Ken Huseman will retire from Basic Energy Services Inc. (NYSE: BAS) as president and CEO on Sept. 30.
As previously announced, as part of a planned leadership succession process, Roe Patterson, currently senior vice president and chief operating officer, will succeed Huseman as president and CEO effective Sept. 30. Huseman will remain a member of the board of directors, and Patterson will be appointed to the board effective Sept. 30.
"With the announcement in March of my planned retirement by the end of this year, we commenced an extensive succession plan to make the transition in leadership as smooth as possible. Roe Patterson has assembled a strong senior management team which is in place and ready to move the company forward. I am pleased we had the depth in our organization to allow such continuity of management and achieve a seamless transition for our employees, customers and shareholders. My confidence in Roe and the entire management team allows me to retire a few months earlier than previously planned," Huseman said in the release.
"I would like to acknowledge the important contributions our employees throughout the company have made to the growth and success of Basic Energy Services during my time as president and CEO. This business, more than many in the oil and gas industry, depends on the hard work and dedication of people, and we would not have been able to have the success we've had without the contributions of each one.
"I would also like to thank the board of directors for allowing me the opportunity to lead this company over the last 14 years. Their counsel and support has been greatly appreciated.
"After more than 35 years in the well servicing industry, I am retiring from the company in order to spend more time on other interests. I have great expectations for the energy services sector and Basic in particular and look forward to continuing involvement with the company as a board member and shareholder," he said in the release.
In connection with Huseman's retirement, during the third quarter, Basic expects to incur a pre-tax cash charge of $4.2 million, along with an additional non-cash charge with respect to 300,806 unvested restricted shares that will vest through 2017.
Basic Energy Services Inc. provides various well site services to oil and natural gas drilling and producing companies in the U.S. The company is based in Fort Worth, Texas.