Jagged Peak Energy Inc. (ticker: JAG) Chairman, President and CEO Joseph N. Jaggers said that he plans to retire at the end of March 2018 for health and personal reasons. Following an orderly transition, current independent director James J. Kleckner will become the company’s president and CEO.
Also, as part of the succession plan, current company director Charles D. Davidson, former CEO of Noble Energy Inc., will assume the role of chairman.
Both appointments will take effect on the date of Jaggers’ retirement.
The company also said that EVP and COO J. Jay Stratton, Jr. has departed the company. Craig Walters has been elected by the company’s board of directors to serve as EVP and COO.
Jagged Peak anticipates that Jaggers will remain full-time with the company until his retirement and on a consulting basis thereafter to assist with the transition.
Kleckner will remain on the board, but will resign his positions on the audit and compensation committees effective upon being named president and CEO. Michael C. Linn, who currently serves on the board as an independent director, will be elected to Kleckner’s position on the audit committee when Kleckner becomes president and CEO.
“On behalf of the board and the entire Jagged Peak Energy team, we thank Joe for his leadership and vision since the company’s founding in 2013,” said Davidson. “The company he founded is characterized by exemplary assets and an outstanding organization. He has been a leader in the industry and recognized for his foresight and tenacity in the exploration and development of the Delaware Basin. We wish him the best in his retirement and sincerely appreciate his assistance through this transition.”
“Jim Kleckner will join the company as president and CEO after a successful career at Anadarko Petroleum where he led the evolution of the DJ Basin into a major unconventional resource play. I am confident that the experience and skills he brings to the company will drive our future success as we transition to full field development,” added Davidson.
“I am proud of the growth we have achieved at Jagged Peak and that what we accomplished was done in a spirit of continuous discovery, improvement and efficiency,” said Jaggers. “From a simple beginning in 2013 with an idea and a financial commitment from Quantum Energy Partners, we built a company that today produces over 28,000 net BOE per day. However, I will turn 65 later this year and the time has come for me to shift my focus from full-time professional duties to personal priorities. I have known Jim Kleckner for decades and have tremendous respect for his leadership qualities and character, along with the utmost confidence in his ability to lead the company to continued success.”
“I am honored to succeed Joe as president and CEO of Jagged Peak Energy and am grateful to the board for their confidence in me to lead this organization,” said Kleckner. “It is a privilege to serve Jagged Peak’s stockholders and employees and to join a peer-leading pure play Delaware Basin company with an impressive asset base, enviable balance sheet and proven record of strong performance. I look forward to capitalizing on the company’s operational capabilities, technical expertise and superior acreage to support the company’s growth objectives and enhance stockholder value. I am excited that Craig Walters has decided to join our leadership team as COO. I have had the good fortune to have previously worked with Craig for a number of years and am confident that his experience and leadership will further enhance our performance as we grow the company.”
Kleckner was appointed as an independent member of the company’s board in January 2017. He retired from Anadarko Petroleum Corporation as its EVP of international and deepwater operations in August of 2016, after serving in various senior level operating positions for Anadarko and its predecessors since 1981, including regional VP of Anadarko’s Rockies’ operations from 2004 to 2013, during which he led the transformation of the region through investments in several unconventional assets. This resulted in production growing from less than 50 MBOEPD to over 300 MBOEPD during the period of his leadership. Kleckner holds a B.S. in Petroleum Engineering from the Colorado School of Mines.
From 1994 through 2017, Walters served in various operational, technical and business development roles at Anadarko Petroleum Corporation, most recently as VP of Rockies operations, where he oversaw assets producing 330 MBOEPD net, including a very active multi-billion dollar unconventional development program in the DJ Basin. Walters holds a B.S. in Petroleum Engineering from the Colorado School of Mines.
Davidson was appointed as a member of the board in September 2016. Davidson is a venture partner with Quantum Energy Partners and serves on the firm’s investment committee. He served as CEO of Noble Energy, Inc. from 2000 to 2014 and its chairman from 2001 until his retirement from Noble in May 2015.
As a result of the executive management transition, the company will provide 2018 guidance on March 22, 2018 in conjunction with reporting fourth quarter and full year 2017 results.
