Vaalco makes interim CEO permanent

  • Business & Finance

Houston-based Vaalco Energy has appointed a new Chief Executive Officer and board member, effective December 29, 2016.

Vaalco said on Tuesday that Cary Bounds was named as the company’s new CEO. Bounds served as the Chief Operating Officer of Vaalco for the past 18 months and as the interim CEO for the past five months.

To remind, Steve Guidry, the company’s former CEO, retired from the company and the board on September 1, 2016, with Bounds assuming the role of interim CEO.

According to the company, Bounds has over 25 years of domestic and international asset management, business development, planning and technical engineering experience at large, multinational energy companies as well as at mid-sized and larger independent exploration and production companies.

Before joining Vaalco, Bounds was the Business Unit Manager and Country Manager of Equatorial Guinea Assets.

Andrew Fawthrop, Vaalco’s Chairman of the board of directors, said: “After conducting an extensive search, the board firmly believes that Mr. Bounds is the right person to lead the company. Cary has done an exceptional job as Vaalco’s COO and more recently as the interim CEO.

“As interim CEO, he was instrumental in progressing several strategic initiatives, including our acquisition of an additional working interest in the Etame Marin Permit, the strategic decision to exit Angola and discontinue operations in that country and the disposition of some of our small U.S. positions.

“We believe Vaalco is poised to capitalize on opportunities to add value to its shareholders and to benefit from the expected recovery in the industry.”

Bounds said: “I would like to thank the Board for entrusting me with the opportunity to build upon the recent successes we have achieved. I am excited for the future of Vaalco and am very pleased to be asked to serve in this important role.”

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