The man perhaps as responsible as anyone for turning the word Marcellus Shale into a household word along the Atlantic region of the United States will take the reigns of Range Resources as its CEO starting January 1 of next year.
Jeffrey L. Ventura will succeed John H. Pinkerton as the president and CEO of Range Resources in a management move that puts an early proponent of Marcellus Shale development at the head of the Texas energy firm.
Mr. Ventura, who had served as president and chief operating officer of the Fort Worth company, was perhaps the single most influential executive in the development of the Marcellus Shale, having persuaded his company’s management in 2003 to explore extraction opportunities in what was then considered a low-level, dried-up basin in Appalachia.
On Jan.1, 2012, he will replace Mr. Pinkerton, 57, who becomes the executive chairman of the board after a nearly 20-year tenure as CEO. The transition was approved Thursday and announced early Monday morning.(1)
From the Range Resources press release:
Range Resources Corporation today announced its Board of Directors approved a CEO transition plan. In accordance with the plan, Range’s President, Jeffrey L. Ventura, will assume the additional role of Chief Executive Officer beginning January 1, 2012. At such time, John H. Pinkerton, Range’s current Chief Executive Officer, will assume the position of Executive Chairman. Mr. Pinkerton has served as Range’s CEO since 1992. Mr. Ventura, 53, currently President and Chief Operating Officer of Range has been with the Company since 2003 and was elected a Director in 2005. Including his service at Range, Mr. Ventura has 32 years of industry experience and holds a Bachelor of Science Degree in Petroleum and Natural Gas Engineering from Pennsylvania State University.
"The process of transitioning the CEO responsibilities to Jeff has been underway for some time" said Mr. Pinkerton. "Jeff’s leadership, technical abilities and proven track record make him the logical choice as my successor. Having worked side by side with Jeff for eight years, I have great confidence that he will successfully lead Range for the benefit of all our stakeholders. Along with all of Range’s employees, management team and Board of Directors, we have established a strong culture at Range based on integrity, transparency, performance and teamwork. I look forward to continuing to serve Range on a day-to-day basis assisting in the Company’s strategic planning, industry relationships and public affairs. This transition plan positions Range to continue to build shareholder value for many years to come."(2)
(1) Pittsburgh Post-Gazette (Jun 27, 2011) – PG exclusive: Range Resources names new president and CEO
(2) Range Resources Press Release (Jun 27, 2011) – Range Announces CEO Transition Plan