8-KLeadership Changes

SLB LIMITED/NV 8-K Report, Executive Changes (Oct 27, 2021)

Filed October 27, 2021For Securities:SLB

Summary

SLB Limited (SLB) announced on October 26, 2021, that its Board of Directors appointed Ms. Vanitha Narayanan and Dr. Ulrich Spiesshofer as new members, effective October 21, 2021. This move strengthens the Board with significant global leadership and industry expertise relevant to SLB's evolving business landscape. Ms. Narayanan brings extensive experience from her three-decade tenure at IBM, including senior executive roles focused on digital businesses across various regions and leading IBM India. Her appointment, particularly to the Compensation and Nominating and Governance Committees, signals a focus on strategic oversight and executive compensation. Dr. Spiesshofer, former CEO of ABB, adds over 30 years of leadership in industries including oil and gas, power, and digitalization, and will serve on the Compensation and New Energy and Innovation Committees. Both are deemed independent directors.

Key Highlights

  • 1Appointment of two new independent directors: Ms. Vanitha Narayanan and Dr. Ulrich Spiesshofer.
  • 2Ms. Narayanan brings extensive technology and digital business leadership experience from IBM.
  • 3Dr. Spiesshofer offers significant global leadership experience, including as former CEO of ABB and expertise in power, automation, and digitalization.
  • 4Both new directors have been appointed to key Board committees: Ms. Narayanan to Compensation and Nominating and Governance; Dr. Spiesshofer to Compensation and New Energy and Innovation.
  • 5The appointments enhance the Board's expertise in digital transformation, new energy, and corporate governance.
  • 6No reportable transactions exist between SLB and the newly appointed directors per Item 404(a) of Regulation S-K.
  • 7The new directors will serve until the next annual general meeting and will be compensated according to the company's standard director compensation program.

Frequently Asked Questions

The appointment of Ms. Vanitha Narayanan and Dr. Ulrich Spiesshofer strengthens SLB's Board with diverse and extensive global leadership experience, particularly in technology, digital transformation, and new energy sectors. This likely signals a continued focus on innovation, strategic oversight, and adapting to evolving industry trends.

Ms. Narayanan offers deep experience in technology and digital business leadership from her long career at IBM, including regional management responsibilities. Dr. Spiesshofer brings over 30 years of leadership in industrial sectors like oil and gas, power, automation, and digitalization, having served as CEO of ABB.

Ms. Narayanan has been appointed to the Compensation Committee and the Nominating and Governance Committee. Dr. Spiesshofer will serve on the Compensation Committee and the New Energy and Innovation Committee.

The filing explicitly states that the Board has determined both Ms. Narayanan and Dr. Spiesshofer to be independent directors. Furthermore, there are no transactions with either individual that need to be reported under Item 404(a) of Regulation S-K, indicating no disclosed conflicts of interest.