Harvest Oil & Gas Announces Board of Directors and Management Changes
Harvest Oil & Gas Corp. (OTC PINK: HRST) announced significant management changes on April 15, 2021. Michael E. Mercer resigned as President, CEO, and Director, citing personal reasons, with no operational disagreements. Tim Caflisch also resigned from the Board. Chang Lee was appointed to the Board and key committees, bringing experience from Finepoint Capital and Fidelity Investments. Steven J. Pully, the current Chairman, takes on the roles of President and CEO, while Lance G. Sepulvado is appointed CFO. Harvest is in the process of winding up and returning capital to shareholders.
- Appointment of experienced leaders, potentially bringing fresh perspectives.
- Completion of sale of all operating assets during a challenging industry environment.
- Resignation of key executives could raise concerns about leadership continuity.
- Company's dissolution process may indicate financial distress or operational challenges.
HOUSTON, April 15, 2021 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTC PINK: HRST) (“Harvest” or the “Company”) announced today changes in the Board of Directors (“Board”) and senior management.
Michael E. Mercer has resigned from his position as President, Chief Executive Officer and Director of the Company. Mr. Mercer’s resignation is for personal reasons and not the result of any disagreement with the Company or the Board on any matters relating the Company’s operations, policies or practices. Mr. Mercer has agreed to provide consulting services to Harvest as requested by the Company.
In addition, Tim Caflisch has resigned from his position as a member of the Board. Prior to his resignation, Mr. Caflisch served as a member of the Compensation Committee of the Board. Mr. Caflisch’s decision to resign is not the result of a disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices.
The Board has appointed Chang Lee to serve as a member of the Board and as a member of the Audit, Compensation and Governance Committees. Mr. Lee is an employee of the investment team of Finepoint Capital LP, a Boston-based investment firm. Mr. Lee joined Finepoint in 2017 from Fidelity Investments, where he was an equity research analyst. He graduated from The University of Pennsylvania with Bachelors’ Degrees in Finance and East Asian Studies.
The Board has appointed Steven J. Pully, currently the Chairman of the Board of Harvest, to the additional positions of President, Chief Executive Officer, Secretary and General Counsel.
The Board has also appointed Lance G. Sepulvado as Vice President and Chief Financial Officer. Mr. Sepulvado joined the Company in July 2016. Prior to joining Harvest, Mr. Sepulvado worked in the Energy Finance group at Comerica Bank from June 2014 to June 2016. He holds a BBA in Finance from Baylor University.
Mr. Pully commented, “We deeply appreciate the service that Mike and Tim provided over many years. During their tenure, Harvest was able to successfully complete the sale of all of its operating assets despite a challenging industry environment.”
About Harvest Oil & Gas Corp.
Harvest has been an independent oil and gas company; the Company recently filed a certificate of dissolution in the State of Delaware and intends to undertake the process of winding-up and returning capital to its shareholders. More information about Harvest is available on the internet at https://www.hvstog.com.
Contact Information:
Harvest Oil & Gas Corp.
Houston, TX 77002
Lance Sepulvado
713-651-1144
hvstog.com
FAQ
What recent management changes occurred at Harvest Oil & Gas Corp. (HRST)?
Why did Michael E. Mercer resign from Harvest Oil & Gas Corp.?
What is the future plan for Harvest Oil & Gas Corp. after the management changes?
Who is the new CEO of Harvest Oil & Gas Corp.?
