July 29, 2015 – Energy producer Penn Virginia Corporation has retained Spencer Stuart to lead its search for a new chief executive officer. H. Baird Whitehead has informed the board of directors of his plan to retire as president and CEO after more than 14 years of service, including four years in his current position. Spencer Stuart will work with and advise the board’s newly formed search committee to identify a successor. Mr. Whitehead will continue to serve until a successor is named and the CEO transition is complete. Penn Virginia Corporation is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the U.S., with a primary focus in the Eagle Ford Shale in south Texas. Like many smaller oil producers, Penn Virginia has come under investor pressure since oil prices plunged at the end of 2014.
During the past three years, Spencer Stuart has recruited close to 500 senior-level executives and board directors within the energy sector, ranging from multi-billion dollar corporations to venture capital-backed startups. The firm has relationships with a wide range of senior-level energy executives, including high-profile oil and gas leaders.
Since 2009, Spencer Stuart’s CEO practice has conducted nearly 1,500 CEO search and succession assignments globally. Currently, the firm is leading CEO searches for social media company Twitter, retail giant Abercrombie & Fitch, and Angie’s List, a U.S.-based, paid subscription supported website containing crowd-sourced reviews of local businesses. The firm operates 56 offices in 30 countries.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media