Summary
This Form 8-K filing by SLB LIMITED/NV (SLB) on July 21, 2011, announces a significant leadership transition. Effective August 1, 2011, Andrew F. Gould will retire as Chief Executive Officer after 36 years with the company. He will continue as Chairman of the Board until April 2012 and remain an executive until April 30, 2012, during which time he will receive his current salary and continued support services. This transition marks the end of an era for a long-serving leader. Paal Kibsgaard will succeed Mr. Gould as the new Chief Executive Officer, effective August 1, 2011. Mr. Kibsgaard brings over 14 years of experience within SLB, having held various operational and management roles globally. His appointment is accompanied by an increase in his base salary to $1,700,000, an annual cash incentive range, and a stock option grant valued at approximately $4,000,000, reflecting his new executive responsibilities. This change in leadership is a key event for the company's future direction.
Key Highlights
- 1Andrew F. Gould is retiring as CEO of SLB, effective August 1, 2011, after 36 years of service.
- 2Mr. Gould will remain Chairman of the Board until the April 2012 annual general meeting and an executive until April 30, 2012.
- 3During his remaining tenure, Mr. Gould will continue to receive his $2,500,000 annual salary and post-retirement support services (IT and secretarial) for five years.
- 4Paal Kibsgaard, aged 44, has been appointed as the new Chief Executive Officer, effective August 1, 2011.
- 5Mr. Kibsgaard has over 14 years of experience with SLB in various international operational and management roles.
- 6Mr. Kibsgaard's compensation package includes an increased base salary to $1,700,000, an annual cash incentive range, and a stock option grant valued at approximately $4,000,000.
- 7The company issued a press release on July 21, 2011, detailing these leadership changes.