Chaparral Energy in Oklahoma City announced this week the departure of two of its vice presidents. One was Scott Pittman, a Senior Vice President and Chief Financial Officer who according to a Chaparral Energy filing with the Securities Exchange Commission “resigned—to pursue other interests.”
His departure was on Friday, April 17, 2020 and the filing indicated he was entitled to severance of $473,2389 and 100% of his annual bonus for the 2019 fiscal year.
The second vice president to leave Chaparral Energy was Mark Ver Hoeve who retired as Vice President-Geoscience. His severance will be $408,436 and 100% of his projected annual bonus for the 2020 fiscal year.
Stephanie A. Carnes, Chaparral’s Controller has been temporarily assigned duties held by Pittman when he was Chief Financial Officer. A search is reported to be underway to find Pittman’s replacement.
Meanwhile, the board of directors’ Compensation Committee approved an updated retention plan for its five top executive officers, one that includes a $725,000 payment to newly-named company president Charles Duginski. Justin Byrne, Vice President and General Counsel is to get a retention payment of $520,000 while Joshua Walker, who is Vice President-Completions and Operations will be paid $305,000. Others getting a retention payment include Clinton Calhoun, Vice President-Resource Department, $300,000 and Stephanie Carnes, Vice President and Controller, $300,000.
Source: SEC/Chaparral Energy