- Push-out Score determined
- After about four and a half years in the position
- Praise and thanks for Papa
- Sean Smith taking over
- Papa spoke at length and said 196 words
(exechange) — Denver, Colorado, February 24, 2020 — Mark Papa, chief executive of Centennial, leaves. As announced by Centennial Resource Development Inc. in a news release and in a regulatory filing published on Monday, February 24, 2020, Mark G. Papa leaves his post as chief executive officer at the independent oil producer after about four and a half years in the role, effective May 31, 2020.
Mark Papa’s duties as CEO will be taken over by Sean R. Smith, currently Chief Operating Officer of Centennial Resource Development Inc.
It is a generational change as well. Sean Smith is about 27 years younger than Mark Papa.
“Planned retirement”
Mark Papa’s departure from the CEO post is explained as follows. Centennial said: “Mr. Smith has been appointed in connection with the planned retirement of Mark G. Papa, who has served as Centennial’s Chairman and Chief Executive Officer since 2016.”
Precise information regarding Mark Papa’s future plans was not immediately available.
“Did not result from any disagreement”
“Mr. Papa’s resignation did not result from any disagreement with the Company regarding any matter related to the Company’s operations, policies or practices,” Centennial said.
Share price decline
The announcement follows a decline in Centennial Resource Development Inc.’s share price of 85% since January 2018.
In the position of CEO since 2015
Mark Papa became CEO of the Company in 2015.
Mark G. Papa has served as the Company’s Chief Executive Officer and Chairman of the Board since November 2015.
Papa is also an advisor to Riverstone Holdings, LLC, a private equity firm specializing in energy investments (together with its affiliates, “Riverstone”).
Prior to joining Riverstone in February 2015, Papa was Chairman and CEO of EOG Resources, Inc. (NYSE: EOG), an independent U.S. oil and gas company (“EOG”), from August 1999 to December 2013.
Papa served as a member of EOG’s board of directors from August 1999 until December 2014.
Papa worked at EOG for 32 years in various management positions.
Papa was retired from December 2013 through February 2015.
Prior to joining EOG, Papa worked at Conoco Inc. for 13 years in various engineering and management positions.
Papa has also served on the board of Schlumberger Limited (NYSE: SLB), an international oilfield services company, since October 2018 and Casa de Esperanza, a non-profit organization serving children in crisis situations, since November 2006.
Papa previously served on the board of Oil States Industries (NYSE: OIS), an international oilfield services company, from February 2001 to August 2018.
In February 2010 and 2013, the Harvard Business Review cited Papa as one of the 100 Best Performing CEOs in the World; both times Papa was the highest ranked Global Energy CEO.
Additionally, Institutional Investor magazine repeatedly ranked him as the Top Independent E&P CEO.
He received his B.S. in petroleum engineering from the University of Pittsburgh and an MBA from the University of Houston.
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 Centennial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2020 ($).