ProPetro Names Phillip Gobe As CEO Following Co-founder’s Resignation

ProPetro disclosed Dale Redman, co-founder and former CEO, had violated its insider trading policies over shares pledged for personal loans, which led the company to submit false statements to the SEC.

Hart Energy Staff

ProPetro Holding Corp. named a new CEO on March 16 after the resignation of Dale Redman, ProPetro’s former top exec and a founder of the Midland, Texas-based oilfield services firm.

Current Executive Chairman Phillip A. Gobe has been named chairman and CEO, succeeding Redman, the company said in a press release on March 16 announcing a number of internal promotions and changes to its executive leadership team.

Redman co-founded ProPetro in 2005 alongside former CFO Jeffrey Smith and has served as its CEO since 2008. His resignation was not the result of any disagreement with the company on any matter related to its operations, policies or practices, according to a filing with the U.S. Securities and Exchange Commission.

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