Abraxas CFO Geoff King leaves at short notice

  • Push-out Score suggests push-out forces
  • After about six years in the position
  • Thanks and good wishes for King
  • Search for a successor
  • King spoke at length and said 92 words

(exechange) — San Antonio, Texas, June 7, 2018 — Geoff King, finance chief of Abraxas, leaves. It is a change at short notice. As announced by Abraxas Petroleum Corporation in a news release and in a regulatory filing published on Thursday, June 7, 2018, Geoffrey R. (Geoff) King leaves his post as Chief Financial Officer at the crude oil and natural gas exploration and production company after about six years in the role, effective June 26, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.7 years, according to data compiled by exechange.

Abraxas will undertake a search for a successor.

“To pursue another opportunity in the financial sector”

King’s imminent departure from the CFO post is explained as follows. Abraxas said: “Geoffrey R. King, Vice President and Chief Financial Officer of Abraxas, submitted his resignation on June 4, 2018 to pursue another opportunity in the financial sector.”

The phrase “to pursue another opportunity in the financial sector” opens the door to speculation.

Precise information about King’s future plans was not immediately available.

“Resignation”

Abraxas said: “On June 4, 2018, Geoffrey R. King tendered his resignation as Vice President and Chief Financial Officer of the Company.”

“Not the result of any dispute or disagreement”

“Mr. King’s resignation is not the result of any dispute or disagreement with the Company, or any matter relating to the Company’s accounting practices or financial statements,” Abraxas said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of Abraxas Petroleum Corporation since May 21, 2018.

Chaired by Robert L.G. Watson

Abraxas Petroleum Corporation is chaired by Robert L.G. Watson.

Robert L.G. Watson has served Chairman of the Board, President, Chief Executive Officer and a director of Abraxas since founding the Company in 1977.

In the position of CFO since 2012

Geoffrey R. King has been the Chief Financial Officer and Vice President of Abraxas Petroleum Corp. since September 1, 2012.

Prior to joining Abraxas, King worked at Van Eck Associates from 2007-2012 as a Senior Energy Analyst with a focus on natural resource equities and commodities.

Prior to that he served as an investment banker and in various capital market roles in the Global Power and Energy group at Merrill Lynch and, prior to being acquired by Merrill Lynch, Petrie Parkman.

King has a B.A. in Economics and History from Davidson College and is a CFA charterholder.

King will continue in his role as Abraxas’ Chief Financial Officer until June 26, 2018 to ensure an orderly transition of his responsibilities.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Geoff King’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 24.2018 ($).