Midstates Petroleum Co.Inc. (NYSE: MPO) said March 9 that Frederic (Jake) F. Brace joined the company as an employee and member of the board of directors, while Peter J. Hill resigned from the board and will resign as interim president and CEO.
Hill’s resignation as interim president and CEO will follow the filing of Midstates’ 10-K, the company added.
Brace will be appointed interim president and CEO. Hill will remain with the company in a consulting role.
Executive search firm Korn Ferry was retained to help Midstates find a permanent CEO, the company added.
Brace has more than 20 years’ experience in business management and board representations. He is currently chairman and CEO of Beaucastel LLC and Sangfroid Advisors Ltd.
Previously, he worked for Niko Resources Ltd as senior advisor and then as president. Brace has also worked at United Continental Holdings Inc. (NYSE: UAL), the parent company of United Airlines Inc. and Continental Airlines Inc.
He has a bachelor’s degree from the University of Michigan and a master’s of business administration degree from the University of Chicago Graduate School of Business.
Additionally, Midstates elected Alan J. Carr to the board, and board members Mary P. Ricciardello, Loren M. Leiker and Robert M. Tichio said they will resign prior to the end of March. The board plans to elect Bruce Stover and Robert Ogle.
Tulsa, Okla.-based Midstates Petroleum Co. explores and produces domestic oil.
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