To position the company for its next phase of growth, Constellation Energy Partners LLC announced several key leadership changes, all effective March 14, 2008. Chief Operating Officer Stephen R. Brunner will assume the role of president and chief executive officer (CEO). Brunner will also become a non-voting advisory member of the Board of Managers. Felix J. Dawson, president and CEO during the company's first year of operation as a public company, will remain chairman of the Board of Managers.
"Stephen's extensive background in the E&P business has significantly broadened and strengthened our leadership team. His promotion to president and CEO is a reflection of the leadership he brings to help us maximize the growth potential of our expanded asset base, as well as our company's continued commitment to increase operational expertise as we add to our portfolio," said Felix Dawson, chairman of the Board of Managers. "I have worked closely with Stephen to prepare him for this post, and I plan to continue to do so over the coming months to ensure a smooth transition. The Board of Managers of CEP has complete confidence in Stephen's ability to lead the continued growth of the company while focusing on operational efficiency, and I will continue to be involved in strategy and major decision making as Board chairman."
Charles "Chuck" C. Ward has been named chief financial officer (CFO) and treasurer, and Michael B. Hiney, who has served as controller since prior to the company's initial public offering, has been named chief accounting officer (CAO).
"Both Chuck and Mike have been heavily involved in CEP activities since prior to our initial public offering," remarked Dawson. "Their experience in their respective functions and their knowledge of the company will serve CEP well as we continue to expand our asset base."
In addition, Angela A. Minas has decided to resign from her role as CFO, CAO and treasurer. "We want to thank and recognize Angela for her tireless efforts and valuable contributions to CEP during our start-up," said Dawson. "We appreciate her dedication in bringing CEP to market and delivering a successful first year and setting a foundation for the future growth of the company. We wish her well in future endeavors.
"We anticipate a seamless management transition as all of these individuals have been highly involved in CEP's business, working directly with the company or as part of the large support team from our sponsor, Constellation Energy," Dawson said. "As a management team, Stephen, Chuck, and Mike will provide CEP with the solid leadership required to deliver consistent operational and financial performance. The collective experience and continuity of the leadership team and the continued support of our sponsor, Constellation Energy, will allow CEP to remain focused on its growth and operational objectives."
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