Legacy Reserves Announces Chairman Transition and Names Lead Independent Director
May 12 2016 - 06:06PM
Legacy Reserves LP ("Legacy") (NASDAQ:LGCY) today announced that
the board of directors of the general partner of Legacy (the
“Board”) has appointed Paul T. Horne, President, Chief Executive
Officer, and director, as the Chairman of the Board, and that Kyle
D. Vann, director, has been named as lead independent director of
the Board. Cary D. Brown, the former Chairman of the Board,
continues to serve as a director.
Mr. Horne is a founding member of Legacy's
executive management team and was added to the Board in December
2014. He has managed operations at Legacy and certain of its
predecessor companies since 2000 until being named the President
and Chief Executive Officer on March 1, 2015. Previously, he worked
for Mobil E&P U.S. Inc. in a variety of petroleum engineering
and operations management roles, primarily in the Permian
Basin.
Mr. Vann was appointed to the Board on March 15,
2006 where he serves as the chairman of the Board’s compensation
committee and as a member of the Board’s nominating, governance and
conflicts committee.
Cary D. Brown has served as a member of the
Board, and had served as the Chairman of the Board, since Legacy’s
formation. Mr. Brown had also previously served as Chief
Executive Officer from Legacy’s formation until March 1,
2015. “It has been an honor to serve as Chairman, and to work
with Paul in developing Legacy into an organization of great people
that we are proud of,” said Mr. Brown. “I’m looking forward
to Paul’s continued leadership of the company, and my continued
service on the Board.”
“We are pleased to have been able to make a
smooth CEO transition to Paul as part of our ongoing succession
planning, and believe that it is time to complete that transition
with Paul assuming the role of Chairman of the Board,” said Bill
Granberry, chairman of the nominating, governance and conflicts
committee. “We are thankful for Cary’s leadership and
appreciate his continued service on the Board. We are also
pleased with the creation of a lead independent director position,
and look forward to Kyle Vann’s presence in that role and our
continuing commitment to good corporate governance.”
About Legacy Reserves LP
Legacy Reserves LP is a master limited
partnership headquartered in Midland, Texas, focused on the
acquisition and development of oil and natural gas properties
primarily located in the Permian Basin, East Texas, Rocky Mountain
and Mid-Continent regions of the United States. Additional
information is available at www.LegacyLP.com.
CONTACT:
Legacy Reserves LP
Dan Westcott, Executive Vice President and Chief Financial Officer
432-689-5200
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