John G. Nikkel will retire from the board of directors of Unit Corp. (NYSE: UNT) effective December 31, 2016. J. Michael Adcock, a current board member, has been elected the new chairman.
Nikkel joined the company as its president, COO, and a director in 1983. He was elected its CEO in July 2001 and chairman of the board in August 2003. Nikkel retired as an employee and as the CEO of the company on April 1, 2005, but retained his position as chairman of the board.
Adcock has served on the company’s board since 1997. He is a member of the Audit and Nominating and Governance Committees, as well as chairman of the Compensation Committee. He has many years of experience in banking, investments, and energy operations, as well as executive leadership experience as chief executive officer of two companies, one of which was a publicly-traded international energy company.