© Reuters.
Atlas (NYSE:) Energy Solutions Inc. (NYSE:AESI) announced a significant change in its executive leadership, with Ben M. Brigham set to step down as Chief Executive Officer effective tomorrow. Brigham will transition to the role of Executive Chairman on the company’s Board of Directors.
In his new position, he will receive an annual cash compensation of $450,000 and a target long-term incentive plan award valued at $4.5 million.
Following Brigham’s departure, the Board has promoted John Turner, the current President and Chief Financial Officer, to President and Chief Executive Officer, also effective tomorrow. Turner, who has been with the company since April 2017, will retain his role as Chief Financial Officer until a successor is appointed.
His new compensation package includes an $800,000 annual base salary, with the potential for an $880,000 cash bonus and a $3.32 million long-term incentive plan.
Turner, 52, has amassed over two decades of experience in the oil and industry. His previous roles include Chief Financial Officer positions at Brigham Exploration LLC and Mediterranean Resources, LLC, and he also served as Vice President of Brigham Exploration. Turner holds both a Bachelor and Master of Business Administration from the University of Texas at Austin.
The company’s announcement did not disclose any arrangements or understandings external to the company that influenced Turner’s appointment. Additionally, there are no familial ties between Turner and any other directors or executive officers, nor has he been involved in any transactions requiring disclosure since the last fiscal year.
This leadership change comes as part of a planned transition, with the company aiming to maintain continuity while positioning itself for future growth. The information is based on a press release statement.
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