Denver-based PDC Energy Inc. disclosed May 29 that its shareholders voted to reelect President and CEO Barton Brookman and independent directors Mark Ellis and Larry Mazza to PDC's board during the annual shareholders meeting. This comes amid calls for leadership change from private equity firm Kimmeridge Energy Management Co. LLC.
"We are pleased shareholders remain confident in our team and operating plan focused on capital discipline, free cash flow generation, profitable growth, and return of capital to shareholders. We look forward to capitalizing on the company's high-quality assets and operational capabilities to deliver superior returns for investors and create long-term, sustainable value," PDC Energy said.
Kimmeridge, which owns a 5.1% stake in the oil and gas producer, earlier nominated its founder, Benjamin Dell, along with James Adelson and Alice Gould, to PDC's board.
The election results are based on the preliminary vote count provided by PDC Energy's proxy solicitor, PDC said.
Independent advisory firm Glass Lewis & Co. earlier suggested that shareholders vote for PDC's nominees. Proxy advisory firm Institutional Shareholder Services Inc. recommended shareholders to vote for Kimmeridge's board nominees.