Summary
Cheniere Energy, Inc. (LNG) filed an 8-K report on April 4, 2005, primarily announcing a significant executive appointment. The company has appointed Stanley C. Horton as President and Chief Operating Officer, effective April 18, 2005. Mr. Horton brings extensive experience in the natural gas and energy industry, having held leadership roles at major pipeline and LNG terminal operators, including Southern Union's CrossCountry Energy and Panhandle Energy, Northern Natural Gas, Transwestern Pipeline, and Florida Gas Transmission. This appointment signals a strengthening of the operational leadership at Cheniere. Mr. Horton will report to Charif Souki, who will continue as Chairman of the Board and CEO, relinquishing his President title. The report also details Mr. Horton's "at will" employment terms, including an annual base salary of $400,000 and performance-based compensation through discretionary bonuses and stock options, designed to align his interests with shareholder value.
Key Highlights
- 1Appointment of Stanley C. Horton as President and Chief Operating Officer, effective April 18, 2005.
- 2Mr. Horton possesses over 30 years of extensive experience in the natural gas and energy industry, including leadership roles at companies operating interstate pipelines and LNG terminals.
- 3Charif Souki, current Chairman and CEO, will relinquish the title of President to Mr. Horton.
- 4Mr. Horton's compensation package includes an annual base salary of $400,000.
- 5Eligibility for a discretionary annual cash bonus, as determined by the Compensation Committee.
- 6Potential for stock option grants under Cheniere's 2003 Stock Incentive Plan.
- 7Mr. Horton's employment is "at will" with no formal employment or severance agreement.