James Palm will resign, on Feb. 15, as CEO of Gulfport Energy Corp. (Nasdaq: GPOR), the company said. He will also resign from the company’s board of directors that day, the company said Jan. 29.
"Jim's exceptional leadership has been a key contributor to the success of Gulfport. Gulfport's executive team has done a remarkable job at creating value for our stockholders and I am proud of the accomplishments we achieved together through the years. On behalf of the board and the company, I would to thank Jim for his many years of service and I wish him the best in his personal and professional endeavors," said David L. Houston, chairman of the board.
Michael Moore, president and chief financial officer, will be interim CEO while Gulfport fills Palm’s vacancy, the company said.
“I feel privileged to have worked beside an outstanding management team and exceptional employees and will continue to be an avid supporter and stockholder of the company," Palm said.
He detailed the company’s growth, over his eight years there, from an over-the-counter trader to a NasdaqGS trader with a market capitalization near $5 billion, adding "Gulfport has been transformed from a southern Louisiana pure play to a company with substantial assets in the heart of the Utica shale and interests in the Permian Basin and Canadian oil sands. Gulfport is strongly capitalized and well positioned for continued growth and success.”
Gulfport Energy, based in Oklahoma City, is an oil and natural gas E&P company.