Penn Virginia Corp. (NASDAQ: PVAC) said Jan. 19 that Harry Quarls will retire from his positions as executive chairman and as a director of the Houston-based company at the end of next month.

Additionally, Eagle Ford-focused Penn Virginia said it also appointed David Geenberg and Michael Hanna as new independent board members, effective immediately. Upon Quarls’ retirement, Penn Virginia’s board of directors will be reduced to six members from seven, and Holderness and Geenberg will both serve as non-executive co-chairman of the Penn Virginia board.

Quarls said in a statement, “I am very pleased by what we have been able to accomplish since the company’s emergence from bankruptcy in September 2016. We have rebuilt the capabilities of the company to be a top performer in the Eagle Ford; managed a strategic alternatives process; and completed two accretive, strategic acquisitions in our core area which have increased production and operated inventory by over 50%. The company is now favorably positioned for the future. However, this effort has required a significant commitment of my time, which is limiting my ability to spend time with other opportunities, including time with my family. With these accomplishments, now is a good time to step away and dedicate my time elsewhere. I thank all the employees at Penn Virginia and its board for the chance to work with them on this terrific journey. I wish all continued success.”

The company plans to conduct a search for a new director and chairman who is not a shareholder representative and who has oil and gas industry expertise, according to the Penn Virginia press release. Quarls, whose retirement is effective Feb. 28, has also agreed to provide consulting services for Penn Virginia through the end of 2018.

“Harry has been instrumental in the company’s turnaround and his leadership will be missed,” John A. Brooks, president and CEO, said in a statement. “His experience, energy, commitment and knowledge served the company well over the last year and a half and positions Penn Virginia well for the future. With our focus on the future, we believe the insight that Michael and David will provide as to the perspectives of our shareholders, as well as their expertise in finance, will prove to be an invaluable asset to Penn Virginia.”

Hanna is a partner and portfolio manager of KLS Diversified Asset Management, which beneficially owns about 7.7% of Penn Virginia’s outstanding common stock. Geenberg is co-head of the U.S. investment team of Strategic Value Partners LLC (SVP), which together with its affiliates manage certain investment funds and accounts that hold roughly 10.2% of the company’s outstanding common stock.

In connection with Geenberg’s election to the board, SVP and Geenberg have entered into a standstill and support agreement with Penn Virginia. The agreement includes among other things, that during the standstill period SVP will vote its shares of common stock in favor of the board’s recommendation with respect to director nominations and other routine matters submitted to a vote of Penn Virginia’s shareholders, according to the release.

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Penn Virginia also said Jan. 19 it adopted amended and restated bylaws to require the approval of at least two-thirds of the directors then on its board for certain significant transactions, including a sale of substantially all assets of the company, an increase in the authorized capital of the company or the issuance of preferred stock.

Earlier this month, Penn Virginia announced a $86 million acquisition of additional working interests from Hunt Oil Co. in South Texas properties the pure-play E&P now holds but doesn’t operate. The transaction is expected to close by March 1.