Summary
Expand Energy Corp (EXE) announced on November 15, 2019, the resignations of two directors, Scott A. Gieselman and David W. Hayes. Both individuals are partners at NGP Energy Capital Management, L.L.C. ('NGP') and served as NGP's representatives on the Company's Board of Directors. Their departures are not attributed to any disagreements with the Company regarding its operations, policies, or practices, which suggests a potentially amicable separation. These resignations follow a recent event where NGP distributed its shares of Expand Energy's common stock in-kind to its investment fund partners. This distribution likely led to a change in NGP's strategic interest or holdings, prompting the representatives to step down from the board. Investors should note that while these departures may signal a shift in NGP's direct oversight, the lack of disagreement is a positive indicator for the Company's ongoing operations.
Key Highlights
- 1Scott A. Gieselman and David W. Hayes have resigned from Expand Energy Corp's Board of Directors.
- 2Both resigning directors are partners with NGP Energy Capital Management, L.L.C. ('NGP').
- 3The directors served as NGP's representatives on the Board.
- 4The resignations are not due to any disagreements with the Company regarding operations, policies, or practices.
- 5This action follows a recent in-kind distribution of Company shares by NGP to its investment fund partners.
- 6Scott A. Gieselman was a member of the Finance and Nominating, Governance & Social Responsibility Committees.
- 7David W. Hayes was a member of the Audit and Compensation Committees.