Vermilion Energy announces immediate departure of CEO Marino

Vermilion Energy announced Monday that president and chief executive Anthony Marino has left the company, effective immediately.

“Mr. Marino made many contributions to Vermilion during his eight-year tenure with the company, including various improvements to the cost structure and associated capital efficiencies. These core competencies will continue to serve the company well moving into the future,” Calgary-based Vermilion said in a release.

Former CEO Lorenzo Donadeo, who co-founded the company in 1994 and has been its chairman since March 2016, has been appointed executive chairman. Curtis Hicks is returning to Vermilion as president. He was the company’s executive vice-president and chief financial officer from 2003 to 2018.

“In these challenging times, Vermilion will redouble its focus on its core business principles that have served it well over its successful 26-year history,” Donadeo said in the release.

Vermilion shares were trading down slightly at $7.05 this morning in Toronto. The stock was over $29 a year ago.

“Through Vermilion’s history we have experienced, and more importantly learned from, several previous severe downturns,” Donadeo said. “To that end, while our long-term strategic plan is unchanged, we have acted quickly to ensure the company can emerge from the current downturn in a strong financial position.”

Vermilion said it will not fill the chief executive role but has instead created an executive committee of at least five senior executives from within the company, including Donadeo and Hicks.

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