(Bloomberg) -- Schlumberger Ltd.’s Paal Kibsgaard may be leaving his job, but he’ll collect paychecks for years to come.
The outgoing chief executive officer will continue to lift his $2 million annual salary through July 31, 2022, in exchange for providing “certain services” and agreeing not to take a job at a rival, according to a regulatory filing Friday. As part of the deal, he’ll also receive medical and pension benefits, and continue to vest in stock awards he’s previously received.
His successor, Olivier Le Peuch, will receive $1.4 million in salary after he takes over the top job on Aug. 1. He’s eligible for an annual bonus of as much as $2.1 million, and a $10.5 million grant of stock that’s tied to performance metrics.
Kibsgaard, who’s also accumulated about $10 million in pension benefits over his 22 years at the company, said Friday that it was important for him to “walk off the stage” as soon as Le Peuch was ready to take over.
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