U.S. oil and gas company Talos Energy on Thursday said that two representatives of Apollo Global Management and one of the two representatives of Riverstone Holdings have resigned from the Company's Board of Directors.
Talos said that Olivia C. Wassenaar and Christine Hommes, the representatives of Apollo, resigned on December 8, 2021, and that Apollo therefore no longer had any representatives on the Talos Board of Directors.
Rajen Mahagaokar, a representative of Riverstone, resigned on December 9, 2021, effective immediately.
Robert M. Tichio continues to serve as a representative of Riverstone on the Company's Board of Directors.
"Following these changes, private equity employees account for one of seven current Board members. These resignations are not due to any issues or concerns specific to Talos. Apollo's Board members are resigning as a result of Apollo funds' reduced ownership after recent share sales from long-dated funds holding their Talos shares," Talos said.
Talos President and Chief Executive Officer Timothy S. Duncan said: "These changes to our Board of Directors reflect the Company's evolution into a more mature publicly-traded company from the original five-member team formed nearly a decade ago. Apollo has been a great partner and provided valuable guidance and growth capital along the way. We appreciate the many contributions of Olivia, Christine, and Raj over the years, and we look forward to continuing our track record of responsible capital stewardship, growth and shareholder value creation as we advance both our hydrocarbon business and our carbon capture business."
Talos Chairman of the Board of Directors Neal P. Goldman said: "We thank Apollo for the significant contributions that they have made in helping build Talos into the successful business it is today. With these departures, the Talos Board of Directors intends to review the Board composition to ensure that Talos remains positioned to create substantial shareholder value."
Talos Board of Directors Member and Riverstone Partner Robert M. Tichio said: "We look forward to continuing our successful partnership with Talos, which includes significantly expanding our equity position in the Company less than 24 months ago through our sale of ILX Holdings. We have high expectations for the Company and look forward to continuing as a constructive and supportive shareholder."
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