Parsley Energy, Inc. (ticker: PE) said that next year, effective Jan. 2019, Chairman of the Board and CEO Bryan Sheffield will be succeeded as CEO by Matt Gallagher, the company’s current president and COO.
Gallagher is appointed to Parsley’s board of directors effective immediately. Sheffield will serve as CEO through the end of 2018, in the newly-created position of executive chairman throughout 2019, and as chairman of the board thereafter. As part of the succession plan, the board has determined to separate the roles of chairman and CEO at the time of Sheffield’s transition to executive chairman.
“I am proud of both the tremendous growth of our company and the abiding teamwork that made our growth possible,” said Sheffield. “From our humble start, contract operating 100 wells in the Permian, we have built a publicly traded company that today operates over 1,200 wells and is closing in on production of 100,000 net BOEPD.”
“After ten exhilarating and intense years in this role and with the company well positioned for the future, I am looking forward to spending more time with my family, knowing that Parsley is in good hands with Matt leading the next phase of our expansion. I am confident that Matt is the right person to lead as CEO, and I am excited to work with him in our current roles for the remainder of this year, as executive chairman throughout 2019, and as chairman thereafter,” said Sheffield.
“It is an incredible honor to succeed Bryan as CEO,” said Gallagher. “I believe that the foundation Bryan established—including a strong balance sheet, superior acreage position, and team culture that emphasizes innovation and integrity—paves the way for superior long-term value creation for our stockholders.”
Gallagher has served as the company’s president and COO since January 2017. Since joining the company in 2010, he has served in positions of increasing responsibility across the company, including overseeing engineering and geoscience activities. Prior to joining Parsley, Gallagher served with Pioneer Natural Resources between 2005 and 2010. Gallagher has a Bachelor of Science in Petroleum Engineering from the Colorado School of Mines, serves on the board of directors of the Permian Basin Petroleum Association, and is a member of the Permian Basin Society of Petroleum Engineers and the West Texas Geological Society.
