- Push-out Score suggests push-out forces
- After about five years in the position
- Praise, thanks and good wishes for Jaggers
- Jim Kleckner taking over
- Jaggers spoke at length and said 116 words
(exechange) — Denver, Colorado, February 26, 2018 — Joe Jaggers, chief executive of Jagged Peak, leaves. It is a change at short notice. As announced by Jagged Peak Energy Inc. in a news release on Monday, February 26, 2018, Joseph N. (Joe) Jaggers leaves his post as Chief Executive Officer at the drilling oil and gas wells company after about five years in the position, effective March 31, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange.
Jaggers’s duties will be taken over by James J. (Jim) Kleckner, a former Executive Vice President, International and Deepwater Operations of Anadarko Petroleum Corporation.
Already a director
Kleckner is already a director of Jagged Peak. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Kleckner understands the expectations and dynamics of the board and has knowledge of Jagged Peak’s organization, risk-management practices and strategy.
Jaggers’s move is part of a management shake-up also involving the position of Chief Operating Officer.
“Health and personal reasons”
The management change is explained as follows. Jagged Peak said: “Jagged Peak Energy Inc. … Chairman, President and CEO Joseph N. Jaggers today announced plans to retire at the end of March 2018 for health and personal reasons.”
In the announcement, the company did not detail the health and personal reasons causing Jaggers to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons or disagreement.
Precise information about Jaggers’s future plans was not immediately available.
In the position of CEO since 2013
Joseph N. Jaggers was appointed as the Company’s Chief Executive Officer and President and as Chairman of the Company’s board of directors in September 2016, and has served as Chairman, Chief Executive Officer and President of Jagged Peak Energy LLC since April 2013.
Prior to that, Jaggers served as the President and Chief Executive Officer of Ute Energy LLC from July 2010 until its acquisition in November 2012.
From November 2012 until April 2013, Jaggers oversaw the winding down of Ute Energy LLC and evaluated potential opportunities in anticipation of the formation of Jagged Peak Energy LLC.
Jaggers began his career in the oil and natural gas industry in 1981, when he joined Amoco Production Company (“Amoco”) in Lake Charles, Louisiana.
Jaggers worked for 19 years with Amoco and its successor, BP p.l.c., holding positions of increasing responsibility, including operations, engineering and executive assignments, in a number of domestic and international locations.
In July 2000, Jaggers joined Barrett Resources Corporation as President and Chief Operating Officer and served in that capacity until Barrett Resources Corporation’s merger with The Williams Companies, Inc. in 2001 where he served as Regional Vice President until 2006.
Jaggers served as President, Chief Operating Officer and Director of Bill Barrett Corporation from 2006 until July 2010.
In October 2009, Jaggers was elected into the Wildcatter Hall of Fame for his distinguished work and contributions to the oil and natural gas industry by the Independent Producers Association of the Mountain States.
Jaggers graduated from the United States Military Academy at West Point in 1975 with a bachelor of sciences degree, after which he served his country for six years as a member of the United States Army.
Jaggers is an independent director of National Fuel Gas Company (NYSE: NFG).
It is anticipated that Jaggers will remain full time with the Company until his retirement and on a consulting basis thereafter to assist with the transition.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Joe Jaggers’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 10.2018 ($).