Summary
This 8-K filing from SLB LIMITED/NV (SLB) reports on two key personnel changes that occurred on July 21, 2005. The company announced the resignation of its Chief Accounting Officer, Frank A. Sorgie. Concurrently, SLB entered into an employment agreement with Mr. Sorgie, under which he will serve as a financial advisor until his retirement on August 31, 2007. This agreement outlines his compensation and benefits during this advisory period. In addition, the filing announces the appointment of Howard Guild as the new Chief Accounting Officer. Mr. Guild, who joined SLB in October 2004, brings experience from his previous roles at PricewaterhouseCoopers LLP. This transition signifies a change in leadership within SLB's accounting department.
Key Highlights
- 1Frank A. Sorgie resigned as Chief Accounting Officer of Schlumberger N.V. effective July 21, 2005.
- 2Schlumberger entered into an employment agreement with Frank A. Sorgie to serve as a financial advisor from August 1, 2005, to August 31, 2007.
- 3Mr. Sorgie's advisory role will include a base salary of $21,667 per month and continued participation in certain employee benefit plans.
- 4The agreement also details compensation for a pro-rated performance incentive plan award and accrued vacation time for Mr. Sorgie.
- 5Howard Guild was appointed as the new Chief Accounting Officer of Schlumberger.
- 6Mr. Guild joined Schlumberger in October 2004 and previously held positions at PricewaterhouseCoopers LLP.
- 7Mr. Sorgie's resignation was not due to any disagreements with the company regarding operations, policies, or practices.
Frequently Asked Questions
Frank A. Sorgie resigned as Chief Accounting Officer on July 21, 2005. The filing explicitly states that his resignation was not the result of any disagreement with Schlumberger on any matter relating to the company's operations, policies, or practices.
Following his resignation, Mr. Sorgie entered into an employment agreement with Schlumberger to serve as a financial advisor. This role is effective from August 1, 2005, and he is expected to retire from this position on August 31, 2007.
Howard Guild has been elected as the new Chief Accounting Officer. He joined Schlumberger in October 2004 as Director of Financial Reporting and previously worked at PricewaterhouseCoopers LLP.
Under the agreement, Mr. Sorgie will receive a base salary of $21,667 per month, continue participation in certain pension, profit-sharing, and employee benefit plans, a pro-rated performance incentive award for January-July 2005, and payment for accrued vacation time. The agreement also outlines provisions for termination scenarios.