Vaalco Energy has informed that Steve Guidry, the company’s Chief Executive Officer (CEO), will retire from the company and Board of Directors effective September 1, 2016.
According to Vaalco’s statement on Wednesday, Guidry joined Vaalco as CEO in October 2013 after having worked for 33 years at Marathon Oil Corporation in a number of senior executive capacities, his last position there being Vice President of Business Development.
He was also appointed to Vaalco’s Board of Directors when he joined the company and served as Chairman from June 2014 until December 2015.
Cary Bounds, Vaalco’s Chief Operating Officer, will assume the role of Interim Chief Executive Officer beginning September 1 while the Board conducts a search for a new chief executive, the company said.
Andrew Fawthrop, Vaalco’s Chairman of the Board commented, “We want to thank Steve for his tireless efforts over the last three years. He guided Vaalco through the successful completion of the largest development project in the Company’s history and also had to navigate Vaalco through the industry’s worst down cycle in recent memory.”
Steve Guidry commented, “It has been an honor to have led VAALCO since 2013 and a privilege to work closely with my management team and our entire Board. I greatly appreciate their support during my tenure. Cary is an excellent choice to assume my responsibilities until a permanent replacement is named.”
Earlier this week, Vaalco signed a purchase and sale agreement to acquire an additional 3.23% participating interest in the Etame Marin Permit, located offshore Gabon.