Former EQT Corp. CEO Steven Schlotterbeck, who resigned abruptly on Thursday, took to social media to dispel rumors, hinting that the “personal reasons” cited by the company board announcement boiled down to compensation.
“Just want to let everyone know that the ‘personal reasons’ cited in the press release does not mean that I, or my family, have any health issues, nor is there any sort of #MeToo scandal brewing,” Schlotterbeck wrote Friday on LinkedIn. “It was just a plain vanilla disagreement between me and [the] board on my value to the corporation.”
Schlotterbeck, 52, relinquished all of his EQT titles and stepped down from the board, just a year after taking the helm as chief and after an 18-year career at the company. Schlotterbeck picked up last March where his predecessor, David Porges, left off and continued to consolidate EQT’s position in the Appalachian Basin, overseeing the $8 billion acquisition of Rice Energy Inc. That deal made EQT the nation’s largest natural gas producer.
As the transaction neared completion late last year, and as EQT faced increasing pressure to generate more value for shareholders, the company said it would not include Rice production volumes in the long-term executive compensation plan. The company also said that overall production volumes would not be a performance metric for the 2018 compensation program and instead be replaced by efficiency metrics such as those for operating and development cost improvements.
According to the 2017 proxy statement, which includes compensation information from 2016, Schlotterbeck earned more than $5 million in base salary, bonuses and other incentives when he served as president of exploration and production. Porges, who is to replace Schlotterbeck on an interim basis, earned more than $9 million in total compensation before he stepped down as CEO.