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EXPAND ENERGY Corp 8-K Report, Executive Changes (Nov 30, 2021)

Filed November 30, 2021For Securities:EXEEXEELEXEEWEXEEZ

Summary

Chesapeake Energy Corporation (EXE) announced a significant leadership change, appointing Mohit Singh as its new Executive Vice President and Chief Financial Officer, effective December 6, 2021. Mr. Singh brings a wealth of experience from previous roles at BPX Energy, RBC Capital Markets, Goldman Sachs, and Shell, with expertise in M&A, business development, and engineering. This appointment signals a strategic move to leverage his financial and operational background within the company.

Key Highlights

  • 1Mohit Singh appointed EVP and CFO, effective December 6, 2021.
  • 2Mr. Singh has extensive experience from BPX Energy, RBC Capital Markets, Goldman Sachs, and Shell.
  • 3Base salary for Mr. Singh will be $525,000 annually.
  • 4Mr. Singh is eligible for annual cash bonuses with target and maximum opportunities of 100% and 200% of base salary, respectively.
  • 5Significant annual equity compensation for FY2022, totaling $2,050,000 in RSUs and PSUs, with performance-based components for PSUs.
  • 6A cash signing bonus of $880,000 and $1,720,000 in inducement RSUs are provided to Mr. Singh, compensating for forfeited equity.
  • 7Domenic J. Dell’Osso, Jr. will transition from CFO to focus solely on his roles as President and CEO.

Frequently Asked Questions

Mohit Singh has been appointed as the new Executive Vice President and Chief Financial Officer of Chesapeake Energy, effective December 6, 2021.

Mr. Singh will receive a base salary of $525,000, is eligible for annual bonuses, and will receive substantial annual equity awards. Additionally, he is receiving a cash signing bonus of $880,000 and inducement RSUs valued at $1,720,000.

Mr. Singh has a strong background in the energy sector, including leadership roles at BPX Energy (a subsidiary of BP) focusing on M&A and business development, as well as investment banking experience at Goldman Sachs and RBC Capital Markets. This diverse experience is expected to be valuable in his new CFO role.

Domenic J. Dell’Osso, Jr. will cease serving as CFO but will continue in his roles as President and Chief Executive Officer of the company.