Legacy Reserves Inc. (NASDAQ: LGCY) recently announced several changes to its senior management as a result of the retirement of CEO and chairman Paul T. Horne, the Midland, Texas-based E&P said Oct. 31.
Horne, who has worked in the oil and gas industry for roughly 30 years, will retire as CEO on March 1. Following his retirement, he will retain his position as the company’s board chairman.
Additionally, Kyle A. McGraw, chief development officer, will be retiring from the company after 32 years in the oil and gas industry, effective Dec. 31. Since Legacy was founded in October 2005, McGraw has led more than 165 acquisitions, Horne said in a statement.
“I want to thank Kyle McGraw who, as a co-founder, helped grow our company from roughly 2,000 boe/d to roughly 49,000 boe/d today,” Horne said.
Both Horne and McGraw are founding members of Legacy’s executive management team. Horne has managed operations at Legacy and its predecessor companies since 2000.
Following Horne’s retirement in March, Legacy said Dan Westcott, currently president and CFO, will become the company’s next CEO. Meanwhile, COO Kyle M. Hammond will be adding the president role.
Also at such time, Albert (Bert) E. Ferrara III will be assuming the role of general counsel and corporate secretary as Dan G. LeRoy will be stepping back to assume the role of senior legal advisor. Cory Elliott will be promoted to chief information officer.
“Legacy has continued to make great progress, including our recent C-Corp transition,” Horne said. “Over the past six years, Dan has a played a pivotal role in our growth and transformation, and his leadership and direction have been invaluable to me and the company.”
RELATED: Legacy Reserves Elects Westcott As CFO
Horne continued: “I am incredibly proud of how this team has worked together through some difficult periods and have great confidence in their ability to continue to lead the organization in its future success.”
Legacy said it has engaged Heidrick and Struggles International Inc. to conduct a search to fill the CFO position left empty by Westcott’s promotion to CEO.
Legacy Reserves is an independent energy company focused on the horizontal development of unconventional plays in the Permian Basin. The company also has assets in the East Texas, Rocky Mountain and Midcontinent regions.
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