Callon Petroleum Co. (NYSE: CPE) said May 25 that Joseph Gatto Jr. has been appointed as CEO, succeeding former CEO Fred Callon following his unexpected death on Wednesday.
Gatto worked closely alongside Fred Callon since 2012 as the Natchez, Miss.-based company executed an aggressive growth strategy in the Permian Basin. Since 2016, Callon Petroleum completed more than $1 billion in acquisitions and $2 billion in debt and equity raises, nearly tripling the company's acreage position and building a solid financial position for the future, according to the release.
RELATED: Callon Petroleum Announces Death Of Chairman, CEO Fred Callon
Gatto commented: "I am humbled by the opportunity to continue to build upon Fred's legacy and fulfill his vision for Callon Petroleum. I am honored to have been chosen by the board to continue my strong partnership with Callon's chief operating officer, Gary Newberry, as together we lead our experienced management team in the execution of our growth initiatives that we believe will create differentiated value for our shareholders. We are all committed to ensuring a smooth transition and to honoring Fred's memory through a continued commitment to our core values. We will always be profoundly grateful for his friendship and leadership, and he will be deeply missed by our organization as well as the oil and gas industry. During this time, all of our thoughts are with Fred's family and we will do everything we can to support them."
Prior to joining Callon, Gatto held various positions in the financial advisory and energy investment banking groups of Merrill Lynch & Co., Barclays Capital, Merrill Lynch Commodities Inc. and MarchWire Capital LLC, which he founded. He graduated from Cornell University with a BS degree and The Wharton School of the University of Pennsylvania with an MBA.
Gatto will also continue performing his current duties as Callon Petroleum's president and CFO.
In addition, L. Richard Flury has been appointed as non-executive chairman by Callon Petroleum's board of directors.
Flury has served on Callon Petroleum's board since 2004 and currently serves on the company's audit, compensation and strategic planning and reserves committees. Prior to his retirement, he spent more than 30 years with Amoco Corp. and later at BP Plc (NYSE: BP), most recently as chief executive, gas and power and renewables. He is also a director and the non-executive chairman of Chicago Bridge and Iron Co. N.V.
The remainder of Callon's leadership team will continue in their present roles. No changes are anticipated in the company's day-to-day business activities, the release said.
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