ProPetro Holding Corp., an oilfield companies firm that final yr settled prices over funds to its former CEO, introduced Monday that its normal counsel Newton “Trey” Wilson III is retiring.
Wilson, who will depart Dec. 31, can be succeeded by ProPetro deputy normal counsel John “Jody” Mitchell, the corporate stated in a securities filing.
ProPetro hired Wilson in September 2019 as the corporate faced an investigation by the US Securities and Trade Fee.
In November 2021, the corporate agreed to a settlement with the SEC over prices that ProPetro improperly reimbursed its former CEO Dale Redman for greater than $380,000 in private journey and different bills unrelated to his job. The corporate didn’t admit to any wrongdoing and didn’t pay a high-quality as a part of the settlement.
“Trey helped ProPetro efficiently navigate a few of the most difficult moments in our historical past, together with a world pandemic,” Sam Sledge, the corporate’s present CEO, stated in a press release. “He led our authorized division with the utmost integrity and dedication whereas additionally mentoring and advising many leaders throughout our enterprise.”
Wilson, a veteran oil and gasoline trade lawyer, didn’t reply to a remark request. Earlier than becoming a member of ProPetro, he was the top lawyer for Forest Oil Corp., Key Power Providers Inc., and Westex Properly Providers LP.
ProPetro tapped Wilson to interchange former authorized chief Mark Howell, who parted methods with the Midland, Texas-based firm shortly earlier than it disclosed the improper payments to Redman. ProPetro paid Howell no less than $725,000 within the exit, in response to a separation and launch agreement.
ProPetro disclosed in a proxy statement filed earlier this yr that Wilson obtained practically $2.1 million in complete compensation throughout 2021. He earned practically $2 million complete over the prior two fiscal years.
Mitchell, the corporate’s new high lawyer, beforehand labored in-house at pure useful resource corporations BHP Billiton, Concho Sources Inc., and Petrohawk Power Corp. He was employed as a deputy normal counsel in early 2021 after Wilson helped “stabilize the group,” ProPetro stated by means of a spokesman.
