Civeo Corporation CFO leaves with immediate effect

Carolyn Stone, CFO of Civeo Corporation, has left the company with immediate effect. Barclay Brewer, the Company’s VP and Controller, has been appointed interim CFO. The company has begun a search for a permanent CFO.



Civeo, based in downtown Houston, provides temporary and long-term accommodations, primarily in the Canadian Oil Sands and Australian natural resource regions. The company has revenues of $700 million and a market capitalization of $365 million. It was spun off from Oil States International in 2014.

Ms. Stone worked as a consultant to Oil States prior to the spin off and was appointed Controller of Civeo after the company went public. She became the CFO in November 2019. Earlier in her career, she worked for PricewaterhouseCoopers, Dynegy and Synagro Technologies.

Interestingly, Civeo is one of the few public companies where the executives have employment contracts that only address severance payment terms in the event of a termination of employment following a change-of-control or due to death or disability. They do not address termination without cause and without a change-of-control.

Nevertheless, Ms. Stone has negotiated a severance package where she will receive $690,467. That seems to be approximately one year’s salary ($425,000) and target annual bonus (70% of salary). She also receives $423,650 in cash which represents the value of equity options forfeited upon termination. Finally, she will receive $20,000 to cover outplacement services.

Civeo – 8-K – Stone departure

Civeo – 8-K revised – Stone severance

 

 

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