- Push-out Score determined
- After around 12 years in the position
- Praise and thanks for Redman
- Phillip Gobe taking over
(exechange) — Midland, Texas, March 16, 2020 — Dale Redman, chief executive of ProPetro, leaves. As announced by ProPetro Holding Corp. in a news release and in a regulatory filing published on Monday, March 16, 2020, Dale Redman has left his post as chief executive officer at the oilfield services company after around 12 years in the role, effective March 13, 2020.
The announcement of Dale Redman’s move comes five months after Phillip A. Gobe took over as Executive Chairman of ProPetro Holding Corp.
Dale Redman’s duties as CEO will be taken over by Phillip A. Gobe, most recently Executive Chairman of ProPetro Holding Corp.
Dale Redman’s move forms part of a management shake-up also involving the positions of Chief Strategy and Administrative Officer; and Senior Vice President of Operations.
“Fostering a strong and lasting governance culture”
The management change is explained as follows. Gobe said: “The actions we are taking reflect the deep and talented management team at ProPetro and the Board’s commitment to fostering a strong and lasting governance culture.”
Precise information regarding Dale Redman’s future plans was not immediately available.
“Resigned”
ProPetro said: “Current Executive Chairman Phillip A. Gobe has been named Chairman and Chief Executive Officer, succeeding Dale Redman as CEO, who has resigned from the Company.”
ProPetro further said: “On March 13, 2020, Dale Redman informed the Board of his intent to resign from his position as the Chief Executive Officer and as a member of the Board, effective March 13, 2020 (the “Redman Separation Date”).”
“Did not resign as a result of any disagreement”
“Mr. Redman did not resign as a result of any disagreement with the Company on any matter related to the Company’s operations, policies or practices,” ProPetro said.
Share price decline
The announcement follows a decline in ProPetro Holding Corp.’s share price of 74% since January 2019.
Chaired by Phillip A. Gobe
ProPetro Holding Corp. is chaired by Phillip A. Gobe.
On October 3, 2019, the Board appointed Phillip A. Gobe as the Company’s Executive Chairman.
In the position of CEO since 2008
Dale Redman became CEO of the Company in 2008.
Dale Redman is a co-founder of ProPetro and has been Chief Executive Officer since 2008 and a member of the Board since 2005.
Redman has over 33 years of executive and entrepreneurial experience in the energy services industry.
He was a co-founder and Chief Executive Officer of Downhole Injection Systems, LLC, which was sold in 2004.
Prior to that, Redman was President and Chief Executive Officer of Reef Chemical Company from 1993 to 1998.
Redman received a B.B.A. in Finance from Texas Tech University.
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 ($).