- Push-out Score determined
- After about five and a half years in the position
- Praise and thanks for Lodzinski
- Robert Anderson taking over
- Lodzinski will remain as Executive Chairman at Earthstone
- Lodzinski said 112 words
(exechange) — The Woodlands, Texas, January 30, 2020 — Frank Lodzinski, chief executive of Earthstone, leaves his position. As announced by Earthstone Energy Inc. in a news release on Thursday, January 30, 2020, Frank A. Lodzinski leaves his post as chief executive officer at the independent energy company after about five and a half years in the role, effective April 1, 2020.
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 7.5 years, according to data compiled by exechange.
Frank Lodzinski’s duties as CEO will be taken over by Robert J. Anderson, currently President of Earthstone Energy Inc.
No reason given
In the announcement, Earthstone did not explicitly explain the reason for Frank Lodzinski’s move.
Lodzinski will remain as Executive Chairman at Earthstone
Earthstone Energy, Inc. announced “that its current Chairman and Chief Executive Officer, Mr. Frank A. Lodzinski, will be appointed Executive Chairman and its current President, Mr. Robert J. Anderson, will be appointed Chief Executive Officer and President of Earthstone, effective on April 1, 2020,” Earthstone said.
Share price decline
The announcement follows a decline in Earthstone Energy Inc.’s share price of 80% since December 2014.
In the position of CEO since 2014
Frank Lodzinski became CEO of the Company in 2014.
Lodzinski has served as the Company’s Chairman and Chief Executive Officer since December 2014.
He also served as the Company’s President from December 2014 through April 2018.
Previously, he served as President and Chief Executive Officer of Oak Valley Resources, LLC (“Oak Valley”) from its formation in December 2012 until the closing of its strategic combination with Earthstone in December 2014.
Prior to his service with Oak Valley, Lodzinski was Chairman, President and Chief Executive Officer of GeoResources, Inc. from April 2007 until its merger with Halcón Resources Corporation (“Halcón”) in August 2012 and from September 2012 until December 2012 he conducted pre-formation activities for Oak Valley.
He has over 45 years of oil and gas industry experience.
In 1984, he formed Energy Resource Associates, Inc., which acquired management and controlling interests in oil and gas limited partnerships, joint ventures and producing properties.
Certain partnerships were exchanged for common shares of Hampton Resources Corporation in 1992, which Lodzinski joined as a director and President.
Hampton was sold in 1995 to Bellwether Exploration Company.
In 1996, he formed Cliffwood Oil & Gas Corp. and in 1997, Cliffwood shareholders acquired a controlling interest in Texoil, Inc., where Lodzinski served as Chief Executive Officer and President.
In 2001, Lodzinski was appointed Chief Executive Officer and President of AROC, Inc., to direct the restructuring and ultimate liquidation of that company.
In 2003, AROC completed a monetization of oil and gas assets with an institutional investor and began a plan of liquidation in 2004.
In 2004, Lodzinski formed Southern Bay Energy, LLC, the general partner of Southern Bay Oil & Gas, L.P., which acquired the residual assets of AROC, Inc., and he served as President of Southern Bay Energy, LLC upon its formation.
The Southern Bay entities were merged into GeoResources in April 2007.
Lodzinski has served as a director and member of the nominating and governance committee of Yuma Energy, Inc. since April 2019 and previously served on its audit committee from September 2014 to October 2016 and its compensation committee from October 2016 to April 2019.
He holds a BSBA degree in Accounting and Finance from Wayne State University in Detroit, Michigan.
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 Earthstone and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2020 ($).