Ken Babcock
About Ken Babcock
Ken Babcock (age 68) has served as an independent director of Liberty Energy Inc. since 2018. He is the Chief Executive Officer of Abaco Energy Technologies LLC, a Riverstone Holdings portfolio company formed in 2013 focused on North American drilling, completion, production, and infrastructure services; earlier he led Titan Specialties and International Logging, with prior roles at Baker Hughes INTEQ, Noble Technology Services, and EXLOG. He holds a B.S. in Geology from Florida State University and is designated independent under NYSE rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Titan Specialties, Ltd. | President & Chief Executive Officer; remained post-acquisition by Hunting PLC | 2008–2011; remained until June 2012 | Led sale to Hunting PLC; operational leadership in wellsite services |
| International Logging, Inc. | President & Chief Executive Officer | 2005–2008 | Scaled from ~300 to ~1,800 employees across ~60 countries in ~2 years |
| Baker Hughes INTEQ | Director of Strategic Sales | Prior to 2005 (dates not specified) | Strategic sales leadership |
| Noble Technology Services | Vice President, Business Development | Prior to 2005 (dates not specified) | Business development leadership |
| EXLOG | Various roles (career start) | Began 1980 | Early career operating/technical experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Abaco Energy Technologies LLC (private; Riverstone portfolio) | Chief Executive Officer | 2013–present | Houston-based portfolio company formed in 2013 focused on OFS manufacturing/services |
Board Governance
| Item | Details |
|---|---|
| Independence | Board determined Babcock is independent under NYSE rules and also meets SEC/NYSE standards applicable to audit committee members (though he does not serve on Audit) |
| Committee assignments | Compensation Committee member (Chair: Peter A. Dea). Not a member of Audit or Nominating & Governance |
| Attendance | Each director participated in at least 75% of Board/committee meetings in 2024; meeting count: Board 5; Audit 7; Compensation 4; Nominating & Governance 3 |
| Board leadership | Independent, non-executive Chair (William F. Kimble) appointed Feb 2025; Board holds executive sessions of non-management directors |
| Governance reforms on ballot | Proposals to declassify the Board, remove supermajority thresholds, adopt officer exculpation, and elect DGCL §203 protections (anti-takeover) were submitted for 2025 vote |
Fixed Compensation
| Component (Directors) | 2024 Plan Terms | Ken Babcock 2024 |
|---|---|---|
| Annual Board cash retainer | $100,000 per year, paid quarterly | $100,000 (included in fees) |
| Compensation Committee member fee | $7,500 (member); $15,000 (chair) | $7,500 (member) |
| Audit Committee member fee | $10,000 (member); $20,000 (chair) | $0 (not a member) |
| Nominating & Governance Committee member fee | $5,000 (member); $10,000 (chair) | $0 (not a member) |
| Cash fees (total) | Sum of above | $107,500 |
| Director equity alternative | Annual RSU grant with $175,000 target value (or $100,000 cash, or $100,000 charity) | Stock awards grant-date fair value: $168,688 |
| RSU vesting for directors | 12-month vesting; annual grant on Jan 2 using 30-day average price to size grants | As per plan |
| Out-of-pocket expenses | Reimbursed for Board/committee meetings | Eligible |
Notes: Effective Jan 1, 2025, additional compensation for non-executive Chair: $60,000 cash + $75,000 RSUs annually .
Performance Compensation
| Performance-linked element | Detail |
|---|---|
| Performance metrics in director pay | None disclosed; director RSUs are time-based only (12-month vesting). No stock options are granted to directors |
Other Directorships & Interlocks
- No current public company directorships for Babcock are disclosed in his 2025 proxy biography.
- Compensation Committee peers at LBRT: Peter A. Dea (Chair), Ken Babcock, James R. McDonald, Cary D. Steinbeck. No compensation committee interlocks disclosed for 2024.
Expertise & Qualifications
- Proxy skills matrix highlights Babcock’s core skills: Technology/Cybersecurity, Senior Management (CEO/CFO), Oilfield Services, M&A, Marketing/Sales, HR/Compensation.
- Prior CEO roles and scaling global wellsite services operations indicate deep OFS and operating leadership experience.
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership | 59,289 shares; includes 9,289 shares held by a family trust |
| Unvested director RSUs (as of 12/31/24) | 9,289 RSUs held by each of Ayat, Babcock, Dea, Kimble, Steinbeck, Norton, Robertson |
| Stock ownership guidelines (directors) | 5× annual Board cash retainer within 5 years of later of service start or Oct 18, 2022 |
| Compliance status | As of the Feb 19, 2025 record date, all executive officers and directors, except newly appointed Arjun Murti, were in compliance even without transition period benefit |
| Hedging/pledging | Company Insider Trading Policy bans hedging and pledging (short-term exceptions may be granted by Audit Committee) |
Related-Party Exposure
| Relationship/Transaction | 2024 Amount | Notes/Oversight |
|---|---|---|
| Employment of Tim Babcock (Ken’s son), Director of Operations at LBRT | $221,750 gross compensation | Disclosed as related-party; Company has a written Related Party Transactions policy with Audit Committee review/approval |
| Abaco/Riverstone ties | Noted that Babcock is CEO of Abaco, a Riverstone portfolio company; no Abaco-related transactions disclosed in 2024 RPT section | Potential perceived conflict monitored under RPT policy |
Say-on-Pay & Shareholder Feedback (context for governance quality)
- 2024 Say-on-Pay approval: nearly 95% support; Board noted strong support and made no significant program changes on that basis.
Governance Assessment
- Strengths
- Independent director; sits on Compensation Committee with use of independent consultants (CBIZ; previously NFP), and stock ownership guidelines in force and met.
- Active Board cadence and executive sessions; independent Chair structure enhances oversight.
- Director pay mix includes equity via RSUs with holding expectations; anti-hedging/pledging policy strengthens alignment.
- Governance enhancements proposed (declassification, elimination of supermajority, officer exculpation, DGCL §203 election) signal responsiveness to investor preferences.
- Risk indicators / red flags
- Related-party employment of his son (Tim Babcock) within the Company; while reviewed under policy, it presents optics/independence risk, particularly given Babcock’s Compensation Committee role.
- External leadership at a Riverstone-backed OFS platform (Abaco) raises potential conflict-of-interest perceptions; no related transactions disclosed in 2024.
Director Compensation (Detail for 2024)
| Metric | Amount |
|---|---|
| Fees Earned or Paid in Cash | $107,500 |
| Stock Awards (Grant-date fair value) | $168,688 |
| All Other Compensation | $0 |
| Total | $276,188 |
| Unvested RSUs held at 12/31/24 | 9,289 units |
Board Governance (Committee Matrix Snapshot)
| Committee | Membership | Chair |
|---|---|---|
| Audit | Ayat; Kimble; Steinbeck; Norton | William F. Kimble (Chair) |
| Compensation | Dea; Babcock; McDonald; Steinbeck | Peter A. Dea (Chair) |
| Nominating & Governance | Norton; Kimble; Dea | Gale A. Norton (Chair) |
Meeting Activity (2024)
| Body | Regularly Scheduled Meetings | Special Meetings | Total |
|---|---|---|---|
| Board of Directors | 5 | 0 | 5 |
| Audit Committee | 7 | 0 | 7 |
| Compensation Committee | 4 | 0 | 4 |
| Nominating & Governance Committee | 3 | 0 | 3 |
Notes on Director Compensation Program (Structure)
- Annual choices: RSUs with ~$175,000 grant-date value (12-month vesting), or $100,000 cash, or $100,000 charitable contribution designated by director; paid quarterly for cash/charity options.
- 2025 update: Additional compensation for non-executive Chair ($60,000 cash + $75,000 RSUs).
Summary Implications
- Babcock’s independence, meaningful equity exposure, and service on the Compensation Committee support alignment and governance effectiveness. However, the related-party employment of his son is a notable optics risk requiring continued Audit Committee oversight, particularly given his compensation oversight role. Overall, governance trends (independent Chair, declassification proposals, high Say-on-Pay support) are positive signals for investor confidence.