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What: Petroleum Development
So what: Chairman and CEO Richard McCullough has resigned. James Trimble, an independent director since 2009, has been named President and CEO effective immediately.
Now what: The unusual timing of the announcement (Saturday) and McCullough's sudden departure suggest that there's some problem management hoped would escape investors' notice. The press release noted that Trimble has guided two privately held oil and gas companies through successful workout solutions, acknowledging that the company may need significant changes. Petroleum Development has struggled to turn a profit even in a favorable pricing environment. It doesn't help that oil prices are declining on concerns about weakening demand.
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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.