Jennifer Yeung
About Jennifer Yeung
Vice President, Chief Accounting Officer and Controller at Noble Corporation plc (NE) from November 2023; resigned effective September 19, 2025, with no disagreement noted . Age 41 (2025 proxy); CPA with Bachelor of Accountancy and BBA in Finance from Loyola University; prior 17 years at Ernst & Young serving offshore drilling clients including roles as Audit Managing Director (2020–2023) and Audit Senior Manager (2014–2020) . During her tenure, Noble’s 2024 compensation and performance framework emphasized Adjusted Free Cash Flow, contract drilling margin, customer satisfaction, safety, and employee engagement, yielding a 1.09 STIP award factor company-wide; Noble’s relative TSR stood at the 44th percentile for 2022–2024, alongside $300M of share repurchases and $277.8M in dividends in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young LLP | Audit Managing Director | Oct 2020 – Sept 2023 | Led audits across industries including offshore drilling; deep accounting/audit leadership relevant to NE’s sector |
| Ernst & Young LLP | Audit Senior Manager | Jul 2014 – Oct 2020 | Managed complex audits; sector experience in offshore drilling clients |
| Ernst & Young LLP | Various roles | Jan 2007 – Jul 2014 | Progressive audit roles underpinning technical accounting expertise |
External Roles
No external public company directorships or committee roles found in NE’s proxy/8‑K filings reviewed. Searched 2025 DEF 14A and Item 5.02 8‑Ks; none disclosed for Yeung .
Fixed Compensation
| Component | Term | Amount / Detail | Citation |
|---|---|---|---|
| Base Salary | At appointment (Oct 2, 2023) | $280,000 per year | |
| STIP Target | Eligibility from 2023 (prorated for 2023) | 45% of base salary | |
| Sign-on Cash Bonus | Paid within two weeks of start | $50,000 | |
| One-time RSU Grant | Granted Oct 2, 2023 | $100,000 time-vested RSUs; vest one-third annually beginning on 1st anniversary | |
| Annual LTIP Target (from 2024) | Equity award eligibility | $150,000 aggregate target value per year |
Performance Compensation
2024 STIP Scorecard (Company-level; applies to STIP participants)
| Metric | Weighting | 2024 Target | Actual 2024 Results | Factor | Notes |
|---|---|---|---|---|---|
| Adjusted Free Cash Flow | 30% | $289–324 million | $293.0 million | 1.00 | Defined as adj. EBITDA minus capex, net interest, cash taxes, working capital, cost-to-achieve synergies adjusted for non-recurring items |
| Contract Drilling Margin (less G&A) | 30% | 37.8–38.0% | 36.04% | 0.82 | Contract drilling revenues less contract drilling costs less G&A, divided by contract drilling revenues |
| Customer QPR | 15% | 6.3 | 6.375 | 1.19 | Average customer Quarterly Performance Review score |
| Consequence Severity Index | 15% | 675.0 | 590.0 | 1.43 | Safety performance |
| First Choice for Employees Scorecard | 10% | Subjective assessment | Committee discretion | 1.50 | Committee awarded 1.5 based on engagement scores, talent programs, attrition |
| Award Factor | — | — | — | 1.09 | Applied to STIP payouts company-wide |
| Vesting | — | — | — | — | STIP paid early the following year (cash) |
Yeung’s personal STIP payout amounts for 2024 were not disclosed; she was STIP-eligible at a 45% target of base salary .
LTIP Structure and Vesting (program-wide)
| Instrument | Performance Metrics | Weighting | Performance Period | Vesting | Citation |
|---|---|---|---|---|---|
| TVRSUs | N/A (time-based) | Not specified for non-NEOs | — | 3-year ratable; one-third annually | |
| PVRSUs | TSR, ROIC, ESG goals | Not specified for non-NEOs | 3-year | Cliff vest after performance period | |
| CEO 2024 Mix (illustrative of program design) | PVRSUs/TVRSUs | 70% PVRSU / 30% TVRSU | 2024–2027 | As per plan |
Equity Ownership & Alignment
| Item | Detail | Citation |
|---|---|---|
| Initial Statement of Beneficial Ownership | Form 3/A filed Jan 9, 2024 for event 11/01/2023; 1,963 RSUs granted Oct 2, 2023 (each RSU = right to one A Ordinary Share) | |
| RSU Vesting Schedule (one-time grant) | Vest in three annual equal installments beginning on first anniversary of Oct 2, 2023 (i.e., expected on Oct 2, 2024; Oct 2, 2025; Oct 2, 2026), subject to plan conditions | |
| Stock Ownership Guidelines | Other Executive Officers: minimum ownership of 1.0x base salary; five years to comply; unvested PVRSUs excluded; all officers and directors in compliance as of proxy | |
| Hedging/Pledging | Prohibited for directors/executive officers; margin accounts for NE stock prohibited | |
| Clawback | Board adopted clawback in Oct 2023 for executive officers; recover excess incentive comp over 3 fiscal years preceding any required restatement |
Employment Terms
| Term | Detail | Citation |
|---|---|---|
| Appointment | Joined Oct 2, 2023; to assume CAO immediately after Q3 2023 10‑Q filing; age 39 at appointment | |
| Role | Vice President, Chief Accounting Officer & Controller; Principal Accounting Officer; signed Q1 and Q2 2025 10‑Qs in that capacity | |
| Severance Plan Participation | Eligible under Executive Severance Plan and Change in Control Executive Severance Plan | |
| Change-in-Control | Company requires “double trigger” for cash severance benefits upon change of control | |
| Resignation | Notified resignation as CAO on Aug 19, 2025; effective Sept 19, 2025; not due to disagreement; CFO to assume PAO responsibilities after departure |
Investment Implications
- Alignment and governance are strong: equity-linked pay (RSUs, LTIP eligibility), stock ownership requirements (≥1x salary for executive officers), and strict prohibitions on hedging/pledging support shareholder alignment; clawback enhances discipline .
- Near-term transition risk: Yeung’s resignation effective Sept 19, 2025 shifts principal accounting officer duties to CFO, which can introduce workload concentration and potential control/process transition risk; company disclosed no disagreement, mitigating governance concerns .
- Performance-linked cash incentives exceeded target at the company level (2024 STIP award factor 1.09), validating pay-for-performance calibration and potentially supporting morale/retention among participants; Yeung’s specific payout not disclosed .
- Equity vest cadence may create periodic selling pressure around anniversaries for executives generally; Yeung’s one-time RSUs vest annually over three years from Oct 2, 2023, subject to plan/service conditions; resignation timing could affect unvested award treatment under plan rules (not disclosed) .