Expand Energy Leadership Shakeup and HQ Move to Houston Detailed in SEC Filing
The surprise announcement Monday by Expand Energy to relocate its headquarters to Houston and remove company President Domenic Dell’Osso, Jr. was the result of decisions made days earlier, according to a filing with the U.S. Securities and Exchange Commission.
Leadership Change Approved Feb. 6
The decision to replace Dell’Osso was made on February 6, when the board of directors appointed Chairman Michael Wichterich as interim President and Chief Executive Officer. The move took effect immediately, according to the SEC filing.
The company indicated Dell’Osso will remain involved for a period of time in a reduced role.
“In connection with Mr. Dell’Osso’s termination by Expand Energy without cause, Expand Energy expects to enter into a separation agreement with Mr. Dell’Osso, consistent with the terms of Mr. Dell’Osso’s existing severance entitlements, as described in the Company’s Proxy Statement filed with the United States Securities and Exchange Commission on April 25, 2025,” the filing stated.
Dell’Osso to Serve as External Advisor
The filing also indicated Dell’Osso would remain as an “external advisor” to the company for a transitional period following his departure as president.
Interim CEO Compensation Detailed
The SEC document outlined compensation terms for Wichterich while serving in the interim leadership role. He will receive a monthly base salary of $125,000 and an annual long-term incentive award delivered 50% in restricted stock units and 50% in performance share units with an aggregate grant date fair value of $3.6 million.
“Upon a Qualifying Termination, Mr. Wichterich will retain a pro-rata portion of his long-term incentive award based on the number of days served during the one-year period following the grant date, subject to his retention of a minimum number of RSUs and PSUs with an aggregate grant date fair value of $1,000,000,” the filing stated.
A “Qualifying Termination” would occur if Wichterich ceases serving as interim President and CEO for reasons other than termination for cause or resignation before the one-year anniversary of the grant date.
The RSUs are scheduled to vest on the later of the one-year anniversary of the grant date and his separation as interim President and CEO. The PSUs will vest on the later of the one-year anniversary of the grant date and the company achieving a total shareholder return of at least 25% prior to the three-year anniversary of the grant date, according to the filing.