Gulfport CFO Aaron Gaydosik leaves at short notice

  • Signs for push-out forces
  • After around two years on the job
  • Thanks and good wishes for Gaydosik
  • Keri Crowell taking over

(management-change.com) — Oklahoma City, Oklahoma, December 29, 2016 — Aaron Gaydosik, finance chief of Gulfport, leaves. It is a change at short notice. As announced by Gulfport Energy Corporation in a news release and in a regulatory filing published on Thursday, December 29, 2016, Aaron M. Gaydosik, Chief Financial Officer, leaves the oil and gas exploration and production company in a surprising move after around two years on the job, effective January 04, 2017.

No company wants a CFO to flame out in the first years.

Gaydosik’s duties are taken over by Keri Crowell, currently Chief Accounting Officer at Gulfport Energy Corporation.

“To pursue an external opportunity”

Gaydosik’s move is explained as follows. Gulfport said: “Aaron Gaydosik, the Company’s Chief Financial Officer, has informed Gulfport of his decision to resign from the Company, effective January 4, 2017, to pursue an external opportunity.”

The phrase “to pursue an external opportunity” is often used in corporate announcements and opens the door to speculation.

Wake-up call

Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position at short notice and without a reasonable explanation.

“Resign”

Gulfport said: “On December 22, 2016, Aaron Gaydosik, our Chief Financial Officer, notified us that he is resigning from this position, effective January 4, 2017, to pursue an external opportunity.”

“Not the result of any disagreement”

“In his resignation letter, Mr. Gaydosik advised us that his resignation is not the result of any disagreement with Gulfport Energy Corporation on any matter relating to its operations, policies or practices,” Gulfport 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.

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

Share price decline

The change follows a sharp decline in the share price of Gulfport Energy Corporation since April 2014.

Boston Partners holds 10.21 percent stake

Boston Partners reported a 10.21 percent stake in Gulfport Energy Corporation as of September 30, 2016.

Chaired by David Houston

Gulfport Energy Corporation is chaired by David L. Houston.

Houston has served as a director of the Company since July 1998 and as Chairman of the Board since July 2013.

Michael G. Moore serves as CEO of Gulfport Energy Corporation. Moore was appointed as Chief Executive Officer and as a member of the board of directors on April 22, 2014, and has served as President since August 2013. He served as Chief Financial Officer and Secretary from July 2000 to April 2014.

On the job as CFO since 2014

Gaydosik has served as Chief Financial Officer of the Company since August 11, 2014.

From July 2013 until joining the Company, Gaydosik served as Vice President of Finance at Kodiak Oil & Gas Corp., an independent energy company with operations focused primarily in the Williston Basin of North Dakota.

From May 2007 through July 2013, Gaydosik held various positions of increasing levels of responsibility at Credit Suisse Securities (USA), LLC, most recently as a Director in its Oil and Gas Group, focused on capital markets and advisory transactions primarily for exploration and production companies.

His prior investment banking experience also includes two years in the energy group at Wachovia Securities.

Gaydosik holds a Bachelor of Business Administration in Finance from Southern Methodist University and a Masters of Business Administration from the University of Chicago Booth School of Business.

Signs for push-out forces

It is not completely certain what forces eventually triggered Aaron M. Gaydosik’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 01.2017 ($).