https://www.andrewjowett.net/2019/04/02/weatherford-gives-retention-and-quarterly-cash-bonuses-to-senior-execs/
Weatherford, a struggling oilfield services company, has announced changes to its cash bonus scheme for 2019 for senior executives and directors.
As a result, CEO Mark McCollum will be receiving a retention bonus of $2 million, and CEO Christoph Bausch will get $1.3 million. Three other members of the executive team will get bonuses of between $637,500 and $1.4 million each. The retention bonuses will be paid within 30 days.
The executives will also be eligible for quarterly cash bonuses. The target annual bonus for McCollum is $7 million, Bausch $1.65 million and the other executives between $231,000 and $2.3 million. Bonuses will be paid on achievement of certain quarterly and cumulative performance goals. If the executives achieve their stretch targets, they will get double.
The directors also decided that, for 2019 and 2020, they will receive all their compensation in cash and will no longer receive equity as compensation for their service. For 2016 & 2017, the directors on average received about $150,000 in cash and $185,000 in stock awards annually. That $185,000 will now also be paid in cash.