Ring Energy Announces Management Team Changes

Author

Slice of Energy Team
July 01, 2024

Key Highlights:

  • Stephen D. Brooks retires as EVP effective July 1, 2024.

  • Marinos Baghdati leaves EVP role on July 17, 2024.

  • Shawn Young promoted to VP of Operations.

  • Active search underway for a new legal and HR executive.

Source (Globe Newswire)

Notable Quote:

❝

"Although we are going to miss Steve and Marinos, we appreciate their leadership and dedication since joining us in 2020, wish them all the best in their future endeavors, and look forward to our continued friendship. Both Steve and Marinos were instrumental to our growth, profitability, and establishing a culture committed to the pursuit of excellence. They did an excellent job of developing their respective organizations at the Company, including attracting and retaining personnel to ensure our continued success."

Paul D. McKinney, Chairman of the Board and Chief Executive Officer at Ring Energy, Inc

Our Take:

Ring Energy, Inc.'s recent management changes mark a significant transition period for the company. The departure of seasoned executives Stephen D. Brooks and Marinos Baghdati will undoubtedly impact the company's operations and strategic direction. However, the promotion of Shawn Young to Vice President of Operations signals a strong internal succession plan. Young’s extensive experience and proven track record in the energy industry will be crucial as Ring continues to develop its Permian Basin assets. Additionally, the active search for a new legal and HR executive indicates Ring’s commitment to strengthening its leadership team to drive long-term strategic goals. These changes are poised to support Ring Energy’s continued growth and operational excellence in the highly competitive oil and gas sector.