The changing of the guard is under way at Tulsa-based Laredo Petroleum Inc. with Jason Pigott leading the way on October 1. Pigott continues in his role as President while succeeding Randy Foutch as the company’s new Chief Executive Officer.
OK Energy Today announced Laredo’s succession plan back on April 26, 2019. Pigott joined Laredo on May 28 after serving as an executive vice president at Chesapeake Energy Corporation, where he oversaw operations and technical services. Prior to his employment with Chesapeake, Pigott worked for Anadarko Petroleum for 14 years.
Randy Foutch will remain as Laredo’s Chairman of the Board of Directors through the company’s 2020 Annual Meeting. As previously announced, Foutch will not seek re-election to the Board. Additionally, the Board decided the roles of Chairman and Chief Executive Officer will remain separate and the future Chairman will be independent.
“Jason’s experience managing multi-billion dollar development budgets is evident as he is putting processes in place that are improving capital efficiency,” said Randy Foutch.
“I would like to thank Randy for his counsel over the last four months as I have immersed myself in Laredo’s operations and strategy,” said Jason Pigott. “As we move the Company forward to create value for our shareholders, we are focused on leveraging our core strengths to grow oil production and free cash flow. We will continue to drive costs out of our already highly competitive cost structure and will opportunistically add acreage to improve well economics and margins. Strategy, teamwork and technology will change the trajectory of Laredo and I look forward to sharing our successes in the future.”