More than a month after Domenic Dell’Osso Jr. was replaced as
President and Chief Executive Officer of Expand Energy over its move of headquarters from Oklahoma City to Houston, Texas, the company reported Dell’Osso’s sale of securities in the firm.
The filing showed two separate sales of securities. The largest involved 5,000 shares in Devon sold on March 17 with gross proceeds of $546,250. The second sale involved 28 shares with gross proceeds of $3,054.
Dell’Osso led Expand Energy Corporation, formerly Chesapeake Energy, until the Oklahoma City company announced last month its decision to relocate corporate headquarters to Houston, Texas and do so at the middle of this year. The same day the company announced its relocation decision, it also named Michael Wichterich, who was Chairman of the Board, to be Interim President and Chief Executive Officer.
The company announcement explained Dell’Osso had stepped down as director of the Board but would continue to “serve as an external advisor for a period of time to ensure a smooth transition.” The Board said it planned to start an immediate search for a permanent CEO.
At the time, the company’s announcement included a statement from Dell’Osso. “It has been a privilege to lead and work alongside the Expand Energy team as we have grown and evolved. I am proud of what we have accomplished together and confident that Expand Energy will continue to thrive and support energy access for a more secure and sustainable future.”
It quoted Wichterich about Dell’Osso’s departure but did not offer any explanation about why the executive move was made.
““On behalf of the Board, I want to thank Nick for his leadership and many contributions since first joining the company in 2008,” said Wichterich. “During his tenure as CEO, the Company has grown from a $5 billion business to a $26 billion investment-grade enterprise included in the S&P 500 Index. We are grateful for his leadership in setting a strong foundation for our future.”
Dell’Osso took over as President and Chief Executive Officer in 2021 and previously was Chesapeake Energy’s Executive Vice President and Chief Financial Officer from 2010 to 2021. Prior to that time, he served as Vice President – Finance and Chief Financial Officer of Chesapeake’s wholly owned midstream subsidiary Chesapeake Midstream Development, L.P. from 2008 to 2010. Before joining Chesapeake, Dell’Osso was an energy investment banker with Jefferies & Co. from 2006 to 2008 and Banc of America Securities from 2004 to 2006.
Expand Energy has not given any public update regarding the headquarters move to Houston since the Feb. 9 announcement. But it proclaimed in February that despite the move to Texas, it would remain an important center of excellence for Expand Energy’s business and operations, and the Company remains committed to supporting its Oklahoma City employees and the local community.