CALGARY, Nov. 30, 2015 /PRNewswire/ - Vermilion Energy
Inc. ("Vermilion", "the Company", "We", "Us", or "Our") (TSX, NYSE:
VET) Co-founder and Chief Executive Officer Lorenzo Donadeo today announced publicly his
intention to retire as CEO effective March
1, 2016, at which time he will transition to his new role as
Chair of the board of directors. Larry Macdonald, the Company's current Chair
will transition to the newly created role of Lead Director.
In line with the Company's succession plan, the board of directors
announced Anthony Marino,
Vermilion's current President and Chief
Operating Officer will assume the role of President and CEO upon
Mr. Donadeo's retirement.
"Lorenzo co-founded Vermilion in
1994 and has been integral to the Company's success since that
time. Over that 22-year period, Vermilion has grown from a public company with no
assets to an established international leader with production
targeting approximately 64,000 boe per day in 2016," stated
Larry Macdonald, Chair of the board
of directors. "Vermilion began
with an initial share price of only 35
cents in 1994. When cumulative dividends are added to
Vermilion's current share price, the
Company has successfully delivered value totalling approximately
$68 per share to our shareholders.
Lorenzo's leadership, vision, focus and direction have been
instrumental in achieving these impressive returns. On behalf
of the board of directors I want to thank Lorenzo for his
significant contributions to our Company, our industry and to our
community. We look forward to continuing to work with Lorenzo
in his new capacity as Chair and wish him all the best in the
future."
"Executive development and succession planning is a top priority
and key responsibility of the board of directors," stated
Larry Macdonald. "The board
has continually placed a significant focus on long-term succession
planning. Since his recruitment to Vermilion in 2012, Tony has demonstrated an
exceptional aptitude for critical thinking and leadership in
addition to his commercial acumen and an unrelenting bottom line
focus that will serve the Company well in the years ahead.
The board is confident in our choice of Tony as Lorenzo's successor
and look forward to Vermilion's future
under his leadership."
Lorenzo Donadeo co-founded
Vermilion in 1994 as Executive Vice
President and Chief Operating Officer and assumed the role of
President and CEO in January, 2003. Under Lorenzo's
leadership, Vermilion tripled its
production and firmly established its legacy as one of Canada's
leading international producers with strong positions in
North America, Europe and Australia.
"There is never a perfect time to transition the CEO role, but I
feel that now is the right time. Vermilion is well placed to
perform strongly over the next decade. We have strategically
positioned our operations both domestically and internationally and
built a robust portfolio of assets with well-defined growth
opportunities. We have assembled an impressive board of
directors, and created a high performing organization that has
delivered top quartile returns to our shareholders and is
recognized for its strong corporate culture, management expertise
and discipline, and its bright and talented team of people. I
am tremendously proud of what we have achieved together, and would
like to thank all of our people and the board for their
contributions over the years and wish them continued great success
moving forward."
Anthony Marino joined
Vermilion in May
2012 as Chief Operating Officer, following a record of
success in both technical and management roles at several major and
independent oil and gas companies. He became Vermilion's President & COO in March
2014. During his tenure with the Company, he has led
significant operational advancements, including the formation of
our current business unit structure, our shift to balanced growth
between our North American and overseas units, and the continuation
of Vermilion's historical record of
operational excellence and improvements in capital efficiency.
"Tony has an unwavering commitment to adding value for our
shareholders, as well as advancing the interests of all
stakeholders in our communities. Under his leadership, and
with the support of our board of directors, l know that
Vermilion will continue as a recognized
leader in our industry and will preserve and enhance the successful
corporate culture we have built over the past two
decades," stated Mr. Donadeo. "There is no doubt that
the current external environment is difficult. There is also
no doubt in my mind that it will get better with time.
Vermilion is extremely well positioned
to take advantage of this shift when it happens. With Tony's
strong leadership, technical and business skills, coupled with
Vermilion's highly capable management
team and dedicated workforce, I have a great deal of confidence
that the Company will continue to grow and thrive well into the
future."
Mr. Marino has a Bachelor of Science degree with Highest
Distinction in Petroleum Engineering from the University of Kansas and a Master of Business
Administration degree from California State
University at Bakersfield. He is a registered
professional engineer and holds the Chartered Financial Analyst
designation.
About the Appointees
Editors please note: Photos of Mr. Donadeo and Mr. Marino are
available at www.vermilionenergy.com
Lorenzo Donadeo
Mr. Donadeo has more than 34 years of experience in the oil and
gas business, including mergers and acquisitions, gas marketing,
production, exploitation and field operations in western Canada and
internationally in Australia,
France, the Netherlands, Trinidad and Tobago. Mr. Donadeo
co-founded Vermilion Resources Ltd., now Vermilion
Energy Inc., in 1994 as executive vice president and Chief
Operating Officer. From 2003 to March
3, 2014, Mr. Donadeo served as President and Chief Executive
Officer and has held the title of Chief Executive Officer since
that time. Mr. Donadeo served as the Executive Vice-President
and Chief Operating Officer of Vermilion when the Company made its initial
international forays into France
(1997) and later Trinidad and
Tobago (1999) through Aventura Energy Inc. Mr. Donadeo
was President and CEO of Vermilion when
the Company founded Verenex in 2004, a company that was
subsequently active in Libya.
Prior to Vermilion, Lorenzo
worked at Dome Petroleum and Amoco
Canada, as well as a private oil and gas company.
Under Mr. Donadeo's leadership, Vermilion more than tripled its production and
firmly established its legacy as one of Canada's leading
international producers with added positions in the Netherlands, Australia, Ireland, Germany, Hungary and Croatia.
Mr. Donadeo holds a B.Sc. Mechanical Engineering (Honours) from
the University of Alberta.
Anthony Marino
Mr. Marino is an accomplished senior executive with a proven track
record of high performance during his 32-year career in the energy
industry. Mr. Marino is currently President & Chief
Operating Officer of Vermilion and
joined Vermilion in June, 2012 as
Executive Vice President & Chief Operating Officer. Prior
to joining Vermilion, Mr. Marino held
the position of President and Chief Executive Officer of Baytex
Energy Corporation, after initially serving as Baytex's Chief
Operating Officer. Prior to joining Baytex, Mr. Marino held
the role of President and Chief Executive Officer of Dominion
Exploration Canada Ltd. Earlier in his career, Mr. Marino
held a variety of technical and management positions with AEC Oil
and Gas (USA) Inc., Santa Fe
Snyder Corp. and Atlantic Richfield Company. Mr. Marino has a
record of increasing production and reducing costs in each of these
engagements, and has contributed to significant market
out-performance in each of his senior executive roles with public
companies. In addition to his operating experience, Mr. Marino also
has an extensive background in business development and oil and gas
marketing.
Mr. Marino holds a B.Sc. Petroleum Engineering with Highest
Distinction from the University of
Kansas, an Masters of Business Administration from
California State University, and the
Chartered Financial Analyst designation.
About Vermilion Energy Inc.
Vermilion is an oil-leveraged
producer that seeks to create value through the acquisition,
exploration, development and optimization of producing properties
in North America, Europe and Australia. Our business model targets
annual organic production growth of 5% or more along with providing
reliable and increasing dividends to investors. Vermilion is targeting growth in production
primarily through the exploitation of light oil and liquids-rich
natural gas conventional resource plays in Canada and the
United States, the exploration and development of high
impact natural gas opportunities in the
Netherlands and Germany,
and through drilling and workover programs in France and Australia. Vermilion also holds an 18.5% working interest in
the Corrib gas field in Ireland. Vermilion pays a monthly dividend of Canadian
$0.215 per share, which provides a
current yield of approximately 6%. Management and directors
of Vermilion hold approximately 6% of
the outstanding shares, are committed to consistently delivering
superior rewards for all stakeholders, and have delivered a 20-year
history of market outperformance. Vermilion trades on the Toronto Stock Exchange and
the New York Stock Exchange under the symbol VET.
SOURCE Vermilion Energy Inc.