(Pioneer, 22.Jul.2020) — Pioneer Energy Service Corp. announced that Wm. Stacy Locke has decided to step down as President, Chief Executive Officer, and as a director of the Company effective 17 July 2020.
Mr. Locke has been President and Chief Executive Officer of the Company since December 2003 and has been associated with the Company in various leadership capacities for over 25 years. The Company expresses its deep appreciation for Mr. Locke’s many years of dedicated service.
Commenting on Mr. Locke’s achievements, Charlie Thompson, chairman of the Board of Directors of Pioneer, noted, “Stacy’s vision and leadership enabled Pioneer to navigate some challenging waters, including through various financial crises and business cycles, and to grow Pioneer both organically and via acquisitions into the outstanding mix of assets that it is today. We are truly grateful to Stacy for his commitment to the Company and his dedication to its employees, shareholders, and customers. We wish him all the best in his future endeavors.”
Mr. Locke commented, “I sincerely appreciate the opportunity to have worked with such an outstanding leadership team and all the great employees at Pioneer. I especially want to commend this group for its efforts in safety and for caring deeply about protecting the lives of the Pioneer family and all others working at our sites. This culture is bar none the best in the industry and makes me very proud to have played a part in it. I depart the Company feeling Pioneer is in very good hands and has a bright future.”
Matt Porter, a member of the Company’s Board of Directors will serve as interim President and interim Chief Executive Officer until a successor is appointed. Mr. Porter, age 44, has been a director of the Company since May 29, 2020. He is currently a founding partner at Activos, LLC, a consulting company in the domestic and international oilfield service industry and Allied Industrial Partners, an investment firm that focuses on investments in manufacturing, distribution, energy and industrial service companies. Previously, he was a chief executive officer, president and director at Xtreme Drilling Corp. and chief financial officer at Bronco Drilling Company. He started his career at BOK Financial Corp. as a portfolio manager. Mr. Porter received his M.B.A. and B.B.A. from University of Oklahoma. The Company believes that Mr. Porter’s extensive knowledge of the energy industry will be a vital asset in his interim leadership role.
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