Liberty Energy Inc.
11/19/2024 | Press release | Distributed by Public on 11/19/2024 15:39
Management Change/Compensation Form 8 K
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 16, 2024, President-elect Donald J. Trump announced his appointment of Christopher A. Wright, the Founder, Chairman of the Board of Directors (the "Board"), Director and Chief Executive Officer of Liberty Energy Inc. (the "Company"), to serve as the incoming Secretary of Energy of the United States, subject to ratification and confirmation by the United States Senate (the "Confirmation Condition"). Accordingly, on that date, Mr. Wright resigned from his positions as Chairman of the Board, Director and Chief Executive Officer of the Company, effective upon and subject to the Confirmation Condition. Mr. Wright will continue to serve as Chairman of the Board, Director and Chief Executive Officer of the Company during the confirmation process. Mr. Wright's resignation from the Board, subject to the Confirmation Condition, was not a result of a disagreement with the Company or the Board on any matter relating to the Company's operations, policies or practices, or any other matter.
Subject to the Confirmation Condition and in accordance with the Company's succession plan, the Board appointed William Kimble as the non-executive Chairman of the Board and Ron Gusek as the Company's Chief Executive Officer.
Mr. Kimble has served on the Board and as Lead Director of the Board since 2018. From 2009 until his retirement in 2015, Mr. Kimble served as the Office Managing Partner for the Atlanta office and Managing Partner - Southeastern United States at KPMG LLP ("KPMG"), one of the largest audit, tax and advisory services firms in the world. Mr. Kimble was also responsible for moderating KPMG's Audit Committee Institute and Audit Committee Chair Sessions. Until his retirement, Mr. Kimble had been with KPMG or its predecessor firm since 1986. During his tenure with KPMG, Mr. Kimble also held numerous senior leadership positions, including Global Chairman of Industrial Markets. Mr. Kimble served as KPMG's Energy Sector Leader for ten (10) years and was the executive director of KPMG's Global Energy Institute. Mr. Kimble serves on the board of directors and is the chair of the audit committee of Northern Oil and Gas, Inc. Mr. Kimble also served on the board of directors, the special committee, and was chair of the audit committee of DCP Midstream, LP from June 2015 until October 2023. Mr. Kimble has a Bachelor of Accounting and Business Administration from Southern Methodist University.
Mr. Gusek has served as the Company's President since 2016. He served as the Company's Vice President of Technology and Development of the Company's predecessor from 2014 until his promotion to President in 2016. From 2011 to 2014, Mr. Gusek served as Vice President, Corporate Engineering and Technology of Sanjel Corporation, a global energy service company. Prior to joining Sanjel Corporation, from 2009 to 2011, Mr. Gusek was Director of Engineering for Zodiac Exploration, an oil and natural gas exploration and production company working in the central San Joaquin valley in California. From 2003 to 2008, Mr. Gusek was the Canadian Regional Manager of Pinnacle Technologies. Mr. Gusek has a Bachelor of Science in Mechanical Engineering from the University of Alberta.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "outlook," "project," "plan," "position," "believe," "intend," "achievable," "forecast," "assume," "anticipate," "will," "continue," "potential," "likely," "should," "could," and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation and expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.