ProPetro appoints Sam Sledge as chief executive officer

·1 min read

By Liz Hampton

July 27 (Reuters) - Hydraulic fracturing firm ProPetro Holding Corp on Tuesday said Sam Sledge would become its new chief executive officer, replacing Phillip Gobe, who had headed the company following the exit of its founder last year.

Gobe will transition to executive chairman, ProPetro said.

Sledge had last served as president of the company. He was one of the few executives to remain with ProPetro following a slew of leadership changes that started following the disclosure of an internal investigation into expenses and internal controls, and eventually a probe by the U.S. Securities and Exchange Commission into its financial disclosures.

ProPetro's founder, Dale Redman, resigned last year, after he was discovered to have violated insider trading policies by using shares as collateral to secure personal loans. His exit came just weeks after Reuters sent a letter to the company inquiring about loans used to buy ranches and other aspects of his financial affairs.

Sledge is the son of ProPetro's former chief operating officer, David Sledge. He will also join the company's board of directors.

The company on Tuesday also appointed Adam Munoz to the role of president and chief operating officer. He'd previously been chief operating officer. (Reporting by Liz Hampton in Denver; editing by Richard Pullin)

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