8-KLeadership ChangesRegulation FDExhibits & Filings

SLB LIMITED/NV 8-K Report, Executive Changes (Dec 10, 2019)

Filed December 10, 2019For Securities:SLB

Summary

SLB LIMITED/NV (SLB) has announced a significant leadership transition in its finance department. Effective January 22, 2020, Executive Vice President and Chief Financial Officer (CFO) Simon Ayat will be stepping down from his executive role. Mr. Ayat, a long-serving employee since 1982, will transition to a Senior Strategic Advisor position to the CEO for a two-year period to ensure a smooth handover. Concurrently, the Board of Directors has appointed Stephane Biguet as the new Executive Vice President and CFO. Mr. Biguet, with 24 years of experience at Schlumberger, most recently served as Vice President, Finance. This change signifies an internal promotion and continuity within the company's financial leadership.

Key Highlights

  • 1Simon Ayat to step down as CFO effective January 22, 2020, following the Form 10-K filing.
  • 2Simon Ayat will assume the role of Senior Strategic Advisor to the CEO for two years.
  • 3Stephane Biguet appointed as the new Executive Vice President and CFO, effective upon Mr. Ayat's transition.
  • 4Mr. Biguet has 24 years of experience with Schlumberger, most recently as VP, Finance.
  • 5Mr. Biguet's new annual base salary will be $770,000, with a target PSU award value of $2,500,000.
  • 6An agreement with Mr. Ayat outlines his advisory role, compensation ($1,000,000 annual salary), benefits, and a three-year non-competition covenant.
  • 7Mr. Ayat will continue to vest in certain equity awards and accrue pension benefits during his advisory term.

Frequently Asked Questions

Simon Ayat is stepping down as CFO as part of a planned leadership transition and to move into a Senior Strategic Advisor role. He will assist the CEO in ensuring an orderly transition of financial leadership.

Stephane Biguet's annual base salary will be $770,000. Additionally, he will receive an award of performance share units (PSUs) with a target value of $2,500,000, with specific metrics to be determined.

During his two-year term as Senior Strategic Advisor, Simon Ayat will receive an annual salary of $1,000,000, continue participation in health and welfare plans, and receive a PSU award. He will also continue to vest in previously granted equity awards and accrue pension benefits.

Yes, in connection with his new role, Simon Ayat has entered into a three-year non-competition covenant as part of his agreement with the company.