Stone Energy CEO retires after 13 years of service
- Business & Finance
American oil and gas corporation Stone Energy has informed that David H. Welch, the company’s chief executive officer and president, has decided to retire following more than 13 years of service to the company.
The company also added that Welch would also step down from his position as a director of the company.
He joined Stone as president, CEO, and director in 2004. Before joining Stone, he held executive positions with Amoco and later BP, including director of Strategic Planning, president of the Amoco Gulf Group, Senior VP of BP North America, and president of BP Alaska Canada Gas.
Welch is also a vice chairman of the National Ocean Industries Association (NOIA), a U.S.-based national trade association representing the offshore industry.
As a result of Welch’s retirement, James M. Trimble, currently an independent director of the company, was elected as an interim CEO and president, effective April 28, 2017.
Also, the company appointed Keith Seilhan, formerly the company’s Senior VP for the Gulf of Mexico, to the position of chief operating officer, effective immediately.
Neal P. Goldman, chairman of Stone Energy, said: “We thank Dave for his years of dedication to Stone Energy. He led the company with integrity and prioritized safety and environmental protection in all of Stone’s operations.
“We are thrilled that Jim has agreed to lead our senior management team. The board is confident that Jim is the right leader to guide the company into a new period of shareholder value creation.”
“I am very excited to join the management team at Stone Energy,” said Trimble. “I firmly believe that with the company’s excellent asset base, strong balance sheet, and seasoned executive team, Stone Energy can be a growing player in the offshore sector.”
Trimble brings more than 35 years of energy industry experience to this position. He was the president and CEO of PDC Energy from 2011 to 2015. He also served as Cabot O&G’s Senior VP of Exploration and Production for 17 years.
Seilhan was named Senior VP for the Gulf of Mexico in January 2015 and VP for Deep Water in February 2013. He previously served as a Deep Water projects manager. Before joining Stone Energy, Seilhan filled various senior leadership and operations roles for Amoco and BP over his 21-year career with those organizations.