Phil Patman, the CFO of Vaalco Energy, has resigned from the company, effective March 31, 2019, to pursue other interests. He had joined the company as CFO two years ago. It’s not clear whether he resigned to take another position or he was pushed out.
Elizabeth Prochnow, currently the Chief Accounting Officer, has been promoted to the CFO position. She had joined the company in March 2015. Prior to that she was the CFO at Sterling Construction and Bristow Group.
Mr Patman had a base salary of $325,000. If he was pushed out, he would be entitled to a severance payment of $284,000, according to last year’s proxy statement. In connection with her promotion, the salary of Ms Prochnow has increased to $265,000.
Vaalco is an E&P company that principally has assets in Gabon and Equatorial Guinea in West Africa. It has its head office in the Westchase area of Houston. The stock currently trades at $2.33, down 5% on the day. The market capitalization is $146 million and the company is debt-free.
In its 2018 annual report, the company disclosed a material weakness in its internal controls over financial reporting related to income tax on significant, unusual and infrequent transactions. The company plans to remediate this by hiring an additional tax professional.