Jay Nutt has stepped down as CFO of ChampionX, with effect from February 1, 2021. He is replaced by Ken Fisher, a non-executive director and former CFO of Noble Energy, until its acquisition by Chevron last year.
ChampionX was formed , in June 2020, from the all-stock merger of Apergy and the Champion division of Ecolab. Apergy is primarily involved in Artificial Lift while Champion primarily manufactured oilfield chemicals.
Mr. Nutt was the CFO of Apergy prior to the merger. He joined the company in March 2018, just before Apergy was spun off from Dover Corporation. Prior to that, he was the Corporate Controller at TechnipFMC (who announced a CFO change of their own last week).
Because of the merger last June, Mr. Nutt’s resignation is deemed a ‘termination for good reason’ following a change of control. That means he will get a cash payment of $1.7 million (2x base salary plus 2x annual bonus). In addition, all his restricted stock will vest. At the time of the merger, that was valued at another $1.7 million. Mr. Nutt will also be retained as a consultant through June 2021 at $40,833 a month.
Mr. Fisher joined the board of Apergy in April 2018. He became the CFO of Noble Energy in 2009. Prior to that, he was at Shell and General Electric. Mr. Fisher will receive a base salary of $590,000.