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GeoPark Announces CEO Succession and Management Transition Plan
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
The Board of Directors of GeoPark Limited (NYSE: GPRK) has announced a leadership transition, appointing Andres Ocampo as the new CEO effective July 1, 2022. James F. Park will remain CEO temporarily to ensure a smooth transition and later serve as Vice Chair. Ocampo, who has been with GeoPark since 2010, has played a pivotal role in the company's growth strategy. The Board expressed confidence in Ocampo's leadership amid high oil prices and a robust work program, suggesting a positive outlook for the company.
Positive
Andres Ocampo’s appointment may bring fresh perspectives and continuity in leadership.
High oil prices and an impressive work program indicate strong future growth potential.
Negative
Transitioning leadership may create temporary uncertainty regarding continuity.
BOGOTA, Colombia--(BUSINESS WIRE)--
The Board of Directors of GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), is pleased to announce the implementation of its long-planned succession process and that, after twenty years at the helm of GeoPark, James F. Park will be succeeded by Andres Ocampo as Chief Executive Officer, effective July 1, 2022, at which time Mr. Ocampo will also join the Company’s Board of Directors. Mr. Park will remain as CEO during this interim period and continue to work closely with Mr. Ocampo and the rest of the GeoPark Executive Team to ensure a seamless transition. Beyond this transition period, Mr. Park will continue to serve as Vice Chair of the Board and an adviser to the team, and he will remain one of the largest shareholders of the Company. As part of this transition, Veronica Davila, GeoPark’s Commercial Director, will take over as Chief Financial Officer.
Mr. Ocampo has been an integral member of GeoPark’s Executive Team for more than a decade and has played a crucial role in setting and executing GeoPark’s focused strategy. Under the leadership of Mr. Ocampo and the GeoPark Executive Team, the Company will maintain its founding principles and proven growth strategy, along with its focus as a best-in-class oil and gas finder and operator. The Company will continue to manage its assets in the most ethical, responsible and compatible way with the environment and its neighbors, while creating long-term value for GeoPark’s shareholders and other stakeholders.
Sylvia Escovar, Independent Chair of GeoPark’s Board of Directors, said: “Our announcement is the result of a deliberate and thoughtful succession planning process, and Andres was the clear and unanimous choice of the Board and Executive Team to serve as GeoPark’s next CEO. Andres has a proven ability to think strategically, communicate his vision and grow our business effectively. He is the right leader to help GeoPark execute today as well as capture the opportunities that lie ahead. GeoPark is stronger than ever — with our most impressive work program in our history underway and a strong wind at our back with high oil prices — and the timing is right to implement this succession plan. We look forward to working with Andres and the rest of the Executive Team, and we are confident they will capably guide GeoPark through our next chapter of growth and success.”
Ms. Escovar continued: “On behalf of the Board, I want to thank Jim for his incredible leadership over the past 20 years. Since co-founding the Company in 2002, Jim and the GeoPark Executive Team have built the Company into one of the largest, most respected and best-operated public independent E&P companies in Latin America. Jim’s commitment to creating value and giving back has driven GeoPark’s strategy, culture and success for nearly two decades and will continue to serve as the Company’s guiding principles. We look forward to continuing to benefit from his knowledge, experience and counsel.”
Mr. Ocampo, said: “I am honored by the opportunity to serve with the incredible team of people that are the heart of our Company, especially during this exciting and dynamic time for GeoPark. As CEO, I am committed to building on Jim’s legacy by continuing to focus on the fundamentals, principles, values, culture, know-how and work ethic that have made GeoPark such a successful company and special place to work. I look forward to collaborating with my colleagues on the Board and Executive Team, including Veronica in her new role as CFO, to enhance our proven track record of growth and value creation for all of our stakeholders, including our shareholders, employees, partners and communities.”
Mr. Park concluded: “Impossible to adequately express my immense gratitude to all the wonderful GeoPark people and for their extraordinary efforts — starting from zero — to build our Company and create our unique culture together. I want to thank our shareholders for your trust and for giving me the opportunity to work for you all these years. It has been an honor and a privilege to be part of this story. I learned a lot from everyone, made some of the best friends ever and had more fun than can be imagined. This transition is a great development — and Andres’ character, vision, knowledge of our Company, and proven ability to manage a successful business make him ideally suited to serve as our next CEO. The continuity of our experienced Executive Team — many of whom have been with the Company since its very early days — will ensure GeoPark continues to be the best in our business. As a shareholder, I believe GeoPark’s best days are ahead of us and look forward to contributing to and supporting the team wherever needed.”
Andres Ocampo Mr. Ocampo joined GeoPark in 2010 and has served as GeoPark’s Chief Financial Officer since January 2013. During his tenure, Mr. Ocampo was instrumental in helping the Company reach some of its greatest milestones, including GeoPark’s entry into Colombia and Brazil, IPO on the New York Stock Exchange, acquisition of Amerisur Resources and recent significant acreage expansion in Colombia. His industry knowledge and the discipline he has brought to our capital allocation processes have helped make GeoPark one of the most profitable companies in its peer group with increasing shareholder returns. Prior to joining GeoPark, Andres worked in the Investment Banking Division of Credit Agricole Corporate and Citigroup, focusing on the oil and gas and commodities industries.
Veronica Davila Ms. Davila has served as GeoPark’s Commercial Director since she joined the Company in December 2016. During her tenure as Commercial Director, Ms. Davila has managed GeoPark’s oil and gas sales and transportation strategy, negotiated key financial agreements and supported the development of the Company’s overall financial strategy. Ms. Davila is a highly experienced financial leader with a strong banking background and deep understanding of oil and gas market dynamics. Prior to joining GeoPark, Ms. Davila spent 10 years at Goldman Sachs, within the Investment Banking Division and at the Commodities Sales and Trading arm in New York.
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Certain amounts and percentages included in this press release have been rounded for ease of presentation.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief, or current expectations, regarding various matters, including the composition of the Executive Management Team. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
