- Push-out Score determined
- After about six years in the position
- Keith Maxwell taking over in the interim
(exechange) — Houston, Texas, March 12, 2020 — Nathan Kroeker, chief executive of Spark Energy, leaves. As announced by Spark Energy Inc. in a news release on Thursday, March 12, 2020, Spark’s founder, W. Keith Maxwell III, has been appointed as Interim Chief Executive Officer and Executive Chairman of the Board of the retail energy services company.
The move forms part of a management shake-up also involving the position of Chief Operating Officer.
No reason given
In the announcement, Spark Energy did not explicitly explain the reason for Nathan Kroeker’s move.
Precise information regarding Nathan Kroeker’s future plans was not immediately available.
Spark Energy said: “Spark’s founder, W. Keith Maxwell III, has been appointed as Interim Chief Executive Officer and Executive Chairman of the Board, effective immediately.”
Share price decline
The announcement follows a decline in Spark Energy Inc.’s share price of 28% since January 2018.
In the position of CEO since 2014
Nathan Kroeker became CEO of the Company in 2014.
Kroeker served as the Company’s President and Chief Executive Officer.
Kroeker has served as President since April 2012, and as Chief Executive Officer since April 2014.
Kroeker has also served as a director since August 2014.
Prior to serving as the Company’s President and Chief Executive Officer, Kroeker served as the Company’s Chief Financial Officer from July 2010 to April 2012 and as the Chief Financial Officer of Marlin Midstream Partners, L.P., a midstream energy company that is affiliated with the Company, from July 2010 to January 2012.
Prior to his employment by Spark Energy and Marlin Midstream, Kroeker was Senior Vice President, Finance, for Macquarie Energy, the global energy supply, trading and logistics division of Macquarie Bank, from December 2009 to July 2010, and was employed as the Chief Financial Officer of the retail business division of Direct Energy, LP, a retail energy service provider, from March 2006 to August 2009, and in various other management roles in Direct Energy, LP’s finance group from March 2004 until March 2006.
Kroeker holds a Bachelor of Commerce degree from the University of Manitoba and is a licensed Chartered Accountant in Canada and a Certified Public Accountant in the state of Texas.
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 12.2020 ($).