Penn Va. chief retires
Baird Whitehead, president and chief executive of embattled Radnor oil producer Penn Virginia Corp., retired Monday before the company was scheduled to announce its third quarter earnings. Whitehead, who had led the company for four years, had previously announced his intention to retire this year.
Baird Whitehead, president and chief executive of embattled Radnor oil producer Penn Virginia Corp., retired Monday before the company was scheduled to announce its third quarter earnings. Whitehead, who had led the company for four years, had previously announced his intention to retire this year.
Edward B. Cloues, II, Penn Virginia's chairman and former chief executive of K-Tron International Inc., will step in as interim chief executive. In a statement, Cloues said his initial focus will be to work with Jeffries L.L.C. and the company's other advisers to "restructure the company's balance sheet and enhance its liquidity."
Penn Virginia is primarily an oil producer in the Eagle Ford shale region in Texas whose earnings have suffered from the decline in oil prices. The New York Stock Exchange notified it recently that its stock would be delisted if was unable to sustain a price higher than $1 a share.