- Push-out Score determined
- After less than three years in the position
- Praise and thanks for Holly
- Lynn Peterson taking over
(exechange) — Denver, Colorado, August 14, 2020 — Brad Holly, chief executive of Whiting, leaves. As announced by Whiting Petroleum Corp. in a news release on Friday, August 14, 2020, Bradley J. (Brad) Holly leaves his post as chief executive officer at the independent oil and gas company after less than three years in the role, effective as of the Company’s anticipated emergence from chapter 11, which is projected to occur on September 1, 2020.
Brad Holly’s duties as CEO will be taken over by Lynn A. Peterson, most recently Chief Executive Officer of SRC Energy Inc.
The fact that Brad Holly’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“To pursue other interests”
Brad Holly’s departure from the CEO post is explained as follows. Whiting said: “Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced the expected appointment of Lynn Peterson, a 40-year oil and gas industry veteran, as Chief Executive Officer, effective as of the Company’s anticipated emergence from chapter 11, which is projected to occur on September 1, 2020. Mr. Peterson succeeds Bradley J. Holly, who will resign effective at that time to pursue other interests following the Company’s restructuring.”
Precise information regarding Brad Holly’s future plans was not immediately available.
Share price decline
The announcement follows a decline in Whiting Petroleum Corp.’s share price of 96% since November 2017.
In the position of CEO since 2017
Brad Holly became CEO of the Company in 2017.
Holly is the Company’s Chairman of the Board, President and Chief Executive Officer.
Holly has more than 20 years of experience in the oil and natural gas industry.
Holly previously served as Executive Vice President, U.S. Onshore Exploration and Production for Anadarko Petroleum Corporation, an independent exploration and production company.
Prior to his promotion to Executive Vice President in May 2017, he served as Senior Vice President, U.S. Onshore Exploration and Production at Anadarko from September 2016.
He was previously Senior Vice President, Operations for Anadarko’s Rocky Mountain Region from May 2013 to September 2016, and Vice President, Operations for the Southern and Appalachia Region from July 2012 to May 2013.
Holly also previously served as General Manager of Anadarko’s Greater Natural Buttes area in eastern Utah and the Maverick Basin, which included the Eagleford Shale development in southern Texas, and Reserves and Planning Manager for the Southern and Appalachia Region.
He joined Anadarko in 1997 as a reservoir engineer and development supervisor on Anadarko’s Marco Polo and K2 developments in the deepwater Gulf of Mexico.
Holly began his career in 1994 with Amoco.
Holly holds a Bachelor of Science in Petroleum Engineering from Texas Tech University, and he is a graduate of the Harvard Business School Advanced Management Program.
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 33.2020 ($).