Lorenzo Donadeo, who co-founded Vermilion and was CEO from 1996 to 2003 and recently served as president, becomes executive president. Vermilion also announced that former CFO Curtis Hicks is back in the business as president.
The Calgary oil and gas producer said it would be chaired by an executive committee instead of taking on the role of CEO. The committee will be made up of the Executive Chairman, the President, the Chief Financial Officer, the Director of Operations, the Executive Vice-President of People and Culture and the Vice-President of Business Development.
“In these difficult times, Vermilion will redouble its attention to its core business principles that have served it well over its 26 years of success,” said Donadeo in a statement.
“These principles are based on a careful and long-term focus on balance sheet strength and the discipline of capital to generate solid returns. This has enabled Vermilion to pay shareholders more than $ 3.8 billion, or $ 40.20 per share, in dividends over the past 17 years. “
Vermilion suspended its dividend last month after cutting it twice as the COVID-19 pandemic hit the global energy industry.
The company gave no reason for Marino’s departure. He joined Vermilion in 2012 as COO and was appointed CEO in 2016. Before joining the company, he was Managing Director of Baytex Energy Corp.