- After 30 years in the position
- Jeff Tanner taking over in the interim
- Jones will remain as Chairman at Jones Energy
(exechange) — Austin, Texas, April 17, 2018 — Jonny Jones, chief executive of Jones Energy, leaves the position. It is an abrupt change. As announced by Jones Energy, Inc. in a regulatory filing published on Tuesday, April 17, 2018, Jonny Jones leaves his post as Chief Executive Officer at the oil driller after 30 years in the position, effective immediately.
It is the end of an era.
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 9.6 years, according to data compiled by exechange. Only 12 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Jones’s duties will be taken over in the interim by Jeffrey Alan (Jeff) Tanner, most recently Executive Vice President—Geosciences and Business Development of Jones Energy, Inc.
Jones’s move is part of a management shake-up also involving the positions of President; and Chief Operating Officer.
No reason given
In the announcement, Jones Energy did not explicitly explain the obviously compelling reason for Jones’s sudden move, opening the door for speculation.
Jones will remain as Chairman at Jones Energy
“Mr. Jones will continue to serve as Chairman of the Board,” Jones Energy said.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without an understandable explanation.
Jones Energy said: “On April 17, 2018, Jones Energy, Inc., a Delaware corporation …, announced several changes to its senior management. Jonny Jones, the Chief Executive Officer of the Company, and Mike S. McConnell, the President of the Company, were terminated, effective immediately.”
McConnell will continue to serve as a member of the Board.
Also on April 17, 2018, the Company announced the appointment of Jeff Tanner as Chief Operating Officer.
Share price decline
The change follows a decline in the share price of Jones Energy, Inc. since September 2014.
In the position of CEO since 1988
Jonny Jones founded Jones Energy, Inc. in 1988 and has been its Chairman since 2009 and Chief Executive Officer since 1988.
Jonny Jones has served as Chairman of the Company’s board of directors since 2009 and as the principal executive officer of the company since 1988.
Prior to founding the company in 1988, Jones worked for subsidiaries and affiliates of BP plc as a geologist.
Jones is a third generation explorationist with over 30 years of experience in the oil and gas industry focusing on the U.S. mid-continent.
Jones is currently Chairman of the Texas Oil and Gas Association and serves on the executive committee of the US Oil & Gas Association.
He received the Ernst & Young Entrepreneur of the Year 2012 Award for Central Texas.
He has previously served on the Advisory Council of the University of Oklahoma School of Geology and Geophysics and has been actively involved in fund raising efforts at the school.
Jones is a member of the Independent Petroleum Association of America, where he previously served on the Board of Directors.
He is also a member of the American Association of Petroleum Geologists.
Jones holds a B.S. in Geology from the University of Oklahoma and an M.A. in Geology from the University of Texas at Austin.
Read the full story in the exechange report 17.2018 ($).