Mammoth Energy Services, Inc. announced its board of directors recently appointed former company CEO Phil Lancaster to be a non-independent voting member of the board following his stepping down as CEO.
The appointment was effective July 1, 2025, according to company filing with the SEC.
The decision was made while Lancaster was still CEO. He resigned effective June 30 and his appointment as a non-independent voting member of the board took effect July 1. In his new position, he will receive an annual retainer of $50,000 plus a payment of $5,000 for each meeting he attends of the four scheduled meetings held per year.
It was in early June when the company announced the change in leadership, and named Lancaster’s son, Bernard Lancaster as Chief Operating Office and Principal Executive Officer of the company effective July 1. The younger Lancaster is 37 years old and has worked 11 years for Mammoth subsidiaries and was Mammoth’s Vice President of Operations.
Also on June 24, 2025, the Board determined Arthur Amron, the chairman of the Board, meets the standards regarding independence set forth in the Nasdaq listing standards and is free of any relationship which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out his responsibilities as a director of the Company. As such, effective July 1, 2025, four of the Company’s six directors, comprising the majority of the Board, meet the independence standards.