Ben M. Palmer
Also at RPC Inc
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
| Organization | Role | Date Range | Details |
|---|---|---|---|
| RPC, Inc. (RES) | Vice President, Chief Financial Officer, and Treasurer | 1996 - 2022 | Promoted to President and CEO on May 17, 2022 |
| RPC, Inc. (RES) | Corporate Secretary | 2018 - 2022 | Held concurrently with other roles until promotion |
| EQ Services | Chief Financial Officer | 3 years | Subsidiary of The Equitable Companies |
| Arthur Andersen LLP | Audit and Business Advisory Services | 10 years | Tenure prior to role at EQ Services |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Marine Products Corporation | President and Chief Executive Officer and Board of Directors | N/A | N/A |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $600,000 | Annual | Fixed annual base salary |
| Automobile Allowance | $8,400 | Annual | Allowance for automobile expenses |
| 401(k) Plan Company Match | $14,850 | Annual | Company match contribution to 401(k) plan |
Performance Compensation
Annual Incentive Compensation (2023)
| Metric | Threshold | Target | Maximum | Actual Result | Bonus Payout | Additional 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)
| Metric | Threshold | Target | Maximum | Vesting Schedule | Additional 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 |