Business Context and Reporting Period
This Form 8-K Current Report was filed by Amplify Energy Corp. (NYSE: AMPY) on January 19, 2021. The filing addresses significant changes in corporate governance and executive leadership effective immediately on the report date.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation of Chairman: David H. Proman resigned as Chairman of the Board effective January 19, 2021. He retains his seat as a director. The resignation was not due to any disagreement with the Company, management, or the Board.
- Appointment of Chairman: Christopher W. Hamm was unanimously appointed as the new Chairman of the Board.
- Appointment of CEO: Martyn Willsher was appointed President and Chief Executive Officer and elected to the Board. He previously served as Interim CEO and Senior Vice President and CFO.
- Appointment of CFO: Jason McGlynn was appointed Senior Vice President and Chief Financial Officer. He previously served as Vice President of Business Development.
Compensation and Management Commentary
- CEO Compensation: Martyn Willsher's annual base salary remains at $350,000. He remains eligible for annual bonuses and equity incentives.
- CFO Compensation: Jason McGlynn's annual base salary was increased to $290,000. He remains eligible for annual bonuses and equity incentives.
- Management Commentary: The Company confirmed there are no reportable transactions under Item 404(a) of Regulation S-K regarding these appointments and no family relationships exist between the new officers and current directors.
Investor Verification Checklist
- Verify the effective dates of the leadership transitions (January 19, 2021).
- Confirm the retention of David H. Proman as a non-Chairman director.
- Review the updated executive compensation packages for Martyn Willsher and Jason McGlynn.
- Check for any subsequent filings regarding the strategic direction under the new CEO.