Changes in leadership at Mammoth Energy Services, Inc. have been announced following the $109 million sale of some of its subsidiary holdings to Peak Utility Services Group, Inc.
The biggest change will be the loss of Chief Executive Officer Phil Lancaster who resigned Mammoth effective June 30 to become an employee of Peak. In recent days, Mammoth named Lancaster’s son, Bernard Lancaster as Chief Operating Officer and Principal Executive Officer of the company effective July 1, 2025.
The 37-year old Bernard Lancaster has worked the past 11 years for various Mammoth subsidiaries and is Mammoth’s Vice President of Operations. He also served as the Operations Manager for Stingray Energy Services LLC while assisting with projects for Mammoth subsidiaries Lion Power Services LLC and Higher Power Electrical LLC from June 2019 to December 2024.
In a filing of a Form 8-K with the Securities and Exchange Commission, Mammoth explained it has not finalized any compensation with Bernard Lancaster regarding his appointment as the Chief Operating Officer of the company.
Additionally, on May 30, 2025, the Board named Paul Jacobi as the Company’s Chief Business Officer effective July 1, 2025. Jacobi is currently a member of the Board and employee of Wexford Capital LP, who beneficially owns approximately 46% of the Company’s outstanding common stock.
Jacobi currently serves as one of the Company’s independent directors, the chairman of the compensation committee and member of the nominating and corporate governance committee. Effective July 1, 2025, he will no longer be considered independent by the Board because of his new role as Chief Business Officer.
Arthur Smith, who has served as a director of the Company since the Company’s initial public offering, will not stand for re-election at the Company’s 2025 Annual Meeting of Stockholders on June 11, 2025, and will retire as a director, chairman of the audit committee and member of the compensation committee and nominating and corporate governance committee, effective as of the date of the 2025 Annual Meeting.
On May 30, 2025, the Board appointed Mark L. Plaumann as a member of the Board, chairman of its audit committee and member of the compensation committee and nominating and corporate governance committee, effective as of June 11, 2025. The Board determined that Plaumann qualifies as an independent director under The Nasdaq Stock Market rules and the applicable rules and regulations of the SEC for purposes of serving on the Board and its audit committee.
Plaumann is currently a Managing Member of Greyhawke Capital Advisors LLC, or Greyhawke, which he co-founded in 1998. Prior to founding Greyhawke, he was a Senior Vice President of Wexford Capital LP. Plaumann was formerly a Managing Director of Alvarez & Marsal, Inc. and the President of American Healthcare Management, Inc. and also was Senior Manager at Ernst & Young LLP. Plaumann currently serves as a director of Diamondback Energy, Inc. and member of its audit committee.
In connection with Plaumann’s appointment to the Board and its committees and Phil Lancaster’s appointment to the Board, they are entitled to receive the annual compensation generally given to the Company’s non-employee directors for their services on the Board and its committees. The Company’s non-employee directors are entitled to receive an annual retainer in the amount of $50,000, plus a payment of $5,000 for each meeting attended over the four regularly scheduled meetings per year. Additionally, the chairperson of the audit committee is entitled to receive an annual payment of $10,000 and each other member of the audit committee is entitled to receive an annual payment of $5,000.
