Summary
SLB Limited/NV (SLB) filed an 8-K report on January 22, 2007, detailing a significant executive transition. Jean-Marc Perraud, Executive Vice President and Chief Financial Officer (CFO), announced his retirement effective March 1, 2007, after a long tenure since 1974. To ensure a smooth handover, Mr. Perraud will transition to a Senior Financial Advisor role to the Chairman under a phased retirement plan until November 30, 2010. Concurrently, the Board of Directors appointed Simon Ayat as the new Executive Vice President and CFO, effective March 1, 2007. Mr. Ayat, a 24-year veteran of the company, most recently served as Vice President Treasurer. This leadership change is a key focus of the filing, outlining the terms of Mr. Perraud's phased retirement and Mr. Ayat's new compensation package, including a base salary and stock options.
Key Highlights
- 1Jean-Marc Perraud, EVP and CFO, to retire effective March 1, 2007.
- 2Mr. Perraud will transition to Senior Financial Advisor to the Chairman under a phased retirement plan until November 30, 2010.
- 3Simon Ayat appointed as the new EVP and CFO, effective March 1, 2007.
- 4Mr. Ayat's new annual base salary will be $600,000.
- 5Mr. Ayat was granted 100,000 stock options with an exercise price of $58.455 per share.
- 6Details of Mr. Perraud's phased retirement compensation, including monthly salary, continued benefits, and vesting of stock options, are outlined.
- 7The filing incorporates by reference an employment agreement detailing the terms of Mr. Perraud's transition.