- Signs for push-out forces
- After around three years on the job
- Laud, praise, thanks and good wishes for Micklas
- Will Monteleone taking over
(exechange) — Houston, Texas, March 22, 2017 — Chris Micklas, finance chief of Par Pacific, leaves. It is an abrupt change. As announced by Par Pacific Holdings, Inc. in a news release published on Tuesday, March 21, 2017 and in a regulatory filing published on Wednesday, March 22, 2017, Christopher M. (Chris) Micklas leaves the post as Chief Financial Officer at the energy company in a surprising move after around three years on the job, effective immediately.
Micklas’ move comes 18 months after William Pate took over as CEO of Par Pacific.
Micklas’ duties are taken over by Will Monteleone, most recently Senior Vice President of Mergers and Acquisitions and Business Development at Par Pacific Holdings, Inc.
“To spend time with his family”
The sudden management change is explained as follows. Par Pacific said: Chris Micklas “is leaving Par Pacific to spend time with his family.”
The phrase “to spend time with his family” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Micklas was not immediately available.
Par Pacific said: “On March 21, 2017, Christopher Micklas, resigned as Chief Financial Officer of Par Pacific Holdings, Inc.”
Share price decline
The change follows a decline in the share price of Par Pacific Holdings, Inc. since November 2015.
Chai Trust holds 28.67 percent stake
Chai Trust Co LLC reported a 28.67 percent stake in Par Pacific Holdings, Inc. as of December 31, 2016.
Chaired by Melvyn N. Klein
Par Pacific Holdings, Inc. is chaired by Melvyn N. Klein.
Klein is a private investor and Founder of Melvyn N. Klein Interests.
CEO: William Pate
William Pate serves as CEO of Par Pacific Holdings, Inc. Pate joined Par Pacific as a member of the Board of Directors in 2014 and was appointed President and Chief Executive Officer of Par Pacific in October 2015.
On the job as CFO since 2013
Micklas was appointed Chief Financial Officer in December 2013.
Micklas has more than 25 years of experience in industrial manufacturing, upstream & downstream oil and gas and financial services.
Most recently, he served as Chief Operating Office Finance Director of BG Group Plc’s global liquefied natural gas business.
He has held senior roles, including Chief Financial Officer of Ennis Paint and Finance Director of U.S. Downstream at Shell Oil Company.
His earlier career included various finance positions at General Electric Company.
Micklas holds a Bachelor’s degree in Finance from Siena College.
Signs for push-out forces
It is not completely certain what forces eventually triggered Chris Micklas’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 13.2017 ($).