Laredo Petroleum announces new board chairman as part of long-term transition plan
by Staff report
TULSA
Laredo appoints chairman
Laredo Petroleum, Inc. recently announced it has appointed independent board member William Albrecht as its chairman.
Albrecht, who serves on the board’s compensation and nominating and corporate governance committees, succeeded Randy Foutch on May 14.
"Bill's appointment as chairman fulfills Laredo's prior commitment to separate the roles of chairman and chief executive officer and (to) name an independent chairman," stated Bill Scoggins, who chairs the board’s nominating and corporate governance committee.
"His extensive energy industry background and leadership experience will be instrumental in providing guidance to Laredo's leadership team in these unprecedented times."
Albrecht joined Laredo’s board of directors in February, company officials said.
Jason Pigott, Laredo’s CEO, noted that Albrecht played a crucial role in shaping the company’s strategy as it, like other oil and gas operators, continues to contend with a demand shock that has rocked the industry since early March.
"I look forward to continuing to work closely with him as we position Laredo for long-term, sustainable growth," Pigott stated as part of the announcement.
Besides serving on Laredo’s board, Albrecht also is the board chairman of at California Resources Corp. and serves on the boards of Halliburton and Valaris.
As for Foutch, his career has spanned four decades as he founded four successful energy companies, including Laredo in 2006.
"Speaking on behalf of the entire board, I would like to thank Randy for his tireless commitment to building Laredo Petroleum," Pigott stated.
"Through his spirit and dedication, Randy created a strong foundation for our future growth.”