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Approach Resources Inc. has reported that Sergei Krylov, Managing Director at J.P. Morgan Securities LLC, has been named to the position of Executive Vice President and Chief Financial Officer.
Mr. Krylov will assume the position from Steven P. Smart, who has been with the Company since its inception in 2002, and Chief Financial Officer since 2007. Mr. Smart announced his intention to retire from the Company effective December 31, 2013.
Mr. Krylov, 36, brings over 13 years of oil and gas industry finance experience from J.P. Morgan’s Energy Investment Banking group. While at J.P. Morgan, Mr. Krylov advised clients on strategic planning, mergers and acquisitions and capital market transactions. Mr. Krylov holds a Bachelor of Business Administration in Finance, summa cum laude, from Pace University. Mr. Krylov’s employment with the Company will begin upon his satisfaction of certain conditions of his prior employment, which we expect will be on or before January 2, 2014.
J. Ross Craft, President and Chief Executive Officer, commented, "We are very pleased to announce the addition of Sergei to Approach’s senior management team. Sergei has deep oil and gas experience from a leading global investment bank, and has been a trusted advisor to Approach since before our IPO in 2007. Sergei’s knowledge of our company and assets makes him a perfect leader for this important role. I also want to thank Steve for his accomplishments and dedication to Approach for the past 11 years. We are very grateful to Steve for his contribution to our growth during his tenure as Chief Financial Officer."
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