Rob Lane, the CFO of Spark Energy, has resigned to take another, as yet undisclosed, position in an unrelated industry. Current CEO Nathan Kroeker will also serve as the Interim CFO while the company searches for a permanent replacement.
[Update 5-23. A reader kindly pointed out that Mr Lane is the new CFO at Sunnova Energy. The company is a residential solar and battery storage service provider. It has its head office in the Greenway Plaza area of Houston. It has 65,000 customers in 22 states. It is PE-backed and has raised $2.5 billion from investors since 2012].
Spark Energy (market cap $368 million) has its head office in west Houston. The company engages in the retail distribution of electricity and natural gas across 19 states.
Mr Lane became the CFO in June 2016. Prior to that he was the CFO of Emerge Energy Services, a publicly-traded frac sand provider, based in Fort Worth.
The company completed its IPO in 2014 and has made 14 acquisitions after going public. In March 2018, the company announced that it had hired Morgan Stanley to explore strategic alternatives. Management believe the stock price didn’t reflect the financial performance and growth prospects of the company. Since that announcement, there has been no mention of the outcome of the advice received from Morgan Stanley.
The stock price is about 15% higher than before the announcement in March 2018 about the hiring of Morgan Stanley.