This out at 9:03 AM this morning:
9:03 am Bonanza Creek Energy announces retirement of CEO (BCEI) : Co announced that Mr. Michael Starzer, BCEI' s President and Chief Executive Officer, is retiring from the Company and as a member of the Company's Board of Directors (the "Board"), effective January 31, 2014.
•The Board has begun a search for Mr. Starzer's successor. The Board intends to conduct a review of both internal and external candidates. During this interim period, Marvin M. Chronister will assume management responsibilities associated with the office and act as interim President and CEO pending the conclusion of the Board's search.
Pretty unusual to announce a retroactive resignation of the top guy. Wonder what happened to precipitate this? Health issue? Fight with the Board? Stock down this AM when I was expecting a pop due to favorable mention in Barron's.
Imagine the shares will be weak until this is sorted out.
MrMuileh (Phil)