Company chairman and co-founder
"In these challenging times, Vermilion will redouble its focus on its core business principles that have served it well over its successful 26-year history," said Donadeo in a press release.
"These principles are based on a conservative, long-term focus on balance-sheet strength and capital discipline to generate strong returns."
Vermilion has experienced and learned from several previous severe downturns, he said.
Donadeo was not available for an interview, the company said.
Analysts were supportive of the executive changes given the past experience of Donadeo and Hicks.
"We expect that once the dust settles, this will be viewed as a positive decision as Vermilion repositions itself as a relatively low-risk operator, backed by an asset portfolio that can provide shareholder returns through both the quality of the asset base and the dividend," said
Stifel FirstEnergy analyst
Marino earned
Last month, Vermilion announced a
It also trimmed
Oil prices have fallen dramatically over the past three months due to demand destruction from measures to fight the COVID-19 pandemic, as well as lingering effects of a market share battle between
Vermilion's shares traded as low as
Vermilion said the company has used the executive committee structure in the past and that it has been re-established formally.
The executive committee will include a minimum of five senior executives including the executive chairman, president and chief financial officer.
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