- Push-out Score determined
- After about a year and a half in the position
- Praise, thanks and good wishes for Elliott
- Nicholas O’Grady taking over
- Elliott said 66 words
(exechange) — Minneapolis, Minnesota, December 17, 2019 — Brandon Elliott, chief executive of Northern Oil and Gas, leaves. As announced by Northern Oil & Gas Inc. in a news release on Tuesday, December 17, 2019, Brandon Elliott leaves his post as Chief Executive Officer at the exploration and production company after about a year and a half in the role, effective December 31, 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 7.6 years, according to data compiled by exechange. On an accumulated basis, around 15% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 25% left their posts within three years.
Brandon Elliott’s duties as CEO will be taken over by Nicholas O’Grady, currently Chief Financial Officer of Northern Oil & Gas Inc.
Brandon Elliott’s move is part of a management shake-up also involving the positions of Chief Operating Officer; Chief Legal Officer and Secretary; Executive Vice President of Finance; and Senior Vice President of Engineering.
“Culmination of the financial repositioning”
A reason for Brandon Elliott’s departure from the CEO post was not explicitly provided. Brandon Elliott said: “With the culmination of the financial repositioning and the beginning of a sustainable program to return capital to shareholders, the company and the management team have never been better positioned to continue the successes we have had.”
Precise information regarding Brandon Elliott’s future plans was not immediately available.
“Is stepping down”
Northern Oil and Gas said: “Brandon Elliott, Northern’s Chief Executive Officer, is stepping down as CEO, and will be succeeded by Nicholas O’Grady, Northern’s current President and Chief Financial Officer, effective January 1, 2020.”
Share price decline
The announcement follows a decline in Northern Oil & Gas Inc.’s share price of 37% since July 2018.
Chaired by Bahram Akradi
Northern Oil & Gas Inc. is chaired by Bahram Akradi.
Akradi has served as a director since July 2017. Akradi has served as Chairman of the Board, President, Chief Executive Officer and a director of LTF Holdings, Inc. and its wholly owned subsidiary, Life Time Fitness, Inc., since September 2015.
In the position of CEO since 2018
Brandon Elliott became CEO of the Company in 2018.
Elliott will step down as Chief Executive Officer on December 31, 2019, and from the company’s executive team on January 15, 2020.
He will remain a consultant through 2020 to help facilitate the management transition and advise the company and the board on ESG initiatives and other strategic matters.
Brandon Elliott has served as the Company’s Chief Executive Officer since July 2018, prior to which he served as the Company’s Interim President in 2018 and as the Company’s Executive Vice President, Corporate Development and Strategy since January 2013.
Prior to joining the Company, Elliott served as Vice President of Investor Relations of CONSOL Energy Inc., a Fortune 500 coal and natural gas company, from 2010 until 2012.
Prior to CONSOL, Elliott worked from 2000 until 2010 at Friess Associates LLC, managers of The Brandywine Funds, most recently as a portfolio manager.
Elliott holds a bachelor’s degree from Dartmouth College, is a Chartered Financial Analyst (CFA) and is a member of the National Investor Relations Institute.
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.
exechange reached out to Northern Oil and Gas and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2019 ($).