bonus target percentage, effective January 1, 2024. Both will also receive performance unit and restricted stock awards.

Will there be any changes to the roles of existing executives?

Yes, Lloyd W. Helms, Jr., who has served as Chief Operating Officer, will continue to serve as President of EOG, effective December 18, 2023. Timothy K. Driggers will retire from his role as CFO at the end of 2023 but will remain with the company as an advisor.

When will the details of the equity awards for the new officers be available?

The grants of performance units and restricted stock for Mr. Leitzell will have a December 18, 2023 grant date, and for Ms. Janssen and Ms. Distefano, they will have a January 2, 2024 grant date. Details of these grants will be reported on Form 4 filings by the respective officers within two business days of their grant dates. The forms of award agreements will be filed as exhibits to EOG's 2023 Form 10-K.

EOG 8-K: Leadership Changes

Q: What are the key executive changes announced by EOG Resources?

EOG Resources announced the appointment of Jeffrey R. Leitzell as Executive Vice President and Chief Operating Officer, effective December 18, 2023. Additionally, Ann D. Janssen will become the new Executive Vice President and Chief Financial Officer and principal financial officer, effective January 1, 2024, replacing Timothy K. Driggers who is retiring. Laura B. Distefano will take over as Vice President and Chief Accounting Officer and principal accounting officer, also effective January 1, 2024.

Summary

EOG Resources, Inc. (EOG) announced significant changes to its executive leadership team through an 8-K filing on December 13, 2023. The company appointed Jeffrey R. Leitzell as Executive Vice President and Chief Operating Officer, effective December 18, 2023. Mr. Leitzell, with extensive experience at EOG since 2008, including his recent role as EVP of Exploration and Production, will see his compensation adjusted with a base salary of $615,000 and a 100% bonus target, along with performance-based equity awards. Furthermore, Timothy K. Driggers will retire as Chief Financial Officer at the end of 2023, transitioning to an advisor role. Ann D. Janssen will assume the role of Executive Vice President and Chief Financial Officer and principal financial officer starting January 1, 2024, with a base salary of $600,000 and a 90% bonus target, and will also receive equity awards. Laura B. Distefano has been appointed as Vice President and Chief Accounting Officer and principal accounting officer, effective January 1, 2024, succeeding Ms. Janssen in that specific role, and will also receive equity grants. These executive transitions are accompanied by compensation adjustments and equity grants designed to align with their new responsibilities.

Key Highlights

1Jeffrey R. Leitzell appointed Executive Vice President and Chief Operating Officer, effective December 18, 2023.
2Ann D. Janssen appointed Executive Vice President and Chief Financial Officer and principal financial officer, effective January 1, 2024.
3Laura B. Distefano appointed Vice President and Chief Accounting Officer and principal accounting officer, effective January 1, 2024.
4Timothy K. Driggers, current CFO, will retire at the end of 2023 and transition to an advisor role.
5New COO Leitzell to receive a base salary of $615,000 and a 100% bonus target, plus equity awards.
6New CFO Janssen to receive a base salary of $600,000 and a 90% bonus target, plus equity awards.
7The company is filing these executive changes and compensation details as per SEC regulations, with further details on equity grants to be reported on Form 4 filings and the upcoming 10-K.

EOG RESOURCES INC 8-K Report, Executive Changes (Dec 13, 2023)

Summary

Key Highlights

Frequently Asked Questions