Penn Virginia Corporation says that Baird Whitehead, President and Chief Executive Officer, has retired as an officer of the Company. Mr. Whitehead had previously indicated his intention to retire this year. Edward B. Cloues, II, who has served as the Company's Chairman of the Board since May 2011 and a director since 2001, will assume the additional role of interim Chief Executive Officer, effective immediately. Mr. Whitehead will continue to serve as a director of the Company.
'Over the past several years, as a team we succeeded in transforming the Company to a virtually exclusive Eagle Ford oil producer,' said Mr. Whitehead. 'As the industry's challenges continue, I have complete confidence that a new CEO will work with the Penn Virginia team to meet those challenges and realize the Company's significant potential. Now is a good time to begin that transition.'
'Baird has been a strong leader as the Company has confronted a difficult environment,' said Mr. Cloues. 'His industry and Company experience and his continued role on our Board will be valuable as we plan for the future.'