Steven West
Diamondback EnergyAbout Steven E. West
Steven E. West, age 64, has served as an independent director of Diamondback Energy (FANG) since December 2011. He is the former CEO (2009–2011) and former Chairman of the Board (October 2012–February 2022) of Diamondback, and currently chairs the board of Viper Energy, Inc. (NASDAQ: VNOM), a publicly traded subsidiary; he holds a B.S. in Accounting from California State University, Chico . The board has determined he is independent under Nasdaq listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Diamondback Energy, Inc. | Chief Executive Officer | Jan 2009–Dec 2011 | Led early growth phase; later served as Chairman (Oct 2012–Feb 2022) |
| Diamondback Energy, Inc. | Chairman of the Board | Oct 2012–Feb 2022 | Board leadership during scale-up and public-market maturation |
| Wexford Capital LP | Partner; Senior Portfolio Advisor | Partner: Jan 2011–Dec 2016; Advisor: Aug 2006–Dec 2010 | Private equity energy investments; capital allocation expertise |
| Sunterra Corporation (Wexford portfolio) | Chief Financial Officer | Aug 2003–Aug 2006 | Financial reporting, controls |
| Coast Asset Mgmt; IndyMac Bank; First Nationwide; Lehman; Peat Marwick/KPMG predecessor | Senior financial roles (various) | 1993–2003 (Coast/IndyMac); prior roles earlier | Finance, accounting foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Viper Energy, Inc. (VNOM) | Chairman of the Board; Director | Chairman since Feb 2014; Director since Feb 2014 | Governance and strategy; directs a listed subsidiary of FANG |
| Rattler Midstream LP (acquired by FANG in Aug 2022) | Chairman of the Board | May 2019–Aug 2022 | Oversight of midstream arm pre-merger |
Board Governance
- Independence: West is one of 10 independent nominees (out of 13) for 2025 under Nasdaq rules .
- Committee assignments: West is not listed among members of Audit, Compensation, Nominating & Corporate Governance, or Safety, Sustainability & Corporate Responsibility committees in 2024/early 2025 .
- Attendance and engagement: The board met 10 times in 2024; each director attended at least 92% of board and committee meetings. All directors present at the 2024 annual meeting; independent directors held six executive sessions in 2024 .
- Overboarding policy: FANG limits service to four public boards (three audit committees); all directors are in compliance. West serves on one other public board (VNOM) per the nominee matrix .
Fixed Compensation
| Component (FANG Non-Employee Director, 2024) | Detail | Amount/Units | Vesting/Terms |
|---|---|---|---|
| Annual Director Cash Retainer | Standard retainer | $90,000 | Paid quarterly in advance |
| Former Chairman Retainer | Added for West to support succession (effective 4/1/2023) | $110,000 | Paid quarterly; West does not receive employee director RSUs |
| Committee Fees | Chair/member fees (if any) | $0 | West not on committees |
| Cash Total (reported) | Fees earned or paid in cash | $200,000 | 2024 disclosure |
| Annual RSU Award | Grant to non-employee directors | 1,035 RSUs ($200,000 ÷ $193.14 avg price) | Vest on earlier of one-year anniversary or date of 2025 annual meeting |
| RSU Grant Date Fair Value (FANG) | 2024 RSUs fair value | $197,726 | ASC 718 methodology |
| RSU Deferral Election | Ability to defer until separation | West did NOT defer | All other non-employee directors except Brooks and West deferred |
Other directorship compensation (VNOM, 2024): $60,000 cash; 2,555 phantom units (grant date fair value $101,101), vesting July 10, 2025 .
Performance Compensation
| Instrument | Performance Metric(s) | Measurement Window | Vesting |
|---|---|---|---|
| FANG Director RSUs (2024) | None (time-based only) | N/A | Earlier of 1-year from grant or 2025 annual meeting |
| Dividend Equivalents | Accrue on RSUs | N/A | Not included in grant-date fair value |
Other Directorships & Interlocks
| Company | Relationship to FANG | Interlock/Transaction Context | Governance Controls |
|---|---|---|---|
| Viper Energy, Inc. (VNOM) | Publicly traded subsidiary; West is Chairman | FANG announced a pending drop-down of mineral/royalty assets to Viper ($1.0B cash + ~69.6M units) | Related party transactions are reviewed/approved by the Audit Committee under FANG’s policy |
Expertise & Qualifications
- Skills matrix attributes: Corporate governance; M&A/finance/capital markets; financial reporting/accounting; industry background; environmental, health, safety & sustainability; executive experience; executive compensation & human capital; risk management .
- Education: B.S. in Accounting (California State University, Chico) .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Steven E. West | 12,135 | <1% | As of April 1, 2025; based on 294,082,951 shares outstanding |
- Director stock ownership guideline: Non-employee directors must hold FANG stock equal in value to 5x base annual retainer; all non-employee directors were in compliance as of 12/31/2024 .
- Hedging/pledging: FANG prohibits hedging, short sales, options, swaps/collars, and pledging/margin accounts for directors; all such individuals are in compliance per policy .
Governance Assessment
- Alignment positives:
- Independent status with long-tenured firm-specific knowledge; strong finance and governance expertise .
- Equity-based director pay and rigorous ownership guideline (5x retainer), with compliance affirmed as of 12/31/2024 .
- High disclosed attendance; regular independent executive sessions; robust committee oversight structure .
- Anti-hedging/anti-pledging policy reduces alignment risk; broad governance enhancements including proxy access, majority voting, removal of supermajority thresholds .
- Potential conflicts and mitigants:
- Interlock risk: As VNOM Chairman, West is positioned on both sides of FANG–Viper transactions (e.g., 2025 drop-down). Mitigated by FANG’s related party transaction policy requiring Audit Committee review/approval .
- Compensation signals:
- Additional $110,000 “Former Chairman” retainer signals transitional advisory role aiding succession; total 2024 director cash + RSUs was $397,726, broadly consistent with program design and peer benchmarking practices disclosed .
- RED FLAGS: None disclosed specific to West in related party transactions, pledging/hedging, attendance, or committee independence. Note his dual role with VNOM requires ongoing vigilance on conflict management during asset transfers .