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Basic Energy announces CEO Kenneth Huseman’s retirement dateAugust 26, 2013
A. Lee Graham
Basic Energy Services Inc. of Fort Worth has announced that president and CEO Kenneth Huseman will retire on Sept. 30, 2013.
The news comes on the heels of Huseman’s March announcement that he would retire by the end of the year. It also comes after news that Roe Patterson, the company’s current senior vice president and chief operating officer, will succeed Huseman as president and CEO.
Huseman will remain a board member, with Patterson set to be appointed to the board of directors effective Sept. 30, 2013.
"Roe Patterson has assembled a strong senior management team which is in place and ready to move the company forward,” Huseman said in a news release.
“I am pleased we had the depth in our organization to allow such continuity of management and achieve a seamless transition for our employees, customers and shareholders. My confidence in Roe and the entire management team allows me to retire a few months earlier than previously planned,” Huseman said.
After more than 35 years in the well-servicing industry, Huseman said he is stepping down to spend more time on “other interests” and looks forward to continuing involvement with the company as a board member and shareholder.
In connection with Huseman's retirement, during the third quarter, Basic said it expects to incur a pre-tax cash charge totaling about $4.2 million, along with an additional non-cash charge with respect to 300,806 unvested restricted shares that will vest through 2017.
Basic Energy Services, which provides oil and gas well-site services, employs more than 5,600 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.