Oil and gas company Kosmos Energy said Thursday it had raised its CFO's salary to align it with similarly situated executives in peer firms.
Effective February 1, 2021, Neal D. Shah’s base salary was increased to $550,000 and the annual target cash bonus opportunity was increased to 100% of his annual base salary.
"These increases were made in order to more closely align his compensation with similarly situated executives at peer companies on his promotion to Chief Financial Officer," Kosmos Energy said.
Shah was appointed CFO of Kosmos in May 2020, after the company's previous CFO Thomas P. Chambers said he'd retire as the chief financial officer, a post he has held since November 2014.
Neal D. Shah moved to the CFO position from his senior vice president and deputy chief financial officer post.
Announcing Shah's appointment as CFO in May last year, Kosmos said that Shah’s annual base salary would remain unchanged at $460,000 and his target annual bonus opportunity would remain unchanged at 75% of his annual base salary.
Shah joined Kosmos in 2010, serving in a series of roles of increasing responsibility in finance, treasury, investor relations, and international operations as head of the Equatorial Guinea business unit. He earned his bachelor’s degree with honors in finance from the University of Texas at Austin. Before Kosmos, Shah was an investment banker at Morgan Stanley assisting oil and gas companies.