8-KLeadership ChangesRegulation FDExhibits & Filings

Diamondback Energy, Inc. 8-K Report, Executive Changes (Jul 11, 2022)

Filed July 11, 2022For Securities:FANG

Summary

Diamondback Energy, Inc. (FANG) announced on July 11, 2022, the appointment of two new independent directors, Rebecca A. Klein and Frank D. Tsuru, to its Board of Directors, effective July 7, 2022. This expansion brings the total number of directors to ten and is intended to enhance the board's expertise and governance. Both Ms. Klein and Mr. Tsuru bring extensive experience in the energy sector, regulatory affairs, and corporate governance, which is expected to be valuable as the company navigates the dynamic oil and gas landscape. The appointments are part of a broader strategy to strengthen board oversight and ensure alignment with long-term strategic goals. The new directors will serve until the 2023 Annual Meeting of Stockholders and will receive standard compensation for non-employee directors, prorated for their service period. They are also expected to be appointed to board committees in the near future. This move signals a commitment to robust corporate governance and leveraging diverse industry experience at the highest level of the organization.

Key Highlights

  • 1Appointment of two new independent directors: Rebecca A. Klein and Frank D. Tsuru.
  • 2The Board of Directors has been expanded to ten members.
  • 3Both new directors bring substantial experience in the energy industry, consulting, and regulatory affairs.
  • 4Ms. Klein has a background in energy consulting, public utility regulation, and corporate boards, including energy and water utilities.
  • 5Mr. Tsuru has extensive experience in the midstream sector, having co-founded Momentum Midstream and previously founded other energy companies.
  • 6The new directors will serve until the 2023 Annual Meeting of Stockholders.
  • 7The appointments are designed to strengthen board oversight and governance.

Frequently Asked Questions

Diamondback Energy appointed Rebecca A. Klein and Frank D. Tsuru to its Board of Directors to enhance the board's expertise and strengthen corporate governance. Their diverse backgrounds in the energy sector, regulatory matters, and business leadership are expected to provide valuable strategic guidance.

Rebecca A. Klein is Principal of Klein Energy, LLC, with extensive experience in energy consulting, public utility regulation (formerly Chairman of the Public Utility Commission of Texas), and service on various corporate boards, including Avista Corporation and SJW Group. Frank D. Tsuru is co-founder and CEO of Momentum Midstream, LLC, and has a long history of founding and leading midstream and upstream energy companies, including Indigo Natural Resources and Aka Energy.

As non-employee directors, Ms. Klein and Mr. Tsuru will receive the standard annual compensation offered to other non-employee directors of the company. This compensation will be prorated for their service period beginning in July 2022 until the 2023 Annual Meeting of Stockholders.

The filing states that Ms. Klein and Mr. Tsuru will be designated to committees of the Board at a future Board meeting. Specific committee assignments have not yet been determined or disclosed in this filing.