Mark McCollum
About Mark McCollum
Mark McCollum (age 66) has served as an independent director of Seadrill Limited since February 22, 2022 and is Chair of the Audit and Risk Committee. He is a CPA in Texas with a BBA in Accounting from Baylor University, and brings extensive oilfield services leadership experience, including President & CEO of Weatherford International (2017–2020) and EVP & CFO at Halliburton (2003–2017). The Board has determined all directors, including McCollum, are independent under SEC and NYSE standards. He resides in Waco, Texas.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Weatherford International plc | President & Chief Executive Officer | 2017–2020 | Led global turnaround; public-company CEO experience |
| Halliburton Company | Executive Vice President & Chief Financial Officer (and other leadership roles) | 2003–2017 | Deep finance, capital markets, operations experience |
External Roles
| Organization | Role | Tenure | Committee/Notes |
|---|---|---|---|
| Westlake Corporation | Director; Audit Committee Chair | Since 2018 | Chairs audit committee |
| Marathon Oil Corporation | Director; Compensation Committee Chair; member of HES & Corporate Responsibility Committee | 2022–2024 (ended upon acquisition by ConocoPhillips) | Committee leadership until 2024 acquisition |
| MOM Holding Company (private) | Director | N/A | Private company board |
| Baylor College of Medicine | Board of Trustees | N/A | Non-profit governance |
| Baylor St. Luke’s Medical Center | Director | N/A | Non-profit governance |
| Yellowstone Academy | Director | N/A | Non-profit governance |
Board Governance
- Committee assignments: Audit & Risk Committee Chair; other members Jan Kjærvik and Jonathan Swinney; 9 meetings in 2024. All members meet NYSE independence standards and are audit committee financial experts with accounting/financial management expertise.
- Board structure: 100% independent board by bye-laws; separate Chairman and CEO; executive sessions held each quarter and at other meetings.
- Attendance: Board met 21 times in 2024; each incumbent director attended at least 80% of board and relevant committee meetings; all nine directors attended the 2024 AGM.
- Risk oversight: Audit & Risk oversees financial reporting, internal controls, cybersecurity; other committees oversee nomination/remuneration and operational excellence & sustainability.
Fixed Compensation
| Component | Amount (USD) | Detail/Date |
|---|---|---|
| Fees earned or paid in cash | $226,252 | 2024 Director cash fees |
| Stock awards (TRSUs grant-date fair value) | $119,992 | Granted April 17, 2024; time-vested RSUs |
| Total fixed elements subtotal | $346,244 | Cash + stock award (excludes Incentive Fee) |
| Unvested TRSUs (count) | 2,409 | Outstanding as of Dec 31, 2024 |
| TRSU vesting terms | N/A | Vest at earlier of 1-year anniversary of grant (Apr 17, 2025) or next AGM ≥50 weeks post-grant |
Post-2024 AGM compensation framework (approved by shareholders; alignment shift to equity):
- Non-Executive Chairman: $180,000 annual cash retainer; ~$150,000 annual equity award.
- Other Directors (incl. McCollum): $140,000 annual cash retainer; ~$120,000 annual equity award.
- Committee Chair retainer: $25,000; additional $10,000 for service on multiple committees without chairing; $1,500 per meeting beyond ten per year.
Performance Compensation
| Item | Amount (USD) | Structure/Conditions |
|---|---|---|
| Incentive Fee (one-time) | $448,895 | Paid to “Initial Directors” (incl. McCollum) upon the second anniversary of emergence from Chapter 11 (Feb 22, 2024); approved in services agreements by significant creditors; not tied to annual director performance metrics |
- No director-specific performance metrics disclosed for equity awards; director TRSUs are time-vested, not performance-vested.
Other Directorships & Interlocks
| Company | Relationship to Seadrill | Potential interlock/conflict |
|---|---|---|
| Westlake Corporation | Chemicals manufacturer; no disclosed Seadrill transactions | None disclosed |
| Marathon Oil (until 2024) | E&P company; no disclosed Seadrill transactions | Tenure ended in 2024; none disclosed |
The proxy discloses no related-party transactions requiring reporting since January 1, 2024.
Expertise & Qualifications
- Audit leadership: Has chaired three different public-company audit committees; current Audit & Risk Chair at Seadrill; audit committee financial expert.
- Executive experience: Former CEO (Weatherford) and CFO (Halliburton); extensive global energy services background.
- Credentials: CPA (Texas); Baylor University BBA in Accounting.
Equity Ownership
| Holder | Common Shares Beneficially Owned | % of Shares Outstanding | Date/Notes |
|---|---|---|---|
| Mark McCollum | 2,409 | * (<1%) | As of March 17, 2025; beneficial ownership includes rights exercisable within 60 days |
Additional ownership alignment mechanisms:
- Director stock ownership guidelines: 5x annual cash retainer required within five years; retention of 50% of after-tax net shares until guidelines met.
- Anti-hedging/pledging policy: Directors prohibited from hedging, margin accounts, or pledging company stock.
Governance Assessment
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Strengths:
- Independent board with robust committee structure; McCollum chairs Audit & Risk with financial expert credentials; all audit committee members qualify as financial experts, enhancing oversight of reporting, controls, and cybersecurity.
- Attendance and engagement: Board met 21 times with executive sessions quarterly; incumbent directors ≥80% attendance; signals active oversight.
- Alignment: Shift to mix of cash + annual TRSU equity for directors; ownership guidelines and anti-hedging/pledging policy strengthen shareholder alignment.
-
Watch items:
- One-time Incentive Fee ($448,895) paid to initial directors in 2024 per emergence agreements; while pre-approved in restructuring, investors may monitor for future extraordinary director payments.
- External roles: Multiple boards and commitments; no related-party transactions disclosed, but ongoing monitoring for potential conflicts remains prudent.
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Overall: McCollum’s audit leadership, finance depth, and independence support board effectiveness at Seadrill; compensation structure now emphasizes equity alignment, and governance policies (ownership, clawback, anti-hedging) mitigate risk and bolster investor confidence.