Oilfield services firm ProPetro Holding Corp on Wednesday shuffled its top execu...
) on Wednesday shuffled its top executives amid an internal investigation into equipment purchases and expense reimbursements.
Co-founder Dale Redman will no longer serve as the principal executive but will retain the title of chief executive, the statement said. Jeffrey Smith, another co-founder and finance chief, was re-assigned as chief administrative officer. Both men agreed to reimburse the company for expenses that were billed to ProPetro.The statement said the board’s review had not uncovered any matters that would require a restatement of past results.
The company said it plans to make required SEC second-quarter filings “as soon as reasonably practicable.” Chief Accounting Officer Ian Denholm also resigned this month and was replaced by Elo Omavuezi, the company said. Trey Wilson was named general counsel, replacing Howell.
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