Summary
This 8-K filing from Cheniere Energy, Inc. (LNG) on November 7, 2013, announces a key executive transition within its finance department. Effective December 6, 2013, Jerry D. Smith will step down as Vice President and Chief Accounting Officer, though he will remain with the company in a different capacity. This change is framed as a recognition of Mr. Smith's contributions. The filing also introduces Leonard Travis as the anticipated successor to the Chief Accounting Officer role, pending board approval. Mr. Travis brings a substantial background in accounting and finance from various companies in the energy and technology sectors, including U.S. Well Services, Pride International, and BMC Software. His appointment suggests a strategic move to leverage his experience in financial reporting and oversight for Cheniere.
Key Highlights
- 1Jerry D. Smith to transition from VP and Chief Accounting Officer to other duties within Cheniere Energy, effective December 6, 2013.
- 2Leonard Travis is expected to be appointed as the new Vice President and Chief Accounting Officer.
- 3Mr. Travis possesses extensive experience in accounting and finance roles across several companies, including U.S. Well Services, Pride International, and BMC Software.
- 4Mr. Travis is a Certified Public Accountant (CPA) and Certified Management Accountant (CMA) with an MBA in Finance from the University of Chicago.
- 5Mr. Travis will be an 'at will' employee with no specific employment or severance agreement beyond standard compensation and benefits.
- 6Compensation for Mr. Travis will include base salary, annual incentive awards, eligibility for equity awards under the 2011 Incentive Plan, and a Change of Control Agreement providing one times base salary.
- 7Mr. Travis has no material relationships or transactions with the Company, its directors, officers, or major securityholders, nor any family ties to them.