Cobalt International Energy, Inc. announced the resignation of Kenneth A. Pontarelli and Peter R. Coneway from its Board of Directors, each effective yesterday, January 28.
Pontarelli is a Managing Director in the Merchant Banking Division of Goldman, Sachs & Co. and has been a Director of Cobalt since the Company’s inception in November 2005. Coneway is a Managing Director of Riverstone LLC and has been a Director of Cobalt since October 2009.
As a result of these resignations, the size of the Board has been reduced from eleven to nine Directors. The two founding sponsors who remain represented on Cobalt’s Board control a combined total of approximately ten percent of Cobalt’s outstanding shares.
Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer, commented: “The advice, counsel and support of Goldman Sachs and Riverstone will be greatly missed on our Board. Over the past eight years, their unwavering confidence in Cobalt has had a direct influence on our status today as one of the world’s pre-eminent exploration and production companies. On an individual basis, Ken and Pete’s contributions and guidance over the years have made an immeasurable impact on the success of Cobalt. I personally extend my deepest gratitude to Ken and Pete for their steadfast commitment to Cobalt’s long-standing values and vision, and wish each of them all the best in their current and future endeavors.”
Press Release, January 29, 2014