01—Abstract
Summary
Summary of the 8-K filed June 6, 2024. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation filed an 8-K reporting a change in its Chief Accounting Officer.
The Board of Directors appointed Robert R. Shannon as Executive Vice President and Chief Accounting Officer, effective May 31, 2024, immediately upon the retirement of Brent P. Jensen, who previously served as Senior Vice President and Chief Accounting Officer.
The filing states the transition was made under previously announced CAO succession plans. Mr. Shannon, age 35, has served as Executive Vice President of Corporate Services since September 2022. Previously he was Vice President and Chief Accounting Officer of Colgate Energy from March 2016, and earlier served as Controller of Burnett Petroleum and worked in the Audit Group of KPMG LLP.
The filing states he holds a Master in Professional Accounting and a Bachelor of Business Administration in Business Honors and Accounting from the University of Texas at Austin. The filing reports no family relationships with the company's directors or executive officers and no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K. Compensation terms for Mr. Shannon include a base salary of $380,000a and eligibility for the Annual Incentive Program with a target of 80% of base salary, as well as eligibility for the 2023 Long Term Incentive Plan.
He has no employment agreement but may participate in the Third Amended and Restated Severance Plan on the same terms as other Executive Vice Presidents. Mr. Jensen will cease to be an employee effective June 7, 2024.
02—Key points
Key Highlights
- Robert R. Shannon appointed Executive Vice President and Chief Accounting Officer, effective May 31, 2024.
- Brent P. Jensen, former Senior Vice President and Chief Accounting Officer, retired; he ceases to be an employee effective June 7, 2024.
- Appointment follows previously announced Chief Accounting Officer succession plans.
- Shannon's base salary is $380,000, with an Annual Incentive Program target of 80% of base salary.
- Shannon is eligible for the 2023 Long Term Incentive Plan and the Third Amended and Restated Severance Plan, but has no employment agreement.
- Shannon has served as EVP of Corporate Services since September 2022 and previously was CAO of Colgate Energy.
03—Questions
Frequently Asked Questions
Who is the new Chief Accounting Officer of Permian Resources?
Robert R. Shannon, age 35, was appointed Executive Vice President and Chief Accounting Officer, effective May 31, 2024. He had served as the company's Executive Vice President of Corporate Services since September 2022.
What happened to the prior Chief Accounting Officer?
Brent P. Jensen, who had served as Senior Vice President and Chief Accounting Officer, retired upon Shannon's appointment. The filing states Jensen will cease to be an employee effective June 7, 2024.
What is Shannon's compensation?
The filing states Shannon's base salary is $380,000. He is eligible for the Annual Incentive Program with a target of 80% of base salary, and he is eligible for the 2023 Long Term Incentive Plan.
Does Shannon have an employment agreement or severance protections?
The filing states Shannon is not party to an employment agreement. He is eligible to participate in the Third Amended and Restated Severance Plan on the same terms as the company's other Executive Vice Presidents.
What is Shannon's relevant background?
The filing states he was Vice President and Chief Accounting Officer of Colgate Energy from March 2016, Controller of Burnett Petroleum, and a member of the Audit Group at KPMG LLP. He holds a Master in Professional Accounting and a BBA from the University of Texas at Austin.
04—Continue