Frederic “Jake” F. Brace has joined Midstates Petroleum Co. Inc. as a member of the board of directors and as an employee, effective March 9. In addition, Dr. Peter J. Hill has resigned from the board, effective March 9, and will resign from his position as interim president and CEO following the filing of the company’s annual report on Form 10-K. Midstates intends to appoint Brace as interim president and CEO upon the effectiveness of Dr. Hill’s resignation.
Dr. Hill will remain with the company in a consulting role following Brace’s appointment. The board has retained Korn Ferry, a global executive search firm, to assist the company with the recruitment of a permanent CEO.
Additionally, Alan J. Carr was elected to the board, effective March 9. Further, board members Mary P. Ricciardello, Loren M. Leiker, and Robert M. Tichio have indicated that they intend to resign prior to the end of the month. In conjunction and concurrently with these resignations, the board also intends to elect Bruce Stover and Robert Ogle to the board.
Brace has over 20 years of experience in business management and board representations. He is currently chairman and CEO of Beaucastel LLC and Sangfroid Advisors Ltd. Previously, Brace worked for Niko Resources Ltd. from August 2013 to December 2014, serving first as senior advisor and then as president of the company. From 1988 to 2008, Brace worked at the UAL Corp. (now United Continental Holdings Inc.), the parent company of United Airlines Inc. and Continental Airlines Inc., where he served as executive vice president and CFO of UAL Corp. and United Airlines Inc. from 2002 to 2008. Brace is a member of the board of directors of Anixter International and Standard Register. He has also served on the board of numerous public and private companies. He received his Bachelor of Science degree in industrial engineering from the University of Michigan in 1980, and his Master of Business
Administration degree with a specialization in finance from the University of Chicago Graduate School of Business.
Carr is an investment professional with 20 years of experience working from the principal and advisor side on complex, process-intensive financial situations. He is the founder of Drivetrain Advisors, a fiduciary services firm. Prior to founding Drivetrain Advisors in 2013, Carr was a managing director at Strategic Value Partners LLC. Prior to joining Strategic Value Partners, he was a corporate attorney at Skadden, Arps, Slate, Meagher & Flom. Carr currently serves on the board of directors of Tanker Investments Ltd. and Brookfield DTLA Fund Office Trust Investor Inc. He currently serves, and has previously served, on boards of a variety of companies in North America, Europe, and Asia. He received his Bachelor of Arts degree in economics and sociology from Brandeis University, and his Juris Doctor from Tulane Law School.
Stover has over 40 years of experience in the oil and gas industry, and has an extensive background in mergers and acquisitions, global operations, and business development. He has served on the board of directors of the Bristow Group Inc. since 2009 and as chairman of the board’s Compensation Committee since 2012. Prior to joining the board of Bristow Group, he was a founding member of the management team of Endeavor International Corp., where he served as executive vice president of operations and business development from 2003 to 2010. Before serving at Endeavor International Corp., Stover was senior vice president of worldwide business development for Anadarko Petroleum Corp., responsible for evaluating and securing domestic and international business opportunities. While there, Stover also served as president and general manager of Anadarko’s Algerian subsidiary. He began his career as an engineer with Amoco Production Co.
Ogle has been a certified public accountant for over 35 years with experience in the upstream and downstream oil and gas industries, retail, airline, and service industries. He is currently a senior advisor with The Claro Group. Prior to joining The Claro Group, he was a founder and CFO for Ute Energy LLC from 2005 to 2009. Before serving there, Ogle was the director of Corporate Recovery Services at Huron Consulting, and, prior to joining Huron Consulting, was a Corporate Recovery Services partner at Arthur Andersen, where he started their corporate recovery services practice in Houston. While at Arthur Andersen, Ogle provided services to Link Energy, Continental Airlines, Delta Airlines, United Airlines, Edge Petroleum Corp., Orion Refinery, Entergy, and others. Ogle co-founded the Houston chapter of the Turnaround Management Association.