- Push-out Score determined
- After 15 years in the position
- Praise, thanks and good wishes for Pinkston
- David Merrill taking over
- Pinkston kept it short and said 22 words
(exechange) — Tulsa, Oklahoma, February 21, 2020 — Larry Pinkston, chief executive of Unit, leaves. As announced by Unit Corp. in a news release and in a regulatory filing published on Friday, February 21, 2020, Larry D. Pinkston leaves his post as chief executive officer at the energy company after 15 years in the role, effective March 31, 2020.
It is the end of an era.
Larry Pinkston’s duties as CEO will be taken over by David T. Merrill, currently Chief Operating Officer of Unit Corp.
“As part of the company’s succession planning process”
Larry Pinkston’s departure from the CEO post is explained as follows. Unit said: “Unit Corporation (NYSE – UNT) today announced that as part of the company’s succession planning process initiated in 2017, David T. Merrill was elected to succeed Larry D. Pinkston as the company’s Chief Executive Officer and President, effective April 1, 2020.”
Precise information regarding Larry Pinkston’s future plans was not immediately available.
“Retirement”
Unit said: “Mr. Pinkston announced his retirement from his CEO and President roles effective March 31, 2020, although he will remain on Unit’s Board of Directors.”
Unit further said: “On February 18, 2020, Larry D. Pinkston notified the board of directors of the company of his decision to retire as the President and Chief Executive Officer of the company, effective March 31, 2020.”
“Decision to retire did not result from any disagreement”
“Mr. Pinkston’s decision to retire did not result from any disagreement with the company, the company’s management, or the board,” Unit said.
Share price decline
The announcement follows a decline in Unit Corp.’s share price of 98% since March 2019.
Chaired by Michael Adcock
Unit Corp. is chaired by Michael Adcock.
J.Michael Adcock has served on the board of directors since 1997. He was elected the Chairman of the Board in December 2016.
In the position of CEO since 2005
Larry Pinkston became CEO of the Company in 2005.
Pinkston will continue to serve as a member of the board.
Pinkston has been employed by the company since 1981.
He has served as the company’s President since August 2003 and as its Chief Executive Officer since April 2005.
He served as Chief Operating Officer from February 2004 through August 2017. Before being appointed President in 2003, Pinkston served the company in numerous other positions, including as Corporate Budget Director, Assistant Controller, and Controller.
He served as Treasurer from 1986 to 2003, and from May 1989 to August 2003, he also served as Vice President and Chief Financial Officer.
Pinkston holds an accounting degree from East Central University of Oklahoma.
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 8.2020 ($).