Adam Peakes has resigned as CFO of Noble Corporation (NE) with immediate effect. The company is an offshore drilling contractor. It has its registered head office in London but its operational office is in Sugar Land.
The company has begun a search for a successor. In the interim, the accounting and Treasury teams will report directly to CEO Julie Robertson.
Mr Peakes joined the company in January 2017 from investment bank, Tudor Pickering Holt, where he was Managing Director and Head of OFS Investment Banking.
The company will pay Mr Peakes (who had a base salary of $450,000) a severance payment of $1 million. Just this February 2019, the company announced it would pay Mr Peakes a retention bonus of $900,000 with one half vesting in December 2020, and the balance in December 2021. Not clear why he has gone from hero to zero in a few short months.
As with other Noble executives, the employment contract of Mr Peakes only outlines termination payments in the event of a change of control. There appear to be no clauses with regard to termination without a change of control.
When he joined the company, the stock price was $7.25. It now trades at $1.89 (market cap $488 million).
Interestingly, Mr Peakes’ former employer was in the news this week. The week before Mr Peakes joined Noble, TPH announced it would merge with New York-based Perella Weinberg Partners.
This week it was announced that, one of the partners, Dan Pickering, is spinning off the energy asset management part of the combined firm into his own company, Pickering Energy Partners. Bobby Tudor and Maynard Holt will remain with the investment bank.