Summary
Diamondback Energy, Inc. (FANG) announced significant leadership changes via an 8-K filing on February 28, 2019. The most notable change is the appointment of Kaes Van’t Hof as the new Chief Financial Officer (CFO) and Executive Vice President of Business Development, effective March 1, 2019. Mr. Van’t Hof, previously Senior Vice President of Strategy and Corporate Development, also retains his role as President of Viper Energy Partners LP (VNOM), Diamondback's subsidiary. This transition marks a strategic shift in financial leadership, with Mr. Van’t Hof's compensation package including a base salary of $520,000 and participation in existing incentive and equity plans. Additionally, Tracy Dick has been appointed Chief Accounting Officer and Executive Vice President, also effective March 1, 2019, while continuing as CFO of Viper Energy Partners. The filing also disclosed the retirement of Paul Molnar, Executive Vice President of Exploration and Business Development, effective April 1, 2019. These appointments and the retirement are designed to streamline leadership and support the company's ongoing strategic objectives and growth initiatives.
Key Highlights
- 1Kaes Van’t Hof appointed Chief Financial Officer (CFO) and Executive Vice President of Business Development, effective March 1, 2019.
- 2Tracy Dick appointed Chief Accounting Officer and Executive Vice President, effective March 1, 2019.
- 3Mr. Van’t Hof will continue as President of Viper Energy Partners LP (VNOM) and Ms. Dick will continue as CFO of VNOM.
- 4Mr. Van’t Hof's annual base salary as CFO will be $520,000, with participation in incentive and equity plans.
- 5Paul Molnar, Executive Vice President of Exploration and Business Development, to retire effective April 1, 2019.
- 6The company issued a press release on February 28, 2019, detailing these leadership changes.
- 7Information regarding the compensation and biographies of the appointed officers is available in the company's prior Proxy Statement.