Valor recently announced the promotion of Adam Powell has been promoted to the newly created position at the Fort Worth, Texas-based firm of chief accounting officer.
“As we continue to expand our scope of services and develop additional service lines, we continue to grow and expand our accounting department,” Valor CEO Joseph DeWoody commented in a company release on May 6.
Valor is an asset management and professional services company specializing in oil and gas mineral rights. According to the release, the company has been rapidly expanding its scope and mission through Valor Ignite™—an on-demand outsourcing solution for accounting, business process outsourcing, contract C-suite engagements and back-office support
The creation of the new chief accounting officer role and Powell’s promotion is directly related to Valor’s rapid growth over the past year, doubling in both size and revenue, the release said.
“We’ve taken a proactive approach to align our accounting department to provide our clients the best service possible and Adam is imminently qualified to help lead this effort,” DeWoody said.
Valor currently manages 8 million gross mineral acres on behalf of their clients, whose holdings generate more than $100 million in annual revenue, according to the release.
As the company’s chief accounting officer, Powell will oversee Valor’s multiple client sectors including individuals, families, partnerships, trusts, nonprofits, universities, institutions, investment funds and family offices—which includes clientele with assets in over 32 U.S. states. He previously served as director of accounting and risk management.
“I’m honored to serve the company and its expanding client roster in this elevated capacity,” Powell commented. “My updated mission is to lead and direct a talented department of accounting professionals during this period of robust company growth and expansion.”
Powell is a member of both the Texas Society of CPAs, the American Institute of CPAs and was recently named a finalist in D CEO Magazine’s 2022 Financial Executive Awards. He has has extensive experience in accounting and auditing both public and privately held assets in the oil and gas, manufacturing, distribution and health care industries, the release said.
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