NEW YORK (AP) -- Independent energy company Warren Resources Inc. said Friday that chairman and CEO Norman Swanton will step down, effective June 1.
Swanton, the company's founder, has been chairman and CEO since 1990. The company did not give a reason for his departure. The board named Espy Price, a Warren director since 2007, to serve as interim CEO.
Price has over 35 years of experience in the oil and gas exploration and production industry. Most recently, he was vice president and general manager of Chevron Corp.'s mid-continent business until his retirement in 1999.
Warren said its board has asked its corporate governance committee to start a search for a new CEO. The committee is interviewing executive search firms to advise the board on potential candidates.
In March, Warren said its fourth-quarter profit jumped to $3 million, boosted by higher oil production and prices, but the results fell short of Wall Street predictions.
The New York-based company's shares rose 21 cents, or 9.1 percent, to $2.52 in morning trading. Over the past 52 weeks, the stock has traded between $2.10 and $4.53. Since the beginning of this year, the shares had lost about 29 percent of their value.