23:32 | 13.09.2019
Basic Energy Services Announces Leadership Changes
Basic Energy Services, Inc. (NYSE: BAS) (“Basic” or the “Company”) today announced that T.M. “Roe” Patterson, the Company’s President and Chief Executive Officer and a member of its board of directors (the “Board”), notified the Company that he plans to transition away from the Company to pursue other business opportunities.
The Company has begun an executive search for a new Chief Executive Officer. Mr. Patterson will continue to serve as President and Chief Executive Officer of Basic, and as a member of the Board, while the Company conducts a search for his successor, and will remain with Basic in an advisory capacity for a period of time after his replacement is chosen to facilitate an orderly transition. Once his successor is chosen, Mr. Patterson will resign from his position on the Board as well.
Additionally, the Company announced that Julio Quintana, a current independent director of the Company, will take on the additional role of Chairman of the Board, effective September 13, 2019. Mr. Quintana became a member of the Board in 2016. Timothy Day, who has served as a member of the Board and Chairman since 2016, will continue to serve as a director of the Company and as chair of the Compensation Committee of the Board.
Mr. Patterson stated, “My past fourteen years with Basic have been both personally and professionally rewarding. Having successfully guided the Company through a successful restructuring and putting together a terrific management team, I feel that I’m leaving Basic in good hands while I pursue other interests. I have thoroughly enjoyed working with the members of the Basic team, and, as a significant continuing stockholder, look forward to this next chapter in the Basic story.”
“On behalf of the entire Board, I want to thank Roe for his many years of dedicated service to Basic,” said Mr. Quintana. “I also want to thank Tim for his service and contributions as Chairman of the Board, and I look forward to continuing to work with him and the rest of the Board to guide the Company in the future.”
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