Steve Bate, the CFO at ION Geophysical, will be stepping down from the CFO role, effective February 1. Mike Morrison, currently VP of Finance and Treasurer, will become the interim CFO. Mr Morrison has been with ION for 17 years.
ION Geophysical provides seismic services to the oil and gas industry and has its head office in west Houston. It has a market capitalization of $126 million.
Mr Bate joined ION in 2005 and became CFO in 2014. After stepping down as CFO, he will remain with the company as Strategic Advisor to the CEO until the end of June.
Mr Bate will receive a severance payment of $750,000, which is two times base salary. Of this, $187,500 will be paid in January 2021, the rest will be paid over 18 months, starting in January 2021. He will also receive a one-time payment of $281,250, representing his 2019 target bonus. This will be paid by February 2020.
In addition, 89,430 shares of restricted stock will become fully vested. This is worth about $0.5 million.
In June, former CEO Brian Hanson left the company with a large severance package. He was replaced by Chris Usher, VP of Operations Optimization.