Sign in

    Ben M. Palmer

    President and Chief Executive Officer at RPC Inc
    Board
    Since May 17, 2022
    Age
    62 years
    Education
    Holds a Bachelor of Science in Business Administration from Auburn University.
    Tenure
    Joined RES in 1996 as Vice President, Chief Financial Officer, and Treasurer, assumed the role of Corporate Secretary in 2018, and was promoted to President and Chief Executive Officer on May 17, 2022.

    Also at RPC Inc

    RAH
    Richard A. Hubbell
    Executive Chairman of the Board
    MLS
    Michael L. Schmit
    Vice President, CFO, Treasurer, Secretary

    About

    Ben M. Palmer has built a distinguished career in the financial sector, underpinned by extensive experience in financial operations and executive management. Beginning his career at Arthur Andersen LLP where he spent ten years honing his skills, he quickly advanced to high-level roles that would shape his future leadership journey.

    His professional path took a significant turn when he joined RES in 1996, taking on the roles of Vice President, Chief Financial Officer, and Treasurer. Over time, his responsibilities expanded with his appointment as Corporate Secretary in 2018, demonstrating his capability to manage diverse aspects of financial strategy and corporate governance.

    In May 2022, his longstanding expertise and commitment were recognized through his promotion to President and Chief Executive Officer. Now at 62 years of age, his profound understanding of the industry and strategic vision continue to drive the company's success, reflecting a career dedicated not only to advancing business goals but also to fostering a legacy of strong financial leadership.

    $RES Performance Under Ben M. Palmer

    Past Roles

    OrganizationRoleDate RangeDetails
    RPC, Inc. (RES) Vice President, Chief Financial Officer, and Treasurer 1996 - 2022Promoted to President and CEO on May 17, 2022
    RPC, Inc. (RES) Corporate Secretary 2018 - 2022Held concurrently with other roles until promotion
    EQ Services Chief Financial Officer 3 yearsSubsidiary of The Equitable Companies
    Arthur Andersen LLP Audit and Business Advisory Services 10 yearsTenure prior to role at EQ Services

    External Roles

    OrganizationRoleDate RangeDetails
    Marine Products Corporation President and Chief Executive Officer and Board of Directors N/AN/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary $600,000AnnualFixed annual base salary
    Automobile Allowance $8,400AnnualAllowance for automobile expenses
    401(k) Plan Company Match $14,850AnnualCompany match contribution to 401(k) plan

    Performance Compensation

    Data from  FY 2023

    Annual Incentive Compensation (2023)

    MetricThresholdTargetMaximumActual ResultBonus PayoutAdditional Details
    Operating Cash Flow $110 million $140 million $275 million $199.6 million (142% of target) $768,000 (128% of target) Calculated as EBITDA minus CAPEX with discretionary adjustments (pension, litigation, acquisitions); Minimum 79% of target required

    Performance Share Units (PSUs) (2023)

    MetricThresholdTargetMaximumVesting ScheduleAdditional Details
    3-Year Cumulative EBITDA 75% of target: 50% payout 100% of target: 100% payout 120% of target: 200% payout Cliff-vest on December 31, 2025 26,000 target PSUs; payout adjusted by a TSR Modifier (up to ±20%); if performance conditions not met, units may forfeit