Drilling Contractor CFO leaves after 3 months

Stephen Butz has resigned as CFO of Noble Corp, a drilling contractor, 3 months after joining the company. He is replaced by Richard Barker.

The company is an offshore drilling contractor. It has its registered head office in London but its operational head office is in Sugar Land.

According to the press release, Mr Butz resigned following the ‘recently announced Chief Executive Officer transition plan’.



In that plan, announced last month,  current CEO and Chairman, Julie Robertson became Executive Chairman (salary $500,000). Robert Eifler was promoted from Senior VP, Commercial to CEO (new salary $675,000). Ms Robertson also received a lump sum payment of $3.75 million, which will be clawed back if she resigns prior to October 31, 2021.

When Mr Butz joined the company in December 2019, he received a sign-on bonus of $1.1 million. If Mr Butz resigns without ‘Good Reason’ prior to December 2020, he is to repay the bonus in full. I presume that is the case here, but I can’t definitely state that as his signed employment contract has not been filed by the company. [UPDATE : The company has now the 8-K. Mr Butz gets to keep $450,000 of the $1.1 million].

In December, the company had a share price of around $1, giving it a market capitalization of $233 million and debt of $4 billion. Current share price is 29 cents (market cap $71 million).

Mr Barker joins from Moelis & Company, an investment bank. He joined that company in August 2019 having previously been at JP Morgan, Tudor Pickering Holt and Goldman Sachs. [UPDATE He will receive a base salary of $475,000. He will also receive cash retention/bonuses of $725,000 on December 31, 2020 and $575,000 on December 31, 2021].

https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-departure-of-chief-financial-officer-and-names-replacement-301024738.html

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