- Push-out Score determined
- After about five and a half years in the position
- Praise and thanks for Ottoson
- Herb Vogel taking over
- Ottoson said 61 words
(exechange) — Denver, Colorado, July 23, 2020 — Jay Ottoson, chief executive of SM Energy, leaves. As announced by SM Energy Co. in a news release and in a regulatory filing published on Thursday, July 23, 2020, Javan D. (Jay) Ottoson leaves his post as chief executive officer at the independent energy company after about five and a half years in the role, effective before the end of 2020.
The Company announced that Herbert S. Vogel has been appointed to the position of President of the Company.
The Board of Directors intends to promote Vogel to Chief Executive Officer effective upon Ottoson’s departure.
No reason given
In the announcement, SM Energy did not explicitly explain the reason for Jay Ottoson’s move.
Precise information regarding Jay Ottoson’s future plans was not immediately available.
“Retire”
SM Energy said: “President and Chief Executive Officer Javan (Jay) D. Ottoson has advised the Board of Directors of SM Energy of his intention to retire before the end of 2020.”
Share price decline
The announcement follows a decline in SM Energy Co.’s share price of 92% since February 2015.
Chaired by William Sullivan
SM Energy Co. is chaired by William Sullivan.
Sullivan has been a director since 2004, and currently serves as Chairman of the Board and Chairperson for the Executive Committee.
In the position of CEO since 2015
Jay Ottoson became CEO of the Company in 2015.
Ottoson will remain a member of the Board of Directors until the next annual meeting in May 2021.
Ottoson joined the Company in December 2006 as Executive Vice President and Chief Operating Officer.
Ottoson was appointed President of the company in October 2012 and Chief Executive Officer of the company in February 2015.
Ottoson has been in the energy industry for over 37 years.
From April 2006 until he joined the company in December 2006, Ottoson was Senior Vice President—Drilling and Engineering at Energy Partners, Ltd., an independent oil and natural gas exploration and production company, where his responsibilities included overseeing all aspects of its drilling and engineering functions.
Ottoson managed Permian Basin assets for Pure Resources, Inc., a Unocal subsidiary, and its successor owner, Chevron, from July 2003 to April 2006.
From April 2000 to July 2003, Ottoson owned and operated a homebuilding company in Colorado and ran his family farm.
Prior to 2000, Ottoson worked for ARCO in management and operational roles, including serving as President of ARCO China, Commercial Director of ARCO United Kingdom, and Vice President of Operations and Development, ARCO Permian.
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 SM Energy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2020 ($).