Centennial Resource Development, Inc. Appoints Vidisha Prasad to its Board of Directors Following the Retirement of Karl Bandtel
Centennial Resource Development announced the appointment of Vidisha Prasad to its Board of Directors, effective immediately.
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Rhea-AI Summary
Centennial Resource Development announced the appointment of Vidisha Prasad to its Board of Directors, effective immediately. She will serve on the Audit Committee and Nominating, Environmental, Social, and Governance Committee. Prasad, Managing Partner at Adya Partners, brings nearly two decades of experience in energy investments and corporate advisory, having facilitated over $80 billion in M&A transactions. The company also acknowledged the retirement of Karl Bandtel, who has served since its public debut in 2016, thanking him for his contributions.
Positive
- Vidisha Prasad's extensive experience in oil and gas and capital markets may strengthen the Board's strategic oversight.
- Her background in M&A could enhance Centennial's growth and operational strategy.
Negative
- Karl Bandtel's retirement may create a gap in experienced leadership on the Board.
Details
News Market Reaction – CDEV
The recorded move for CDEV in the trading session of this news was -1.08%.
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DENVER, July 22, 2021 (GLOBE NEWSWIRE) -- Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that Vidisha Prasad has been appointed to its Board of Directors, effective immediately. Ms. Prasad will serve as a member of the Audit Committee and Nominating, Environmental, Social and Governance Committee. Additionally, Karl Bandtel announced his retirement from the Board, also effective today.
“We are very excited to welcome Vidisha to our Board of Directors,” said Steven Shapiro, Chairman of the Board. “Vidisha’s extensive oil and gas experience coupled with her strategic advisory and capital markets expertise will be a valuable asset to Centennial and our shareholders.”
Ms. Prasad is the Managing Partner of Adya Partners, a multi-strategy investment and advisory firm focused on private secondary investments, early-stage venture capital and strategic advisory in the energy, energy transition and technology sectors. Ms. Prasad brings nearly two decades of experience in energy investments, strategic and Board advisory, corporate mergers, asset acquisitions and divestitures, capital markets and restructuring. She has been involved in the execution and origination of more than
“In addition, on behalf of the Centennial Board, the Company and all of its employees, I’d like to thank Karl for his dedicated and insightful service to Centennial since the Company first became public in 2016. His guidance and thoughtfulness have been instrumental in helping to navigate the Company since our public debut. We will miss him and wish him the very best in the future,” said Mr. Shapiro.
About Centennial Resource Development, Inc.
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin. For additional information about the Company, please visit www.cdevinc.com.
Contact:
Hays Mabry
Director, Investor Relations
(832) 240-3265
ir@cdevinc.com
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