Permian producer Approach Resources (stock ticker: AREX, $AREX) has reported wide-scale management changes.
Craft departs, Krylov is named Approach CEO
Ross Craft has resigned from his role as chairman and CEO of Approach Resources. Sergei Krylov, who has served as EVP and Chief Financial Officer since January 2014, has been appointed the new CEO. Krylov will also retain his duties as Chief Financial Officer.
Jim Crain named Chairman
In addition, James C. ‘Jim’ Crain, who has served as a director since June 2007, and also serves as chairman of the nominating and corporate governance committees, has been appointed chairman of the board.
Approach said it “remains in discussions” with President and Chief Operating Officer Qingming Yang regarding his departure. The company said that upon Yang’s departure, Troy Hoefer, SVP of engineering, who has served since June 2013, will assume management of production and drilling operations.
Curtis Henderson, chief administrative officer and corporate secretary, entered into a separation agreement with the company. Henderson will remain at Approach for up to six months to transition his responsibilities to the new management team members.
Josh Dazey, who has served the company since January 2016 as VP, general counsel and assistant secretary, will assume the primary responsibilities of Henderson over this period.
Saving up to 19% of G&A
In its statement, Approach said “the combined compensation and benefits associated with Messrs. Craft, Yang and Henderson in 2018 represented approximately 19% of 2018 total corporate cash and non-cash general and administrative expenses.”
Source: Approach Q4 Presentation
