- Push-out Score determined
- After about three years in the position
- Praise, thanks and good wishes for Brooks
- Darrin Henke taking over
(exechange) — Houston, Texas, August 17, 2020 — John Brooks, chief executive of Penn Virginia, leaves. As announced by Penn Virginia Corp. in a news release on Monday, August 17, 2020, John A. Brooks leaves his post as chief executive officer at the independent oil and gas company after about three years in the role, effective immediately.
John Brooks’s duties as CEO will be taken over by Darrin J. Henke, most recently Chief Executive Officer of Gary Petroleum Partners.
The fact that John Brooks’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Penn Virginia did not explicitly explain the reason for John Brooks’s move.
Precise information regarding John Brooks’s future plans was not immediately available.
“Retirement”
Penn Virginia said: “Penn Virginia Corporation (“Penn Virginia” or the “Company”) (NASDAQ:PVAC) today announced the concurrent retirement of John A. Brooks and appointment of Darrin J. Henke as President, Chief Executive Officer (“CEO”) and Director of the Company, effective immediately.”
Share price decline
The announcement follows a decline in Penn Virginia Corp.’s share price of 84% since August 2018.
Chaired by Darin G. Holderness
Darin G. Holderness serves as Chairman of Penn Virginia Corp.
Darin G. Holderness, CPA, was the Senior Vice President, Chief Financial Officer and Treasurer of Concho Resources until May 2016.
In the position of CEO since 2017
John Brooks became CEO of the Company in 2017.
John A. Brooks has served on the Board and as President and Chief Executive Officer (“CEO”) of the Company since August 2017.
Brooks had previously served in several management roles for Penn Virginia, including as Interim Principal Executive Officer of Penn Virginia Corporation from September 2016 to August 2017, as Executive Vice President and Chief Operating Officer from January 2014 to August 2017, as Executive Vice President, Operations from February 2013 to January 2014, Senior Vice President from February 2012 to February 2013 and Vice President from May 2008 to February 2012 and as Penn Virginia Oil & Gas Corporation’s Vice President and Regional Manager from October 2007 to February 2012, Operations Manager from January 2005 to October 2007 and Drilling Manager from February 2002 to January 2005.
Brooks received his B.S. in Petroleum Engineering from the University of Texas at Austin in 1984.
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 Penn Virginia and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2020 ($).