Southwestern Energy, based in Spring, has appointed Carl Giesler as its new CFO. He replaces Julian Bott, who died suddenly in January 2021. Michael Hancock, who has been interim CFO, will continue as VP – Finance and Treasurer.
Southwestern has a market capitalization of $3.7 billion. It is primarily a natural gas producer that has all its operations in Pennsylvania, Ohio and West Virginia. However, in June, it announced a deal to acquire Indigo Natural Resources for $2.7 billion. Indigo is a natural gas producer with operations in the Haynesville Basin in Louisiana.
Mr. Giesler joins from SandRidge Energy, where he had been CEO since April 2020. Co-incidentally, Mr. Bott was CFO at SandRidge prior to joining Southwestern.
Mr. Giesler was CEO of Jones Energy (from July 2018 to January 2020) and Miller Energy Resources (from September 2014 to July 2018). Both Jones and Miller Energy filed for bankruptcy during Mr. Giesler’s tenure. SandRidge is publicly-traded but has been struggling for a number of years. So, Mr. Giesler’s roles as CEO have all had a very heavy financial focus.
Mr. Giesler will receive a base salary of $525,000 and a one-time cash signing-on bonus of $500,000, to be paid on the one year anniversary of his employment.