Vermilion Energy Inc.’s Anthony Marino has stepped down as president, CEO and as a director of the company, effective immediately.
He made “many contributions to Vermilion during his eight-year tenure with the company, including various improvements to the cost structure and associated capital efficiencies,” the company said in a statement. “These core competencies will continue to serve the company well moving into the future.”
Also, Lorenzo Donadeo has been appointed executive chairman. From 2003 to 2014, he served as president and CEO and from 1996 to 2003 he was Vermilion’s executive vice president and chief operating officer.
Separately, Curtis Hicks is rejoining the company and has been appointed president. Hicks has 40 years of experience in the oil and gas industry. Most recently, he was executive vice-president and chief financial officer of Vermilion from 2003 to 2018.
In lieu of filling the role of CEO, the company has created an executive committee consisting of a minimum of five senior executives from within the company. It will include the Executive Chairman, President, Chief Financial Officer, Chief Operating Officer, Executive Vice-President People and Culture and Vice-President of Business Development. Larry MacDonald will continue as lead director.
“In these challenging times, Vermilion will redouble its focus on its core business principles that have served it well over its successful 26-year history,” Donadeo said in a written statement. “These principles are based on a conservative, long-term focus on balance sheet strength and capital discipline to generate strong returns. This has resulted in Vermilion providing shareholders with over $3.8 billion, or $40.20 per share, of dividends over the last 17 years.
“Through Vermilion’s history we have experienced, and more importantly learned from, several previous severe downturns. To that end, while our long-term strategic plan is unchanged, we have acted quickly to ensure the company can emerge from the current downturn in a strong financial position.”
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