Centennial Resource Development, Inc. Appoints Vidisha Prasad to its Board of Directors Following the Retirement of Karl Bandtel

Rhea-AI Summary

Centennial Resource Development announced the appointment of Vidisha Prasad to its Board of Directors, effective immediately. She will serve on the Audit Committee and Nominating, Environmental, Social, and Governance Committee. Prasad, Managing Partner at Adya Partners, brings nearly two decades of experience in energy investments and corporate advisory, having facilitated over $80 billion in M&A transactions. The company also acknowledged the retirement of Karl Bandtel, who has served since its public debut in 2016, thanking him for his contributions.

Positive

• Vidisha Prasad's extensive experience in oil and gas and capital markets may strengthen the Board's strategic oversight.
• Her background in M&A could enhance Centennial's growth and operational strategy.

Negative

• Karl Bandtel's retirement may create a gap in experienced leadership on the Board.

DENVER, July 22, 2021 (GLOBE NEWSWIRE) -- Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that Vidisha Prasad has been appointed to its Board of Directors, effective immediately. Ms. Prasad will serve as a member of the Audit Committee and Nominating, Environmental, Social and Governance Committee. Additionally, Karl Bandtel announced his retirement from the Board, also effective today.

“We are very excited to welcome Vidisha to our Board of Directors,” said Steven Shapiro, Chairman of the Board. “Vidisha’s extensive oil and gas experience coupled with her strategic advisory and capital markets expertise will be a valuable asset to Centennial and our shareholders.”

Ms. Prasad is the Managing Partner of Adya Partners, a multi-strategy investment and advisory firm focused on private secondary investments, early-stage venture capital and strategic advisory in the energy, energy transition and technology sectors. Ms. Prasad brings nearly two decades of experience in energy investments, strategic and Board advisory, corporate mergers, asset acquisitions and divestitures, capital markets and restructuring. She has been involved in the execution and origination of more than $80 billion of domestic and cross-border M&A advisory, leveraged buyouts and capital raising transactions across the US, Europe and Asia. Prior to founding Adya Partners, Ms. Prasad was a founding member of Guggenheim Securities’ Energy Investment Banking practice. Prior to that, she was a member of Citi’s Global Energy Investment Banking Group. Ms. Prasad serves on the Energy 2.0 Committee of the Greater Houston Partnership and the Transportation Implementation Committee of the Houston Climate Action Plan. She also serves on the Board of the Grammy® award winning Houston Chamber Choir, where she chairs the Development Committee. She graduated with a Bachelor of Arts in Economics from the University of Rochester.

“In addition, on behalf of the Centennial Board, the Company and all of its employees, I’d like to thank Karl for his dedicated and insightful service to Centennial since the Company first became public in 2016. His guidance and thoughtfulness have been instrumental in helping to navigate the Company since our public debut. We will miss him and wish him the very best in the future,” said Mr. Shapiro.

About Centennial Resource Development, Inc.

Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin. For additional information about the Company, please visit www.cdevinc.com.

Contact:

Hays Mabry
Director, Investor Relations
(832) 240-3265
ir@cdevinc.com

FAQ

What is the significance of Vidisha Prasad's appointment to Centennial Resource Development's Board?

Vidisha Prasad's appointment brings extensive oil and gas experience and strategic advisory expertise, which could positively influence Centennial's operations.

How might Vidisha Prasad's background impact Centennial Resource Development?

Her experience in M&A and capital markets could enhance Centennial's strategic initiatives and growth opportunities.

Who retired from Centennial Resource Development's Board on July 22, 2021?

Karl Bandtel announced his retirement from the Board on July 22, 2021.

What roles will Vidisha Prasad serve in Centennial Resource Development?

Vidisha Prasad will be a member of the Audit Committee and the Nominating, Environmental, Social and Governance Committee.