VAALCO Energy, Inc. announced that Mr. William R. Thomas has been appointed President of VAALCO effective February 1, 2020. Mr. Thomas has been serving as a non-executive director for VAALCO for the past nine months and will continue to serve on the Board of Directors.
The appointment of William Thomas will enhance the existing organizational structure. The Board believes the appointment of an experienced executive, with a commercial background in investment banking and proven track record for M&A-led value creation, will support the Company’s inorganic growth ambitions. William Thomas will be responsible for VAALCO’s strategic M&A activity, and Cary Bounds will manage the other aspects of the business in his ongoing role as Chief Executive Officer. Both positions will report to the Board. With this appointment, the Board of Directors will continue to have five members, three of which are independent.
Mr. Thomas has over 30 years of experience in the international energy industry. He has held management and executive positions with Pennzoil International Co. and Amoco Corp. In 1986, Mr. Thomas entered investment banking with the Mergers and Acquisitions Department of Bankers Trust Company and advised energy clients on upstream mergers and acquisitions. Since 1992, Mr. Thomas spent a number of years working in senior leadership positions internationally, focused particularly on emerging markets. As CEO, he has led the growth of a number of exploration and production (E&P) companies.
Andrew Fawthrop, VAALCO’s Chairman of the Board of Directors commented, “We are at a key inflection point for VAALCO. Our strategy is to grow the company, both by developing our existing asset base and through M&A.
We are fortunate to have such a diverse depth of experience and expertise to ensure our strategy succeeds for the benefit of our shareholders. Mr. Thomas has many years of successful M&A experience and is highly qualified to lead VAALCO’s growth. We believe that with Mr. Thomas as President focusing on external growth and Mr. Bounds managing our ongoing operations, VAALCO is well positioned for the future.”