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Posted 01 November, 2023

Berry Corp (bry) appointed new CEO

CEO Change detected for ticker Nasdaq:BRY in a 8-K filed on 01 November, 2023.


  Additionally, the Company's current Chief Executive Officer, Fernando Araujo, was appointed to the Board, with such appointment to be effective March 1, 2024.  

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Overview of Berry Corp (bry)
Companies on the Energy Service • Upstream Oil & Gas
Berry Corp. is an energy exploration company, which engages in the acquisition, exploration, development, and production of domestic oil and natural gas reserves. It operates through the Exploration and Production (E&P) and Well Servicing and Abandonment segments. The E&P segment consists of the development and production of onshore, low geologic risk, long-lived conventional oil and gas reserves, primarily located in California, as well as Utah. The Well Servicing and Abandonment segment is involved in the wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics. The company was founded by C. J. Berry in 1909 and is headquartered in Dallas, TX.
Market Cap
$531M
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Berry Corp (bry) by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On October 26, 2023, the Board of Directors (the "Board") of the Company decided that the term of Arthur "Trem" Smith as Executive Chair of the Board will expire on March 1, 2024, and will not be automatically extended pursuant to the terms of the Executive Chair Agreement between Berry Petroleum Company, LLC and Mr. Smith effective January 1, 2023, and the Company provided notice to Mr. Smith thereunder on October 30, 2023. After more than five years of service as the Company's Chief Executive Officer and President, Mr. Smith stepped down from those roles in January 2023 and agreed to continue to serve on the Board as Executive Chair for a limited duration to promote an effective CEO transition.


As a result of Mr. Smith's stepping down from his role as Executive Chair, the Board appointed current director, Renée Hornbaker, as Chair of the Board, effective March 1, 2024. Ms. Hornbaker will also remain in her current role as Chair of the Audit Committee of the Board. 


Additionally, the Company's current Chief Executive Officer, Fernando Araujo, was appointed to the Board, with such appointment to be effective March 1, 2024. There are no arrangements or understandings pursuant to which Mr. Araujo was selected as a director. Mr. Araujo has no direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K.