Houston’s Rosetta Resources, an independent oil and gas company, this week announced new top leadership.
Randy Limbacher resigned as chairman, CEO and president. He had been CEO and president since 2007.
James Craddock has taken over all three roles. He had served as the company’s senior vice president of drilling and production operations.
Also, John Clayton was named executive vice president and chief operating officer. He was previously Rosetta’s senior vice president of asset development. John Hagale remains as executive vice president and chief financial officer.
“We are grateful to Randy for his leadership of Rosetta since joining the company,” said Phil Frederickson, lead director of the board of directors, in a statement. “Over the last six years, Randy led a dramatic restructuring of the company’s business, with a transition from exploring for conventional resources to developing unconventional resources plays. These efforts have culminated in our leading position in the Eagle Ford shale in South Texas and resulted in record growth in production, reserves and cash flows for the company in 2012.”
Limbacher said in a statement that when he started in 2007, he committed to the company for five or six years.
“Rosetta has reached an important transition point and the time has come to transfer the leadership of the company as we enter this next phase,” he said. “Fortunately, Jim Craddock who has played an integral role in guiding Rosetta to this point in our evolution has agreed to lead the company going forward.”
Limbacher will remain with Rosetta until April 2013 to provide “transitional support for the change in leadership.”
“We will continue to be an industry leader in the efficient development of our Eagle Ford assets,” Craddock said in a statement. “At the same time, we will focus on adding new capital project inventory, both in South Texas and in other basins, so that we can deploy the free cash flow we anticipate will be generated by our Eagle Ford assets. Although we will greatly miss Randy, we have a strong management team and a great set of employees in place to execute our strategy and continue to grow the business in the years ahead.”