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Liberty Oilfield Services Execs Take Salary Cuts
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Liberty Oilfield Services said In response to an uncertain economic environment, all members of the executive team voluntarily requested a base salary reduction in the amount of 20% effective April 1, 2020.
CEO Chris Wright said: “I am very proud of the dedication of our employees in this unprecedented environment. As leaders of this organization, the executive management team unanimously elected to reduce base salaries by 20% in addition to significant variable compensation reductions for the foreseeable future, as we evaluate all actions to preserve the quality of service for our customers, returns for our investors and maintain our commitment to Liberty culture. We have the best talent who lead the industry in execution, and our team is working diligently with our partners to help them manage their businesses in an uncertain environment. We believe the focus, dedication and hard work of our employees, combined with deep relationships with our partners, a prudent approach to investment and a strong balance sheet, will allow us to navigate the current environment and position us favorably as conditions improve.”
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