Chesapeake Energy Corporation Appoints Josh Viets as Executive Vice President and Chief Operating Officer

Strategic Insights -

Josh Viets, a 20-year ConocoPhillips veteran, has been appointed Executive Vice President and Chief Operating Officer of Chesapeake Energy Corporation, effective February 1, 2022. The appointment was announced by Nick Dell'Osso, Chesapeake's President and Chief Executive Officer, who praised Viets' operational leadership, technical ability, and diverse experience driving efficiencies.

As the head of operations, Viets will play a critical role in Chesapeake's future success, particularly in its efforts to refocus its portfolio around its strongest assets. Viets expressed his excitement to join Chesapeake, stating that the company is well-positioned to deliver affordable, reliable, lower-carbon energy and that he believes the company has the assets, scale, balance sheet, and technical expertise to responsibly deliver differential returns for its stakeholders.

Key Takeaways:

  • Josh Viets, a 20-year ConocoPhillips veteran, has been appointed Executive Vice President and Chief Operating Officer of Chesapeake Energy Corporation, effective February 1, 2022.
  • Viets has a Bachelor of Science in Petroleum Engineering from Colorado School of Mines and has held various leadership positions in operations, engineering, subsurface, and capital project at ConocoPhillips.
  • Viets will lead Chesapeake's operational efforts, focusing on driving efficiencies and delivering results as the company refocuses its portfolio around its strongest assets.
  • Viets' compensation package includes an initial annualized base salary of $490,000, eligibility for an annual cash bonus, annual equity compensation, a signing bonus, and inducement equity award.
  • The Company's clawback policies will apply to Viets' incentive compensation, and he will be indemnified for obligations incurred in his capacity as an officer, as authorized by the Company's restated certificate of incorporation.
  • Viets' appointment solidifies Chesapeake's commitment to delivering affordable, reliable, lower-carbon energy and demonstrates the company's ability to attract and retain top talent in the industry.

Statistics:

  • 20 years: The duration of Josh Viets' tenure at ConocoPhillips before joining Chesapeake Energy Corporation.
  • $490,000: The initial annualized base salary of Josh Viets as Executive Vice President and Chief Operating Officer.
  • 30-day VWAP: The measurement period used to determine the number of RSUs and PSUs to be issued to Viets.
  • $2,050,000: The aggregate grant date target fair value of Viets' equity incentive awards.
  • 100% and 200%: Viets' annual bonus opportunity payable at achievement of target and maximum levels, respectively.
  • 3 years: The vesting period for Viets' PSUs.

Sources:

  • Chesapeake Energy Corporation, "FOR IMMEDIATE RELEASE JANUARY 25, 2022"
  • Chesapeake Energy Corporation, Form 8-K filing dated January 25, 2022.