Pioneer Natural Resources CEO Scott Sheffield to retire Dec 31, become Special Advisor until ExxonMobil deal close

PIONEER NATURAL RESOURCES CO

Scott Sheffield to retire as CEO Dec 31, 2023; will serve as non-executive Special Advisor from Jan 1, 2024 through ExxonMobil merger close.
Sheffield to receive no salary, no new bonus/equity during transition; will vest in existing awards and be entitled to CIC severance.
Richard Dealy, incoming CEO, to receive $1M base salary, 140% target bonus, and $9.4M LTIP grant for 2024.
CIC agreements amended for NEOs; severance multiples up to 2.99x base + bonus, 36-month medical coverage, and equity acceleration.
If ExxonMobil merger triggers CIC, equity awards granted after Oct 10, 2023 are excluded from acceleration provisions.

item 5.02 item 9.01

Executive movements

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Role change

Scott D. Sheffield

Chief Executive Officer

PIONEER NATURAL RESOURCES CO

Effective: 2024-01-01
Successor: Richard Dealy
Filed: November 17, 2023, 6:59 PM ET

Scott D. Sheffield will retire as the Company’s Chief Executive Officer effective as of the end of day on December 31, 2023.

Appointed

Richard Dealy

Chief Executive Officer

PIONEER NATURAL RESOURCES CO

Effective: 2024-01-01
Filed: November 17, 2023, 6:59 PM ET

Mr. Dealy’s compensation in connection with his previously announced appointment as the Company’s Chief Executive Officer effective January 1, 2024

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott D. Sheffield retired as Chief Executive Officer at PIONEER NATURAL RESOURCES CO.

Action: retired
Role: Chief Executive Officer

Exact text from the filing

Scott D. Sheffield will retire as the Company’s Chief Executive Officer effective as of the end of day on December 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Dealy was appointed as Chief Executive Officer at PIONEER NATURAL RESOURCES CO.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Mr. Dealy’s compensation in connection with his previously announced appointment as the Company’s Chief Executive Officer effective January 1, 2024

View on SEC.gov

Source: SEC EDGAR

accession 0001193125-23-279894

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