Legacy Reserves LP (NASDAQ: LGCY) announced Feb. 4 that Cary D. Brown, chairman, president and CEO of the general partner of Legacy, has submitted his resignation, effective March 1.
Legacy said, as anticipated, the board of its general partner appointed Paul T. Horne, currently executive vice president and COO, as the new president and CEO upon Brown's resignation.
Brown will remain actively involved with Legacy by continuing to serve as its chairman of the board. He has served as CEO of Legacy's general partner and as a member of its board since Legacy's formation.
Horne is a founding member of Midland, Texas-based Legacy's executive management team, and was added to the board of directors of Legacy's general partner in December. He has managed operations at Legacy and its predecessor companies since 2000. Previously, he worked for Mobil E&P US Inc. in a variety of petroleum engineering and operations management roles, primarily in the Permian Basin.
"We are pleased that we are able to make a smooth CEO transition as part of our ongoing succession planning," said Bill Granberry, chairman of the nominating, governance and conflicts committee of the board.
"As a board, we appreciate the excellent job that Cary has done as CEO," Granberry said.
He said Brown has led Legacy through a period of tremendous growth, with daily production increasing from about 3,600 barrels of oil equivalent per day (boe/d) at its IPO in 2007 to about 32,000 boe/d in the third quarter of 2014.
"We are glad that he will continue to provide leadership as chairman of the board," he added.
"We look forward to working with Paul as our new president and CEO," he sadi. "He has also made great contributions to get us to where we are as a partnership today, and we have complete confidence in his leadership in his new role. We are fortunate to have these men of outstanding skill and integrity leading Legacy."
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