Penn Virginia Announces Retirement of Executive Chairman and Appointment of New Members of the Board of Directors
January 19 2018 - 9:25AM
Penn Virginia Corporation (“Penn Virginia” or the “Company”)
(NASDAQ:PVAC) today announced the retirement of Harry Quarls from
his positions as Executive Chairman and as a director of the
Company, effective on February 28, 2018. Additionally, the
Company also announced the expansion of its board of directors from
five to seven members and the appointments of Mr. David Geenberg
and Mr. Michael Hanna as new independent board members, effective
immediately.
Mr. Quarls said, “I am very pleased by what we have been able to
accomplish since the Company’s emergence from bankruptcy in
September 2016. We have rebuilt the capabilities of the
Company to be a top performer in the Eagle Ford; managed a
strategic alternatives process; and completed two accretive,
strategic acquisitions in our core area which have increased
production and operated inventory by over 50%. The Company is
now favorably positioned for the future. However, this
effort has required a significant commitment of my time, which is
limiting my ability to spend time with other opportunities,
including time with my family. With these accomplishments,
now is a good time to step away and dedicate my time
elsewhere. I thank all the employees at Penn Virginia and its
board for the chance to work with them on this terrific
journey. I wish all continued success.”
Upon Mr. Quarls’ retirement, Penn Virginia’s board of directors
will be reduced from seven members to six members, and each of Mr.
Darin G. Holderness and Mr. Geenberg will serve as the
non-executive Co-Chairman of Penn Virginia’s board of directors.
The Company plans to conduct a search for a new director and
Chairman who is not a shareholder representative and who has oil
and gas industry expertise. Mr. Quarls has also agreed to
provide consulting services for the Company through the end of
2018.
“Harry has been instrumental in the Company’s turnaround and his
leadership will be missed,” said John A. Brooks, President and
Chief Executive Officer. “His experience, energy, commitment and
knowledge served the Company well over the last year and a half and
positions Penn Virginia well for the future. With our focus on the
future, we believe the insight that Michael and David will provide
as to the perspectives of our shareholders as well as their
expertise in finance will prove to be an invaluable asset to Penn
Virginia.”
Mr. Geenberg is Co-Head of US Investment Team of Strategic
Value Partners, LLC (“SVP”), which together with its affiliates
manage certain investment funds and accounts that hold
approximately 10.2% of the Company’s outstanding common stock,
respectively. Mr. Geenberg joined SVP in 2009, and since such time,
he has led the firm’s investment efforts in the infrastructure,
energy, and power sectors in North America, serving on the steering
committees of more than a dozen significant restructurings.
Previously, Mr. Geenberg worked at Goldman, Sachs & Co., most
recently in the Infrastructure Investment Group and Principal
Investment Area focused on energy and transportation infrastructure
businesses, and, prior to that, in the investment bank’s Natural
Resources Group. Mr. Geenberg received a B.A. in Economics summa
cum laude from Dartmouth College in 2005. The board of directors
believes Mr. Geenberg’s experience in advising and investing in the
energy industry will bring value to the Company. In connection with
Mr. Geenberg’s election to the board of directors, SVP and Mr.
Geenberg have entered into a standstill and support agreement with
the Company, pursuant to which, among other things, during the
standstill period SVP will vote its shares of common stock in favor
of the board’s recommendation with respect to director nominations
and other routine matters submitted to a vote of the Company’s
Shareholders.
Mr. Hanna is a Partner and Portfolio Manager of KLS Diversified
Asset Management (“KLS”), which beneficially owns approximately
7.7% of the Company’s outstanding common stock. Mr. Hanna joined
KLS in July 2015 and has 16 years of investment banking and
portfolio management experience. Prior to joining KLS, Mr.
Hanna was a Portfolio Manager and Head of Trading at BulwarkBay
Investment Group, LLC, a firm he co-founded in 2011. Previously, he
was a portfolio manager with Concordia Advisors LLC, where he
co-managed the firm’s Distressed Debt Fund. Mr. Hanna joined
Concordia in 2005. Prior to joining Concordia, he worked in the
Leveraged Finance/Financial Sponsors and Global Corporate
Investment Banking groups of RBC Capital Markets from 2004 to 2005
and Bank of America Merrill Lynch from 2001 to 2004. Mr. Hanna’s
industry experience includes oil & gas, industrials, paper and
forest products, insurance and financials, aerospace and
energy. He is a member of the board of directors of Modular
Space Corporation and Sensei, Inc. Mr. Hanna received a B.A. from
the University of Michigan in 2001 and is a CFA Charter holder. The
board of directors believes Mr. Hanna’s experience in finance will
bring value to the Company.
Penn Virginia also announced today its adoption of amended and
restated bylaws to require the approval of at least two-thirds of
the directors then on its board of directors for certain
significant transactions, including a sale of substantially all
assets of the Company, an increase in the authorized capital of the
company or the issuance of preferred stock.
About Penn Virginia Corporation
Penn Virginia Corporation is an independent oil and gas company
engaged in the exploration, development and production of oil, NGLs
and natural gas in various domestic onshore regions of the United
States, with a primary focus in the Eagle Ford Shale in south
Texas. For more information, please visit our website
at www.pennvirginia.com.
Forward-Looking Statements
Certain statements contained herein that are not descriptions of
historical facts are “forward-looking” statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
We use words such as “will,” “pursue,” “expect,” “prove,”
“believes,” “future,” and variations of such words or similar
expressions in this press release to identify forward-looking
statements. Because such statements include assumptions, risks,
uncertainties and contingencies, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Additional information concerning these and other
factors can be found in our press releases and public filings with
the SEC. Many of the factors that will determine our future results
are beyond the ability of management to control or predict. Readers
should not place undue reliance on forward-looking statements,
which reflect management’s views only as of the date hereof. The
statements in this release speak only as of the date of this
release. We undertake no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable law.
Contact
Steve Hartman Chief Financial Officer Ph: (713) 722-6529
E-Mail: invest@pennvirginia.com
Penn Virginia (NASDAQ:PVAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Penn Virginia (NASDAQ:PVAC)
Historical Stock Chart
From Apr 2023 to Apr 2024