Midstates CFO Nelson Haight leaves at short notice

  • Signs for push-out forces
  • After around three years on the job
  • Praise and words of regret for Haight
  • Responsibilities redistributed

(exechange) — Tulsa, Oklahoma, June 07, 2017 — Nelson Haight, finance chief of Midstates, leaves. It is a change at short notice. As announced by Midstates Petroleum Company, Inc. in a news release and in a regulatory filing published on Wednesday, June 07, 2017, Nelson M. Haight leaves the post as Chief Financial Officer at the natural gas liquids company in a surprising move after around three years on the job, effective June 15, 2017.

The position of Chief Financial Officer is currently not filled. Nelson Haight’s responsibilities are redistributed.

“To explore other opportunities in the E&P sector”

The imminent management change is explained as follows. Midstates said: “Midstates Petroleum Company, Inc. … announced today that Nelson M. Haight, Executive Vice President & Chief Financial Officer of the Company, would resign from his position effective June 15, 2017 to explore other opportunities in the E&P sector.”

The phrase “to explore other opportunities” is often used in corporate announcements and opens the door to speculation.

Precise information about the future plans of Haight was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for shareholders when a CFO leaves the post at short notice and without a reasonable explanation.

“Mr. Haight did not resign due to any disagreement”

“Mr. Haight did not resign due to any disagreement with the Company or any matter relating to the Company’s operations, policies or practices,” Midstates said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of Midstates Petroleum Company, Inc. since October 2016.

Chaired by Alan Carr

Midstates Petroleum Company, Inc. is chaired by Alan Carr.

CEO: Frederic Brace

Frederic Brace serves as CEO of Midstates Petroleum Company, Inc. Brace has been Chief Executive Officer and President of Midstates Petroleum Company, Inc. since March 18, 2015.

On the job as CFO since 2014

Nelson M. Haight has been the Chief Financial Officer of Midstates Petroleum Company, Inc. since January 6, 2014.

Nelson M. Haight has served as the Company’s Executive Vice President and Chief Financial Officer since January 2015, and previously served as Senior Vice President and Chief Financial Officer from January 2014 through January 2015, and as the Company’s Chief Accounting Officer from August 2013 through January 2014.

Haight previously served as the Company’s Vice President and Controller from December 2011 to August 2013.

Haight is a Certified Public Accountant and prior to joining the Company, Haight was a partner with the audit firms of GBH CPAs from November 2008 to December 2011 and Malone Bailey, PC from July 2007 to November 2008.

Prior to those positions, Haight served in a variety of public accounting and finance roles and began his career in 1988 with Arthur Andersen and Co.

Haight holds a bachelor’s degree and a master’s degree in public accounting from the University of Texas at Austin.

Signs for push-out forces

It is not completely certain what forces eventually triggered Nelson Haight’s imminent 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 24.2017 ($).