Talos Energy has re-hired Shane Young as its new CFO. He previously served as the CFO between December 2014 and September 2015 when Talos was a private company.
Mr Young left to become the CFO at Cobalt International, then a publicly-traded offshore E&P company. He was replaced after 10 months, following the appointment of a new CEO. Mr Young got the best part of that bargain as he walked away with a nice severance package while Cobalt filed for bankruptcy 18 months later. Cobalt was later broken up.
Since leaving Cobalt Mr Young has been the CFO at Sheridan Production Company, a PE-backed onshore E&P company.
Talos (market cap $1.65 billion) has its head office in downtown Houston and went public a year ago through a reverse takeover of Stone Energy. The company has properties in shallow and deepwater Gulf of Mexico on the US side as well as the shallow-water Zama field in the Mexican part of the Gulf of Mexico.
When Talos went public the share price was $36. It dropped to a low of $14.60 in December before rebounding to its current price of $29.37.
Mr Young will receive a base salary of $460,000. He will also receive about $650,000 in restricted stock units that will vest in 3 years and a further $650,000 in performance share units that will vest based on the company’s total shareholder return over a 3 year period.
Mr Young replaces Michael Harding, who has been the CFO since Mr Young left the first time. Mr Harding will continue serving as the company’s Chief Accounting Officer on an interim basis for a ‘mutually agreed period’.