Why is Paal Kibsgaard retiring and what will be his role after retirement?

Paal Kibsgaard is retiring as CEO and Chairman of the Board for personal reasons after more than 22 years with the company. Effective August 1, 2019, he will step down from all roles. However, he has agreed to provide transition services to the company through July 31, 2022, as per an agreement.

Who is replacing Paal Kibsgaard as CEO and what is his background?

Olivier Le Peuch will succeed Paal Kibsgaard as CEO, effective August 1, 2019. Mr. Le Peuch, 55, has a long tenure with Schlumberger, joining in 1987. He most recently served as Chief Operating Officer and has held various global management positions throughout his 32 years with the company, including executive vice president and president roles within different product lines.

What are the key terms of Olivier Le Peuch's new compensation package?

In connection with his appointment as CEO, Olivier Le Peuch's compensation includes an increased annual base salary of $1,400,000. He will also be eligible for an annual cash incentive ranging from 0% to 150% of his base salary. Additionally, he will receive a performance share unit (PSU) grant with a grant date fair value of approximately $10.5 million.

Who has been appointed as the new Chairman of the Board?

Mark G. Papa has been appointed as the new Chairman of the Board, as announced in the company's press release dated July 19, 2019.

SLB 8-K: Leadership Changes & Regulation FD

Summary

This 8-K filing from SLB LIMITED/NV (SLB) on July 19, 2019, announces significant leadership changes effective August 1, 2019. Long-serving CEO and Chairman Paal Kibsgaard is retiring after over 22 years with the company. He will be succeeded as CEO by Olivier Le Peuch, who has been with SLB since 1987 and most recently served as Chief Operating Officer. Additionally, Mark G. Papa has been appointed as the new Chairman of the Board. This transition marks a pivotal moment for the company's strategic direction and operational leadership.

Key Highlights

1Paal Kibsgaard is retiring as Chief Executive Officer and Chairman of the Board, effective August 1, 2019.
2Olivier Le Peuch, currently Chief Operating Officer, will become the new Chief Executive Officer on August 1, 2019.
3Mark G. Papa has been appointed as the new Chairman of the Board.
4Le Peuch's compensation package as CEO includes a base salary of $1,400,000, an annual cash incentive range of 0-150% of base salary, and a performance share unit grant valued at approximately $10.5 million.
5Kibsgaard will provide transition services through July 31, 2022, under an agreement that includes continued salary, benefits, and vesting of stock awards.
6Kibsgaard's retirement agreement includes a three-year non-competition covenant.

SLB LIMITED/NV 8-K Report, Executive Changes (Jul 19, 2019)

Summary

Key Highlights

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