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ProPetro Holding Corp., an oilfield providers firm that final 12 months settled expenses over funds to its former CEO, introduced Monday that its basic counsel Newton “Trey” Wilson III is retiring.
Wilson, who will go away Dec. 31, might be succeeded by ProPetro deputy basic counsel John “Jody” Mitchell, the corporate mentioned in a securities filing.
ProPetro hired Wilson in September 2019 as the corporate faced an investigation by the US Securities and Change Fee.
In November 2021, the corporate agreed to a settlement with the SEC over expenses that ProPetro improperly reimbursed its former CEO Dale Redman for greater than $380,000 in private journey and different bills unrelated to his job. The corporate didn’t admit to any wrongdoing and didn’t pay a high quality as a part of the settlement.
“Trey helped ProPetro efficiently navigate a few of the most difficult moments in our historical past, together with a worldwide pandemic,” Sam Sledge, the corporate’s present CEO, mentioned in a press release. “He led our authorized division with the utmost integrity and dedication whereas additionally mentoring and advising many leaders throughout our enterprise.”
Wilson, a veteran oil and fuel business lawyer, didn’t reply to a remark request. Earlier than becoming a member of ProPetro, he was the top lawyer for Forest Oil Corp., Key Power Companies Inc., and Westex Nicely Companies LP.
ProPetro tapped Wilson to interchange former authorized chief Mark Howell, who parted methods with the Midland, Texas-based firm shortly earlier than it disclosed the improper payments to Redman. ProPetro paid Howell at the least $725,000 within the exit, in line with a separation and launch agreement.
ProPetro disclosed in a proxy statement filed earlier this 12 months that Wilson acquired almost $2.1 million in whole compensation throughout 2021. He earned almost $2 million whole over the prior two fiscal years.
Mitchell, the corporate’s new high lawyer, beforehand labored in-house at pure useful resource firms BHP Billiton, Concho Assets Inc., and Petrohawk Power Corp. He was employed as a deputy basic counsel in early 2021 after Wilson helped “stabilize the group,” ProPetro mentioned by way of a spokesman.
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