Marc Stratton, the CFO of Summit Midstream will be stepping down, effective March 4, 2022. He will be replaced by Bill Mault, who is currently VP Corporate Development, Finance and Treasurer.
Summit has its head office in downtown Houston and operates midstream assets in the Utica, Williston, DJ and Permian Basins. It went public in 2012 and had a peak market capitalization of $1.9 billion in 2014. Its current market cap is $243 million.
The company appointed a new CEO, Heath Deneke, in August 2019 and last year, it completed a refinancing that replaced a lot of debt that was due to mature in 2022. The company still has $1.4 billion of debt. It expects to pay down $130 million or so this year.
Mr. Stratton joined Summit in 2009 as a founding member and became its CFO in December 2018. He will receive a severance of 1.5 times his combined base salary ($350,000), 2021 annual bonus paid (not stated but assumed to be $350,000) x 1.5) and a pro-rata bonus for 2022. Mr. Stratton’s unvested phantom stock units will also vest. They will be worth about $0.8 million.
Mr. Mault joined the company in 2016 and has a background in investment banking. He will receive a base salary of $300,000.
The company also announced it was promoting Matt Sicinski to Senior VP and Chief Accounting Officer. He joined in February 2020, having previously worked at Venari Resources and Southwestern Energy.