Laredo Petroleum Inc. slashed its payroll by 25% and parted ways with one-fifth of its workforce, including its CFO, on April 8 as the Tulsa, Okla.-based oil and gas company works to address shareholder concerns that its stock is undervalued.

The cuts seek to reduce Laredo’s general and administrative (G&A) expenses and capitalized employee costs, though analysts said Laredo could have cut more. The company also promoted Michael T. Beyer to senior vice president and CFO, immediately replacing former CFO Richard C. Buterbaugh.

In a statement, Laredo CEO Randy Foutch indicated that 40% of the cost reductions were aimed at the company’s executive team.

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