Liberty Energy Inc. Elects New Directors, Updates Executive Compensation

TL;DR

Liberty Energy adds two directors and revises exec pay. Board shuffle incoming.

AI Summary

Liberty Energy Inc. announced on November 19, 2024, changes to its board of directors and executive compensation. Specifically, the company elected two new directors, Robert W. Vance and David M. Wood, to its board. Additionally, the company entered into new employment agreements with certain executive officers, including Chief Executive Officer, Christopher T. Hearn, and Chief Financial Officer, Michael J. McShane.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, or management's outlook on future performance.

Risk Assessment

Risk Level: medium — Changes in board and executive compensation can indicate strategic shifts or internal adjustments that may impact future performance and shareholder value.

Key Players & Entities

• Liberty Energy Inc. (company) — Registrant
• Robert W. Vance (person) — Newly elected director
• David M. Wood (person) — Newly elected director
• Christopher T. Hearn (person) — Chief Executive Officer
• Michael J. McShane (person) — Chief Financial Officer

FAQ

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 LBRT New York Stock Exchange Indicate

Filing Documents

• lbrt-20241119.htm (8-K) — 37KB
• 0001694028-24-000124.txt ( ) — 163KB
• lbrt-20241119.xsd (EX-101.SCH) — 2KB
• lbrt-20241119_lab.xml (EX-101.LAB) — 22KB
• lbrt-20241119_pre.xml (EX-101.PRE) — 13KB
• lbrt-20241119_htm.xml (XML) — 3KB

From the Filing

lbrt-20241119 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 19, 2024 Liberty Energy Inc. (Exact name of registrant as specified in its charter) Delaware 001-38081 81-4891595 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 950 17th Street , Suite 2400 Denver , Colorado 80202 (Address and Zip Code of Principal Executive Offices) ( 303 ) 515-2800 (Registrant's Telephone Number, Including Area Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act Title of each class Trading symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.01 LBRT New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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. 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 Ma

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