Callon Petroleum Co. (NYSE: CPE) has appointed Joseph Gatto Jr. as CEO and L. Richard Flury as non-executive chairman of the board, succeeding Fred Callon, former CEO and chairman, following his unexpected death on May 24, 2017. Gatto will also continue performing his current duties as the company's president and CFO. The remainder of the company's leadership team will continue in their present roles. No changes are anticipated in the company's day-to-day business activities.
Gatto worked closely alongside Callon since 2012 as the company executed an aggressive growth strategy in the Permian Basin. Since the beginning of 2016, Callon has completed over $1 billion in acquisitions and $2 billion in debt and equity raises, nearly tripling the Company's acreage position and building a solid financial position for the future. Mr. Gatto is well-known in the oil and gas industry and highly respected by the Company's employees and investors, and his intimate knowledge and extensive experience with the Company makes him uniquely qualified to move the Company forward.
Gatto commented, "I am humbled by the opportunity to continue to build upon Fred's legacy and fulfill his vision for Callon Petroleum. I am honored to have been chosen by the Board to continue my strong partnership with Callon's Chief Operating Officer, Gary Newberry as together we lead our experienced management team in the execution of our growth initiatives that we believe will create differentiated value for our shareholders. We are all committed to ensuring a smooth transition and to honoring Fred's memory through a continued commitment to our core values. We will always be profoundly grateful for his friendship and leadership, and he will be deeply missed by our organization as well as the oil and gas industry. During this time, all of our thoughts are with Fred's family and we will do everything we can to support them."
Prior to joining Callon, Gatto held various positions in the financial advisory and energy investment banking groups of Merrill Lynch & Co., Barclays Capital, Merrill Lynch Commodities Inc., and MarchWire Capital LLC, which he founded. Gatto graduated from Cornell University with a BS degree and The Wharton School of the University of Pennsylvania with an MBA.
Flury has served on the Board since 2004 and currently serves on the company's Audit, Compensation and Strategic Planning and Reserves Committees. Prior to his retirement, Flury spent over 30 years with Amoco Corp., and later, BP plc, most recently as Chief Executive, Gas and Power and Renewables.