Gasfrac Falls After CEO, COO Departures: Calgary Mover
Gasfrac Energy Services Inc. (GFS), an oilfield-services company that changed management last year, fell the most in a month after saying its chief executive officer and chief operating officer are leaving immediately.
Gasfrac fell 16 percent to C$2.43 at the close in Toronto, the most since Aug. 9. The stock has declined 65 percent this year.
The board is seeking replacements for CEO Zeke Zeringue, at the helm since November, and COO Steve Batchelor amid a company operational review, Calgary-based Gasfrac said in a statement today. Chief Financial Officer Jim Hill will take over as the interim CEO. The company didn’t provide a reason for the departures.
The executive shuffle introduces more uncertainty for investors, Megan MacNeill, an analyst at Haywood Securities Inc. in Vancouver, said in an interview. “This is the second time within under a year that management has changed,” said MacNeill, who rates Gasfrac the equivalent of a hold and has a C$3.50 price target on the stock.
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