Christy Novak
NOVAbout Christy Novak
Christy H. Novak, 52, serves as NOV’s Vice President, Corporate Controller, and Chief Accounting Officer, a role she has held since November 1, 2021. She joined NOV in 2005 and advanced through finance and accounting leadership roles; prior to NOV, she spent nearly ten years in public accounting with Ernst & Young. Novak holds a BBA in Accounting from Texas A&M University and is a Certified Public Accountant . Company performance context: NOV’s revenue grew from $7.24B (FY 2022) to $8.87B (FY 2024), while EBITDA rose from $679M (FY 2022) to $1.36B (FY 2024)*; NOV’s 2022 PSU grant paid 78.45% of target on combined TSR and NVA results (three-year average TSR -1%, 11th rank in OSX cohort; NVA above maximum) . Say-on-pay support was 96% in 2024, signaling broad shareholder approval of pay programs .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $7,237,000,000 | $8,583,000,000 | $8,870,000,000 |
| EBITDA ($USD) | $679,000,000 | $1,027,000,000* | $1,358,000,000* |
- Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NOV | VP, Corporate Controller & Chief Accounting Officer | 2021–present | Leads corporate accounting; strengthens and streamlines accounting function; talent development |
| NOV | VP, Accounting Systems | 2020–2021 | Designed and rationalized accounting systems; improved process efficiencies |
| NOV (Rig Technologies segment) | VP, Finance | 2013–2020 | Finance leadership across global operations; operational and margin discipline |
| NOV | Various finance roles | 2005–2013 | Progressive responsibility; scaling finance organization |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young | Public accounting (audit) | Not disclosed (nearly ten years pre-2005) | Audited manufacturing/energy clients; strong technical accounting foundation |
Fixed Compensation
- NOV details fixed pay components (base salary, annual cash incentives) in its program, but individual salary/bonus amounts for Novak are not disclosed; NEO pay elements are disclosed for other executives .
- Annual bonuses are formulaically tied to corporate performance and capped at 200% of target; clawback policy applies to incentive compensation .
Performance Compensation
Company’s annual incentive plan design (applies to executives; NEO examples):
| Metric | Weight | Min | Target | Max | 2024 Actual (Without WCM) | 2024 Actual (With WCM) | Payout % (Without WCM) | Payout % (With WCM) |
|---|---|---|---|---|---|---|---|---|
| NOV Adjusted EBITDA ($M) | 90% (Corporate) | $668 | $1,113 | $1,558 | $1,058 | $1,048 | 89% | 87% |
| Safety: TRIR | 5% | 1.32 | 0.82 | 0.25 | 0.57 | n/a | 144% | n/a |
| Safety: Annual Goals | 5% | Achieved | Achieved | Achieved | Achieved | Achieved | 200% | n/a |
Working Capital Modifier calibration (Corporate 2024): Target adjusted working capital $3,328M vs actual $3,396M; modifier reduced Adjusted EBITDA by $10M . Long-term incentives: stock options (3-year graded vest), time-based RSUs (3-year graded vest), and PSUs (3-year performance period) with 85% TSR vs OSX and 15% NVA; absolute TSR collar caps payout at 100% if TSR is negative and floors at 50% if annualized TSR >15% . As of 12/31/2024, previously granted stock options were underwater .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 22,649 common shares; options exercisable within 60 days: 108,271; percent of class: <1% |
| Stock ownership guidelines | Executives must hold multiples of base salary: CEO 6x, CFO 3x, other executive officers 2x; compliance assessed annually (NEOs in compliance as of Jan 1, 2025). Novak-specific compliance not disclosed |
| Hedging/pledging | Hedging or monetization transactions are prohibited under insider trading policy; pledging is not explicitly addressed in the proxy summary; LTIP prohibits pledging/transfer of awards themselves |
| Clawback | Compensation Recovery Policy for erroneously awarded incentive pay upon accounting restatement |
| Dilution context | Company-wide options weighted-average exercise price $26.78; options weighted-average remaining term 4.09 years; total options/SARs outstanding 15.31M; full-value awards 7.55M; remaining LTIP shares 1.80M; overhang 6.1% as of 3/25/2025 |
Employment Terms
- Appointment: Novak was appointed VP, Corporate Controller & Chief Accounting Officer effective November 1, 2021 .
- Employment agreement, severance, change-in-control terms specific to Novak are not disclosed in the proxy or 8-K. Company-level LTIP includes double-trigger-like treatment for PSUs upon change of control with prorated payouts at target or actual for participants experiencing qualifying termination within 24 months .
- Insider trading compliance policy applies; quarterly blackout adherence and prohibition on hedging .
Investment Implications
- Alignment: Novak’s role embeds strong accounting governance; anti-hedging and clawbacks reduce misalignment risk, while executive ownership guidelines (2x salary for non-CEO/CFO executives) support skin-in-the-game, though her reported ownership is small relative to float (<1%) .
- Selling pressure: With company-wide options underwater at year-end 2024 and plan-level average exercise price above recent levels, near-term option-exercise selling pressure appears limited; RSU vesting (3-year) creates predictable but modest supply overhang .
- Pay-for-performance: Annual incentives tied to Adjusted EBITDA, safety, and working capital favor cash generation and operational discipline; 2024 corporate payouts were slightly below target, reflecting realistic calibration; multi-year PSUs hinge on relative TSR and returns (NVA), reinforcing value creation .
- Retention risk: Equity awards vest over three years; robust governance and the accounting leadership track reduce execution risk; however, lack of disclosed individual severance protections (for Novak) suggests standard plan participation without bespoke retention economics, and the firm’s move to increase RSU mix in 2025 for NEOs indicates broader trend toward lower-risk equity pay .
Note: Where individual compensation terms/numbers for Christy H. Novak were not disclosed, Company-level program details are provided.