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Halcón Resources President/CEO Floyd Wilson has resigned from his role to pursue other interests.
Additionally, Mark Mize (CFO) and Steve Herod (VP of Corporate Development) are also departing the company.
This is just the latest management shake-up spurred by activist investors in a bid to increase company value.
- Back in October 2018, investor Fir Tree Capital was encouraging Halcon to sell off assets or buy back stock to increase company value (Fir Tree owns ~7.2% of the company)
James Christmas, who has been appointed Non-Executive Chairman of the Board, said: "Our Board is focused on pursuing a strategy to enhance profitability and increase shareholder value through disciplined cost management and operational improvements. Halcón's management team will have a renewed focus on reducing costs at all levels and optimizing development of Halcón's outstanding acreage with an emphasis on managing drilling and completion costs to maximize rates of return. "
Board Will Commence Search for New CEO
The Board will commence a search process for a permanent Chief Executive Officer. In the interim, the Company will be managed by a Management Committee led by David Elkouri, Executive Vice President and Chief Legal Officer, which will report to Mr. Christmas. Quentin Hicks will assume the role of Executive Vice President, Chief Financial Officer and Treasurer upon Mark Mize's departure.
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