Arjun Murti
About Arjun Murti
Arjun Murti (age 55) was appointed as an independent Class I director of Liberty Energy Inc. on January 22, 2025; his initial term expires at the 2026 annual meeting . He is a Partner at Veriten LLC and Senior Advisor at Warburg Pincus; previously a Goldman Sachs Partner (2006–2014), MD (2003–2006), and VP (1999–2003), with earlier equity analyst roles at JP Morgan Investment Management (1995–1999) and Petrie Parkman (1992–1995) . He has served on the ConocoPhillips board since 2015 (chair of Audit & Finance; member of Executive and HR/Compensation committees), and holds a Bachelor of Science and Arts in Finance from the University of Denver; he also serves on advisory boards of ClearPath and Columbia University’s Center on Global Energy Policy .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs | Partner; previously MD, VP | Partner: 2006–2014; MD: 2003–2006; VP: 1999–2003 | Co-director of equity research for the Americas (2012–2014) |
| JP Morgan Investment Management | Equity Analyst | 1995–1999 | Energy sector coverage |
| Petrie Parkman | Equity Analyst | 1992–1995 | Energy sector coverage |
External Roles
| Organization | Role | Start | Committees/Details |
|---|---|---|---|
| ConocoPhillips | Director | 2015 | Chair, Audit & Finance; Executive Committee; Human Resources & Compensation Committee |
| Veriten LLC | Partner | Current | Private research/investment/strategy firm |
| Warburg Pincus | Senior Advisor | Current | Private equity advisor |
| ClearPath | Advisory Board Member | Current | Energy policy engagement |
| Columbia CGEP | Advisory Board Member | Current | Energy policy thought leadership |
Board Governance
- Appointment and class: Appointed January 22, 2025 as a Class I director; initial term expires at the 2026 annual meeting .
- Independence: Board determined Murti is independent under NYSE standards and Section 10A-3, including audit committee independence standards .
- Committee assignments: As of the proxy, Murti is not listed on Audit, Compensation, or Nominating & Governance committees; current members and chairs are identified (Kimble—Audit Chair; Dea—Compensation Chair; Norton—Nominating & Governance Chair) .
- Board/committee meetings: In 2024, the Board held 5 regular meetings; committees held 7 (Audit), 4 (Compensation), 3 (Nominating & Governance); each director met at least 75% attendance—note Murti joined in 2025 (attendance metric pertains to 2024) .
- Executive sessions: Independent directors meet in executive session at each Board meeting .
- Governance reforms: Stockholders approved phased Board declassification (one-year terms by 2028), removal of supermajority thresholds (move to majority), adoption of DGCL §203, and officer exculpation; charter/bylaws amendments were adopted and filed April 15, 2025 .
Fixed Compensation
Liberty’s non-employee director compensation program (2024, updated 2025) :
| Component | Amount | Notes |
|---|---|---|
| Annual Board cash retainer | $100,000 | Paid quarterly in arrears |
| Audit Committee member | $10,000 | Chair: $20,000 |
| Compensation Committee member | $7,500 | Chair: $15,000 |
| Nominating & Governance member | $5,000 | Chair: $10,000 |
| Lead Director add-on | $20,000 | Paid quarterly |
| Equity alternative (annual RSUs) | $175,000 grant date value | 12-month vest; grant automatically on Jan 2 using 30-day avg price |
| Cash alternative (instead of RSUs) | $100,000 | Paid quarterly |
| Charitable donation alternative | $100,000 | To director-designated 501(c)(3), subject to conditions |
| Non-executive Chairman add-on (2025+) | $60,000 cash + $75,000 RSUs | Effective Jan 1, 2025 |
| Proration for mid-year joiners | Pro-rated RSU/cash/donation | RSU proration with remaining-year vest |
Note: Director elections among RSU vs cash vs donation are made annually; not disclosed for Murti in the proxy .
Performance Compensation
Directors do not have performance-based pay metrics; equity is time-based RSUs under the LTIP .
| Equity Element | Grant Value | Vesting | Grant Date |
|---|---|---|---|
| Director RSUs (annual) | $175,000 | 12-month vest; proration for partial year service | January 2 each year |
Other Directorships & Interlocks
| Entity | Relationship to LBRT | Potential Interlock/Conflict |
|---|---|---|
| ConocoPhillips | E&P company; industry peer/customer class to LBRT’s oilfield services | No LBRT-COP transaction disclosed; serves as COP director with committee roles . |
| Veriten LLC | LBRT retained Veriten for consulting ($250,000 in 2024; $250,000 again in 2025) while Murti is a Partner | Related-party consulting; subject to audit committee oversight via related-party policy . |
Expertise & Qualifications
- Core skills: Exploration & Production; Corporate Finance/Capital Markets; M&A; Oilfield Services .
- Senior leadership and research: Former GS Partner and co-director of equity research for the Americas .
- Policy and governance: Advisory roles at ClearPath and Columbia CGEP; audit committee chair experience at COP .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Arjun Murti | Not reported (—) as of Feb 19, 2025 | — | Newly appointed Jan 2025 |
| Director ownership guidelines | 5x annual Board cash retainer within 5 years | — | As of record date, all directors except Murti were in compliance even without transition benefit (Murti recently appointed) |
| Anti-hedging/pledging policy | Hedging and pledging prohibited; exceptions only with Audit Committee approval | — | Applies to directors |
Governance Assessment
-
Positives
- Independence affirmed under NYSE and audit standards; strong financial/governance expertise via COP audit chair role .
- Board governance strengthened: stockholder-approved declassification, majority voting thresholds, adoption of DGCL §203, and officer exculpation—signals responsiveness to investor preferences .
- Director stock ownership guidelines and anti-hedging/pledging policy support alignment with shareholders .
- Regular executive sessions of independent directors enhance oversight .
-
Watch items / Red flags
- Related-party exposure: LBRT consulting engagements with Veriten ($250k in 2024; $250k in 2025) while Murti is a Partner—requires continued robust audit committee oversight and disclosure .
- Ownership alignment: No reported LBRT share ownership for Murti as of Feb 19, 2025; while within the 5-year transition window, lack of holdings may be viewed as an alignment shortfall until built .
- Committee engagement: Not (yet) assigned to any LBRT board committee in the proxy; monitoring future committee placement (e.g., audit) will be relevant for board effectiveness .
- Time commitments: Multiple external roles (COP chair-level committee obligations, Veriten partnership, advisory boards) warrant monitoring for attendance/engagement at LBRT; 2024 attendance metrics do not cover Murti given his 2025 appointment .
2024 Say-on-Pay received ~95% approval, indicating broad investor support for compensation practices (though focused on NEOs) .