Gasco announced changes to its officers and directors and a plan of succession.
Effective immediately, the Board of Directors has appointed director Charles B. Crowell to serve as the Company's Chairman of the Board of Directors, replacing Mark A. Bruner as Chairman. Mr. Bruner will remain as a Director. In addition, Mr. Crowell announced his planned retirement as chief executive officer effective January 1, 2011, he will continue to serve as Chairman of the Board of the Company. Mr. Crowell has served on various committees of Gasco's Board of Directors since July 2002.
The Board also unanimously agreed that the Company's current president and chief financial officer, W. King Grant, would be appointed as chief executive officer upon Mr. Crowell's resignation. Effective immediately, the Board also appointed Mr. Grant to serve as a member of the Board of Directors. Mr. Grant has been an officer of the Company in various positions since July 2001.
Commenting on the new composition of officers and directors, Gasco's Chairman of the Board Chuck Crowell said, "The Board of Directors is pleased to announce today's orderly plan of succession for officers and Directors. On behalf of the Board, I would like to welcome King as a member of the Board of Directors and look forward to his contributions as a Director. Along with senior management of the Company, we will work together for the remainder of 2010 to ensure a smooth transition when King takes over as CEO. King is a dedicated and effective executive for Gasco and its shareholders. This management change is indicative of the faith that the Board has in his performance and his ability to continue to manage Gasco's future."
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