The NESR Board of Directors is responsible for approving and maintaining a succession plan for the CEO and top executives in the company. Planning the succession of the CEO, including developing the criteria for the position, utilizing a formal assessment process to identify and evaluate internal and external candidates for the position, and developing non-emergency and emergency succession plans, is one of the most critical responsibilities of the Board. The Board periodically reviews and evaluates CEO succession plans and development programs for all members of the executive management.
With regards to the CEO succession planning, the Board shall:
- Develop criteria for the position in alignment with NESR’s business strategy;
- Use a formal assessment process to evaluate internal and external candidates;
- Identify and develop internal candidates for the position;
- Develop and maintain emergency succession plans; and
- Develop non-emergency succession plans, and endeavor to ensure they are in place at least two years before an expected transition.