Diversified Energy Company PLC (LON:DEC) has announced executive leadership changes that allow for the continued execution of the Company’s long-term strategic vision.
Eric Williams, Executive Vice President and Chief Financial Officer, has resigned from the Company, effective immediately, to pursue other professional opportunities. Mr. Williams will work with the Company through the end of September 2023 to ensure a smooth transition of leadership. Concurrent with Mr. William’s resignation, Brad Gray, the Company’s current Executive Vice President and Chief Operating Officer, has been promoted to President and will assume the role of Chief Financial Officer, effective immediately. As part of his transition in responsibilities, Mr. Gray has resigned from the Board of Directors.
Leveraging a stable of top talent, Maverick Bentley, currently Senior Vice President of Midstream Operations, has been promoted to Executive Vice President of Operations; Benjamin Sullivan, currently General Counsel, has been promoted to Senior Executive Vice President and Chief Legal & Risk Officer; Ron Ridgway, currently Senior Vice President of Energy Marketing, has been promoted to Executive Vice President of Energy Marketing.
Rusty Hutson, CEO, commented, “On behalf of the entire Diversified team, I would like to thank Eric for his contributions over the last six years. Since joining the Company in July 2017, Eric has been instrumental in transforming our finance team. We appreciate Eric’s leadership and commitment to Diversified’s success and wish him all the best in his future endeavors.”
Hutson continued, “I am thrilled to have the opportunity to promote and place Brad into the role of CFO, who has a deep understanding of Diversified, having also previously held the CFO position at the Company. Brad has developed strong relationships within every segment of our company, and these relationships position him and our finance teams for future success. Additionally, his promotion and appointment ensures we do not miss a beat in executing our strategy to responsibly deliver long-term value to shareholders.”
Eric Williams said, “I am grateful to Rusty, the Board, and the entire Diversified Team for the opportunity to be part of the Company’s success over the past several years. I count it both an honor and privilege to have worked with an extremely talented team.”
In this next evolution of the Diversified executive team, Hutson concluded, “The changes announced today are a testament to our deep bench and strong succession plans. Brad, Ben, Ron, and Maverick are incredibly talented leaders. They will allow us to build on the significant momentum we have at Diversified as we continue our journey to grow and position this Company for the future. I am proud of the agility and resilience of our team to stay focused and deliver strong results.”
Board of Director Updates
Following Brad Gray’s resignation from the Board of Directors, the following additional committee and governance changes are being made with immediate effect:
- Kathryn Klaber becomes the Chair of the Nomination and Governance Committee and becomes a member of the Audit and Risk Committee
- Martin Thomas leaves the Audit and Risk Committee
- David Johnson leaves the Nomination and Governance Committee
- Sylvia Kerrigan becomes the Senior Independent Non-Executive Director
- David Turner steps down as the Senior Independent Non-Executive Director
These committee leadership changes at the Board of Directors level align with the Company’s focus on gender diversity and independence.
Further Information
Remuneration details relating to Mr. Gray’s service on the Board of Directors will be included in the 2023 Director’s Remuneration Report. In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company’s website until the 2023 Annual Report is made available.
Shareholder Engagement
Diversified Energy places great value in fostering long-term relationships with shareholders and, as part of its investor relations efforts, maintains open and transparent dialogue to proactively address issues important to its shareholders. In the six months following the Company’s 2023 Annual General Meeting and as part of its engagement related to items on which shareholders voted at that meeting, the Company engaged in discussions with shareholders regarding remuneration. The Company will continue to engage with shareholders and will provide an update on these efforts in the Company’s Annual Report for the 2023 Financial Year.
