Callon Petroleum Company has announced that its Chairman and Chief Executive Officer (CEO), Fred L. Callon, died suddenly and unexpectedly on 24 May 2017. Following the announcement, Callon Petroleum announced that the company's Board of Directors appointed Joseph Gatto Jr. as Chief Executive Officer and L. Richard Flury as non-executive Chairman.
Joe Gatto, President and Chief Financial Officer commented, "It is with great sorrow that we announce the untimely passing of our dear friend and esteemed CEO. Fred was, and always will be, the symbol of Callon's core values and dedication to our employees and partners. On behalf of our Board of Directors, management team and employees, we extend our deepest sympathies to Fred's family. Callon's Board of Directors will be convening today to discuss the company's plan for succession to ensure the continuity of its strategic direction and operations."
Mr. Gatto will also continue performing his current duties as the company's President and Chief Financial Officer. The remainder of the company's leadership team will continue in their present roles. No changes are anticipated in the company's day-to-day business activities.
Mr. Gatto worked closely alongside Mr. Callon since 2012 as the company executed an aggressive growth strategy in the Permian Basin. Since the beginning of 2016, Callon has completed over US$1 billion in acquisitions and US$2 billion in debt and equity raises, nearly tripling the company's acreage position and building a solid financial position for the future. Mr. Gatto is well-known in the oil and gas industry and highly respected by the company's employees and investors, and his intimate knowledge and extensive experience with the company makes him uniquely qualified to move the company forward.
Mr. Flury has served on the Board since 2004 and currently serves on the company's Audit, Compensation and Strategic Planning and Reserves Committees. Prior to his retirement, Mr. Flury spent over 30 years with Amoco Corporation, and later, BP p.l.c., most recently as Chief Executive, Gas and Power and Renewables. Mr. Flury is also a director and the non-executive Chairman of Chicago Bridge and Iron Company, N.V.
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