Business Context and Reporting Period
This Form 8-K Current Report was filed by Cheniere Energy, Inc. on April 2, 2008. The filing addresses Item 5.02 regarding the departure of a certain officer and the appointment of a new officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the leadership transition within the accounting department:
- Resignation: Craig K. Townsend resigned as Vice President and Chief Accounting Officer effective April 2, 2008. Mr. Townsend had been on a leave of absence since May 31, 2007.
- Appointment: Jerry D. Smith was elected Vice President and Chief Accounting Officer on April 3, 2008.
- Interim Coverage: During Mr. Townsend's leave, Don A. Turkleson, Senior Vice President and Chief Financial Officer, assumed the responsibilities of the principal accounting officer.
Management Commentary and Compensation
Mr. Smith is an "at will" employee with no employment or severance agreement. His compensation arrangements include:
- A base salary reviewed annually by the Compensation Committee.
- Eligibility for awards under the Company's Amended and Restated 2003 Stock Incentive Plan.
- A broad-based benefits package including medical, dental, vision, and various insurance plans.
The filing states there are no other material relationships or transactions between Mr. Smith and the Company, its directors, or major securityholders.
Investor Verification Checklist
- Verify the effective date of Craig K. Townsend's resignation (April 2, 2008).
- Confirm Jerry D. Smith's prior tenure as Financial Controller (since September 2007) and Assistant Controller (April 2006 to August 2007).
- Note that Mr. Smith has no severance agreement and is employed "at will."
- Confirm that Don A. Turkleson served as the interim principal accounting officer during the transition.