Callon Petroleum Company Announces Departure of Board Member

Rhea-AI Summary

Callon Petroleum Company (NYSE: CPE) announced the immediate resignation of S.P. "Chip" Johnson IV from its Board of Directors. Johnson, co-founder of Carrizo Oil and Gas, joined Callon’s board in December 2019, following Callon's merger with Carrizo. In his departure, Johnson expressed confidence in the company’s strategic direction. The board now has eleven members, with ten being independent. This change, along with the recent appointment of Mary Shafer-Malicki, is part of a strategy for thoughtful Board refreshment as three members are set to retire within the next three years.

Positive

• Appointment of Mary Shafer-Malicki strengthens board diversity.
• Continued Board refreshment may enhance strategic oversight.

Negative

• Resignation may raise concerns about continuity and experience.
• Loss of a long-term board member could impact decision-making.

HOUSTON, Jan. 5, 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced the resignation of S.P. "Chip" Johnson IV from its Board of Directors ("Board"), effective immediately.

Mr. Johnson, former president, chief executive officer, and co-founder of Carrizo Oil and Gas, Inc. ("Carrizo"), joined the Board in December 2019 upon the completion of Callon's merger with Carrizo.

"I am confident in the strategic direction of the Company and look forward to watching Callon's committed Board and management team continue to execute a disciplined strategy," said Mr. Johnson. "It's been a pleasure to play a part in the successful integration of Callon and Carrizo following the completion of the combination two years ago."

"On behalf of the entire Board and management team, I want to thank Chip for his dedication and valuable contributions to Callon," said Chairman of the Board Richard Flury. "We wish him continued good fortune in the years to come with both his personal and professional interests. His departure, along with the recent appointment of Mary Shafer-Malicki to the Board, position us well in our continued focus on thoughtful Board refreshment."

With the resignation of Mr. Johnson and the recent appointment of Ms. Shafer-Malicki, the Company's Board of Directors now comprises eleven directors, ten of whom are independent, with three board members scheduled to retire over the next three years starting in May 2022.

About Callon Petroleum

Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.

Contact:

Callon Petroleum Company
ir@callon.com
(281) 589-5200

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SOURCE Callon Petroleum Company

FAQ

What prompted the resignation of S.P. Johnson from Callon Petroleum's Board?

S.P. Johnson's resignation was effective immediately, with no specific reason provided in the announcement.

How many members are on Callon Petroleum's Board after the recent changes?

Following the resignation of S.P. Johnson, the Board now comprises eleven members, ten of whom are independent.

Who has been appointed to the Board of Callon Petroleum?

Mary Shafer-Malicki has been recently appointed to the Board of Callon Petroleum.

What is the significance of Board refreshment at Callon Petroleum?

The Board refreshment is aimed at ensuring strong governance and strategic oversight, particularly as three members are scheduled to retire in the coming years.