People | People-Promotion | Job Cuts / Downsize / Layoff
Laredo Cuts Workforce by 20%, Including VP Level Execs; Names New CFO
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Laredo Petroleum has announced the appointment of a new CFO as well as a 25% reduction in costs related to administrative/employee expenses.
Cost Cuts
Laredo CEO Randy A. Foutch, commented: "We have reduced our total employee count by approximately 20%, including a greater than 40% reduction at the Vice President and above level, resulting in annualized savings of approximately $30 million. While these actions are always difficult, they are necessary as we focus on increasing corporate-level returns and growing within cash flow from operations."
New CFO
The company announced the promotion of Michael T. Beyer to Senior Vice President and Chief Financial Officer, immediately replacing Richard C. Buterbaugh.
About Beyer:
Mr. Beyer began his career in the oil and gas industry in 2002 and joined Laredo in 2007. Most recently, Mr. Beyer served as the Company's Chief Accounting Officer and was Controller prior to 2014. Mr. Beyer holds a Bachelor of Business Administration in Accounting from The University of Oklahoma and has been a Certified Public Accountant since 2002.
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