Whiting Petroleum Corp said on Friday Chief Executive Officer Bradley Holly would resign after the company emerges from Chapter 11 bankruptcy, even though it had paid him $6.4 million in bonus just before it went bankrupt.
The U.S. shale producer filed for Chapter 11 bankruptcy in April, becoming the first publicly traded casualty of the crude oil price crash.
Whiting said Lynn Peterson, a 40-year veteran of the oil and gas industry, would replace Holly. Peterson last served as the chief executive officer of SRC Energy Inc, before it merged with PDC Energy Inc in January.
Holly was appointed to the top job at Whiting in late 2017, after serving as the head of Anadarko Petroleum Corp’s U.S. exploration and production business.
He took over as chairman of Whiting’s board in May 2018.
Whiting said on Wednesday it expects to emerge from Chapter 11 on Sept. 1 and will then have a new independent board of directors. Kevin McCarthy, vice chairman of private equity firm Kayne Anderson Capital Advisors, is expected to serve as chairman of the restructured Whiting.