Swift Energy CEO, CFO stepping down in wake of bankruptcy

Swift Energy chief Terry Swift walks the grounds at a company drilling site in Tilden, Texas, in March. (Washington Post photo by Michael S. Williamson)

The CEO and chief financial officer of Houston-based Swift Energy are retiring almost four months after the company emerged from Chapter 11 bankruptcy.

Chief Executive Terry Swift and CFO Alton Heckaman said they will stay in their roles until their replacements are found. Swift also will leave the board of directors when he retires.

RELATED: Swift Energy emerges from bankruptcy

Swift has led the oil and gas exploration company for 15 years after taking the reins from his late father, Aubrey Earl Swift, who founded Swift more than 36 years ago.

“After over 35 years with Swift Energy, 15 as CEO, I believe now is the right time for a transfer in leadership,” Swift said in the announcement. “We have built an incredibly strong team at Swift Energy, and I believe the company is better positioned today to drive long-term value than ever before.”

Swift Energy has struggled throughout the oil bust and filed for bankruptcy in December . The company further cut costs, reorganized and emerged from bankruptcy near the end of April.

RELATED: Swift Energy becomes 40th North American driller in bankruptcy