Summary
Diamondback Energy, Inc. announced a significant leadership change in its operational team with the appointment of Michael L. Hollis as Vice President and Chief Operating Officer, effective July 1, 2015. Mr. Hollis has been with the company since September 2011, previously serving as Vice President-Drilling, and also holds a directorship with the general partner of Viper Energy Partners LP. This promotion signifies a strengthening of the company's operational leadership as it continues to execute its growth strategy. In conjunction with this promotion, Mr. Hollis's compensation has been adjusted. His annual base salary has been increased from $425,000 to $465,000, and his annual performance bonus target has been elevated from 80% to 90% of his base salary, reflecting his expanded responsibilities. The employment agreement, which commenced January 1, 2014, has a two-year initial term with automatic one-year extensions, ensuring stability in leadership. Investors should note that additional details regarding his compensation and employment terms are incorporated by reference from the company's 2015 Proxy Statement.
Key Highlights
- 1Michael L. Hollis appointed as Vice President and Chief Operating Officer, effective July 1, 2015.
- 2Mr. Hollis has prior experience with Diamondback Energy, serving as Vice President-Drilling since September 2011.
- 3Mr. Hollis also serves as a director for the general partner of Viper Energy Partners LP, Diamondback's publicly traded subsidiary.
- 4Annual base salary for Mr. Hollis increased from $425,000 to $465,000.
- 5Annual performance bonus target for Mr. Hollis increased from 80% to 90% of his base salary.
- 6The employment agreement has a rolling one-year extension mechanism, ensuring leadership continuity.
- 7Information regarding Mr. Hollis's compensation and employment terms is incorporated by reference from the 2015 Proxy Statement.