PEDEVCO Appoints New CEO and Chief Commercial Officer, Board Changes

PEDEVCO Corp. (NYSE: PED) has recently undergone significant leadership changes with the appointment of a new Chief Executive Officer (CEO) and Chief Commercial Officer. The company’s Board of Directors announced on December 7, 2024, that J. Douglas Schick, the current President of PEDEVCO since August 2018, has been appointed as the new CEO effective January 1, 2025. This decision follows the recommendation of the Nominating and Corporate Governance Committee of the Board.

In addition to his new role as CEO, Mr. Schick has also been appointed as a member of the Board of Directors. He will succeed Dr. Simon G. Kukes as CEO, who will transition to the role of Executive Chairman of the Board starting January 1, 2025. Furthermore, the current Chairman of the Board, Mr. John Scelfo, will step down as Chairman but will continue on the Board of Directors as an independent director.

Mr. Schick’s appointment to the role of CEO was accompanied by an increase in his annual base salary to $350,000, effective January 1, 2025. The company and Mr. Schick formalized this appointment through an Amendment to the Offer Letter dated December 9, 2024. Notably, there are no anticipated committee assignments for Mr. Schick as a member of the Board.

Additionally, on the same date, the Board appointed Jody Crook as the Chief Commercial Officer of PEDEVCO, effective January 1, 2025. Mr. Crook brings over twenty-five years of experience in the oil and gas industry to his new role. He will be entitled to an annual salary of $280,000, along with various bonuses and incentives subject to Board approval.

Mr. Crook’s background includes serving as a Senior Advisor for Land and Business Development activities for the Company since 2020. He also co-founded Tenet Advisory Group LLC in 2015 and Bronze Four Resources, LLC from 2017 to 2018, both firms engaged in the oil and gas sector.

PEDEVCO issued a press release on December 11, 2024, officially announcing these management changes. The press release detailed the new appointments and changes within the company’s executive team and Board of Directors.

It is important to note that all statements in the press release, including forward-looking statements, are subject to the applicable federal securities laws and regulations. These statements involve known and unknown risks, uncertainties, and assumptions, and actual results may differ from the projections made in these statements. PEDEVCO emphasizes the importance of reviewing cautionary statements and risk factors outlined in its regulatory filings.

For a comprehensive understanding of the recent developments at PEDEVCO, interested parties are urged to review the full Form 8-K filing available on the Securities and Exchange Commission’s website and PEDEVCO’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PEDEVCO’s 8K filing here.

PEDEVCO Company Profile

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.