Centennial Resource Development, Inc. revealed Friday that Mark G. Papa has accelerated his retirement as the company’s CEO and chairman of the board to March 31.
Papa, who was previously set to retire on May 31, stated that his views on how the company should respond to the recent weakness in the oil markets and changing macro conditions have differed from other members of the board, according to a filing posted on the company’s website. He said he believed accelerating the effective date of his retirement may better position the board to reach a consensus on the appropriate direction of the company, the filing revealed.
The board has accepted Papa’s accelerated retirement and has accelerated a previously announced leadership transition to be effective April 1, at which time Steven J. Shapiro will become non-executive chairman, Sean R. Smith will become CEO and Matthew R. Garrison will become vice president and chief operating officer.
“On behalf of the board, I’d like to thank Mark for his leadership and the contributions he made to Centennial during his tenure. We wish him the very best in the future,” Shapiro said in a company statement.
Papa has served as Centennial’s CEO since October 2016. Prior to that, he served as chairman and CEO of Silver Run Acquisition Corp. before its business combination with Centennial Resource Production, LLC. Papa has also worked at EOG Resources, Conoco and Schlumberger.
Centennial describes itself as an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The company is headquartered in Denver, Colorado.
Earlier this month, Centennial announced that it had reduced its operated rig program from five to one “as a result of the recent decline in crude oil prices and ongoing uncertainty regarding the oil supply-demand macro environment”.
To contact the author, email andreas.exarheas@rigzone.com
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