Diversified Energy shuffles executives as finance chief steps down

Diversified Energy announced a number of changes to its executive leadership structure on Monday, as its executive vice-president and chief financial officer Eric Williams stepped down with immediate effect to explore new professional avenues.

The FTSE 250 company said that despite his immediate resignation, Williams had committed to assisting the company until the end of September in a bid to ensure a seamless shift in leadership.

Brad Gray, previously serving as executive vice-president and chief operating officer, had been elevated to the role of president and would also step into the CFO position, effective immediately.

That progression had led Gray to resign from his position on the board of directors.

Further strengthening its executive team, Diversified Energy said it had made a number of promotions, with Maverick Bentley, previously the senior vice-president of midstream operations, now holding the title of executive vice-president of operations.

Benjamin Sullivan, formerly the general counsel, had been advanced to senior executive vice-president and chief legal and risk officer.

Finally, Ron Ridgway, who previously functioned as the senior vice-president of energy marketing, had now been promoted to the role of executive vice-president of energy marketing.

“On behalf of the entire Diversified team, I would like to thank Eric for his contributions over the last six years,” said chief executive officer Rusty Hutson.

“Since joining the company in July 2017, Eric has been instrumental in transforming our finance team.

“We appreciate Eric’s leadership and commitment to Diversified’s success and wish him all the best in his future endeavours.”

Hutson added that he was “thrilled” to promote and place Gray into the CFO role, adding that he had a “deep understanding” of Diversified, having also previously held the position.

“Brad has developed strong relationships within every segment of our company, and these relationships position him and our finance teams for future success.

“Additionally, his promotion and appointment ensure we do not miss a beat in executing our strategy to responsibly deliver long-term value to shareholders.”

Reporting by Josh White for Sharecast.com.