Penn Virginia Corp. (NASDAQ: PVAC) said Aug. 15 its board of directors named John A. Brooks, who has been with the Houston-based company for more than 15 years, as president and CEO.
Brooks, who was also named as a director of the company, has been with Penn Virginia since 2002. Most recently, he served as its interim principal executive officer since September 2016. He also served as executive vice president and COO of the company since January 2014.
In addition, Penn Virginia appointed Harry Quarls to the newly created position of executive chairman on Aug. 15.
On July 31, Penn Virginia said it agreed to acquire Eagle Ford assets from Devon Energy Corp. (NYSE: DVN) for $205 million in cash. The company expects the deal to increase its core leasehold position in the shale play by 35%.
"We are thrilled that we have John to lead our management team as we look to enter a new period of growth and enhanced profitability," Quarls said in a statement. "The board believes that the company has outstanding assets and is well-positioned strategically and that John is the right person to capitalize on our recent successes, take the company to the next level and, through operational excellence, enter into a new period of enhanced growth, profitability and shareholder value creation."
Overall, Brooks has more than 30 years of experience in the energy industry, according to the company press release. He received his B.S. in Petroleum Engineering from the University of Texas at Austin in 1984.
Quarls has presided as chairman of Penn Virginia's board since September 2016. He is currently managing director at Global Infrastructure Partners. He earned an M.B.A. degree from Stanford University and also holds ScM. and B.S. degrees, both in chemical engineering, from M.I.T. and Tulane University, respectively.
Additionally, Quarls serves as director of Rosehill Resources Inc., Fairway Resources LLC, Opal Resources LLC, US Oil Sands Corp. and SH 130 Concessions LLC. He is chairman of the board of directors of US Oil Sands and SH 130 Concessions.
Previously, Quarls served as chairman of the board of Trident Resources Corp. and Woodbine Holdings LLC, and he also served as a managing director and practice leader for Global Energy at Booz & Co., a leading international management consulting firm, and as a member of Booz & Co.’s board.
Brooks and Quarls appointments are effective Aug. 15, according to the release.
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