Lilis Energy Inc. said that Ron Ormand, currently chairman of the board of directors and CEO, has notified the board of his planned retirement from the company effective June 6.

The board has elected David M. Wood to serve as chairman of the board and Joe Daches, currently president and CFO, to serve as interim CEO while a search for a new CEO is conducted.

“On behalf of the entire Board, we wish to express our gratitude to Ron for the vision he brought to the creation of Lilis Energy, and for his dedication in getting the company to where it is today. We all wish Ron the very best in his retirement and look forward to his continuing contributions as a member of our Board,” Wood said.