Liberty Energy Inc. Comments on Nomination of Chris Wright as U.S. Secretary of Energy and Announces Succession Planning for Chairman and CEO

Rhea-AI Summary

Liberty Energy (NYSE: LBRT) announced that its Founder, Chairman, and CEO Chris Wright has been nominated by President-elect Trump as U.S. Secretary of Energy. The appointment is subject to Senate confirmation. As part of the company's succession plan, upon Wright's confirmation, William Kimble will be appointed as non-executive Chairman and Ron Gusek as CEO. Kimble has been a Board member since 2018 and Lead Director since October 2018. Gusek, who joined Liberty in 2014, has served as President since November 2016.

Positive

• Well-established succession plan in place with experienced internal candidates
• Smooth leadership transition with seasoned executives (Kimble as Chairman, Gusek as CEO)

Negative

• Potential leadership disruption with departure of founder and CEO
• Uncertainty period during Senate confirmation process

Insights

Corporate Governance Expert

This leadership transition at Liberty Energy presents a well-structured succession plan following Chris Wright's potential appointment as Energy Secretary. The selection of internal candidates - William Kimble and Ron Gusek - suggests continuity in business strategy and operations. Both successors have significant tenure with Liberty: Kimble as Lead Director since 2018 and Gusek as President since 2016.

Gusek's two-decade working relationship with Wright and experience as President indicates deep operational knowledge. The planned separation of Chairman and CEO roles aligns with modern corporate governance best practices. However, this transition remains contingent on Senate confirmation, which adds uncertainty to the timeline and execution.

DENVER--(BUSINESS WIRE)-- Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) today commented on the announcement by President-elect Donald J. Trump regarding his nomination of Chris Wright, Liberty’s Founder, Chairman of the Board, Director and Chief Executive Officer, for the position of U.S. Secretary of Energy. The appointment of Mr. Wright as Secretary of Energy is subject to confirmation by the U.S. Senate, and Mr. Wright will continue in his current positions with the Company until confirmation occurs.

Effective upon and subject to this confirmation and in accordance with the Company’s succession plan, the Board of Directors intends to appoint William Kimble as non-executive Chairman of the Board and Ron Gusek as Chief Executive Officer.

“I am deeply honored by this nomination and opportunity to serve our country and continue the mission of bringing affordable, reliable energy to the citizens of the United States and beyond,” commented Mr. Wright.

Mr. Wright continued, “Succession planning has been a priority of the Board. Having worked closely with both Bill and Ron, Liberty will be in the safest of hands upon my departure. Ron has been a close partner to me for over two decades and possesses all the criteria to ensure Liberty continues leading the industry in technology innovation and service quality while delivering growth for our valued shareholders.”

Mr. Kimble has been a member of the Board of Directors since the Company’s initial public offering in January 2018 and has served as Lead Director since October 2018. Mr. Gusek joined Liberty in 2014 and has served as President of the Company since November 2016.

About Liberty

Liberty is a leading North American energy services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyenergy.com.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, many of which are beyond our control, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241117825034/en/

Michael Stock

Chief Financial Officer

Anjali Voria, CFA

Director of Investor Relations

303-515-2851

IR@libertyenergy.com

Source: Liberty Energy Inc.

FAQ

Who will replace Chris Wright as CEO of Liberty Energy (LBRT)?

Ron Gusek, who has been Liberty's President since November 2016, will become CEO upon Chris Wright's confirmation as U.S. Secretary of Energy.

Who will become Chairman of Liberty Energy (LBRT) after Chris Wright's departure?

William Kimble, who has been Lead Director since October 2018, will become non-executive Chairman of the Board.

When will Chris Wright leave his position at Liberty Energy (LBRT)?

Chris Wright will continue in his current positions until his confirmation as U.S. Secretary of Energy by the U.S. Senate.