- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Blanchard
- Chad Stephens taking over in the interim
(exechange) — Oklahoma City, Oklahoma, August 30, 2019 — Paul Blanchard, chief executive of Panhandle, leaves. As announced by Panhandle Oil & Gas Inc. in a news release published on Tuesday, August 27, 2019 and in a regulatory filing published on Friday, August 30, 2019, Paul F. Blanchard has left his post as Chief Executive Officer at the oil and natural gas mineral and leasehold acreage-focused capital allocator after less than three years in the role, effective August 26, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. On an accumulated basis, around 24% of the CEOs who announced their departure over the past 12 months left their posts within three years.
Paul Blanchard’s duties as CEO will be taken over in the interim by Chad L. Stephens, most recently Lead Independent Director of Panhandle Oil and Gas Inc., as Interim Chief Executive Officer.
“Explicit shift with an increasing focus on the mineral acquisition market”
A reason for Paul Blanchard’s departure from the CEO post was not explicitly provided. Mark T. Behrman, a member of the Board since 2017, said: “The timing of this transition coincides well with the Board’s evaluation of the Company’s strategy. Panhandle is making an explicit shift with an increasing focus on the mineral acquisition market.”
Precise information regarding Paul Blanchard’s future plans was not immediately available.
“Stepped down/resigned”
Panhandle said: “Paul F Blanchard Jr., announced a transition of leadership of the Company, pursuant to which Mr. Blanchard has stepped down as a member of the Board, and as President and Chief Executive Officer of the Company effective August 26, 2019.”
Panhandle further said: “Paul F. Blanchard Jr. has resigned as a member of the Board of Directors (the “Board”), and as President and Chief Executive Officer of the Company, effective August 26, 2019.”
“No disagreements”
“In his resignation letter, Mr. Blanchard stated that he had no disagreements with the Company, its management, the Board or any committee of the Board,” Panhandle said.
Share price decline
The announcement follows a decline in Panhandle Oil and Gas Inc.’s share price of 52% since January 2017.
In the position of CEO since 2017
Paul Blanchard became CEO of the Company in January 2017.
Blanchard is expected to continue to provide consulting services to the Company until September 30, 2019.
Paul F. Blanchard, Jr., has been Panhandle’s President and Chief Executive Officer since January 2017.
He joined the Company as Vice President and Chief Operating Officer in January 2009, then was elected Senior Vice President and Chief Operating Officer in March 2010.
Blanchard was sole proprietor of a consulting petroleum engineering firm from 2007 to 2008, and served from 1997 to 2007 as Vice President, Mid-Continent Business Unit of Range Resources Corporation (oil and gas exploration and production).
Blanchard holds a Bachelor of Science degree in Petroleum Engineering. He was elected to the Board in 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 35.2019 ($).