| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 4, 2021, the board of directors (the “Board”) of Apache Corporation (the “Company”) expanded the Board to eleven directors and appointed Mr. H. Lamar McKay as a new director of the Company’s Board. Mr. McKay has been appointed to the Management Development and Compensation committee of the Board.
Also, on February 4, 2021, Rene R. Joyce notified the Board of his intention to retire from the Board at the expiration of his current term as a director of the Company at the annual meeting in May. Mr. Joyce stated that he does not have any disagreement with the Company or its management on any matter relating to the Company’s operations, policies, or practices.
For his service, Mr. McKay will receive compensation that is commensurate with that received by the Company’s other non-employee directors. Such compensatory arrangements are described under the caption “Director Compensation” in the Company’s definitive proxy statement relating to its 2020 annual meeting of stockholders, which was filed with the Securities and Exchange Commission on April 3, 2020, and is incorporated by reference herein.
Other than as disclosed herein, no material plan, contract, or arrangement was entered into or materially amended, and there was no grant or award to Mr. McKay or modification thereto under any such plan, contract, or arrangement, in connection with Mr. McKay’s appointment. Mr. McKay has (i) no arrangements or understandings with any other person pursuant to which he was selected as a director and (ii) no direct or indirect material interest in any transaction or series of similar transactions contemplated by Item 404(a) of Regulation S-K.
Mr. McKay most recently served as the chief transition officer of BP p.l.c. (“BP”) from October 2019 until December 2020, having previously served as deputy chief executive officer of BP since February 2016. Prior to that role, from January 2013, Mr. McKay was the chief executive of BP’s worldwide upstream business. Mr. McKay was also chairman and president of BP America, Inc. and executive vice president of BP since January 2009. He began his career in 1980 with Amoco (now BP), and held technical and leadership positions of increasing responsibility throughout his career, including as a general manager, business unit leader, head of strategy, group vice president, senior vice president, and executive vice president.
