March 16, 2020 / 12:47 PM / 20 days ago

ProPetro CEO to depart weeks after board audit finds 'multiple material' weakness

March 16 (Reuters) - ProPetro Holding Corp said on Monday its top boss Dale Redman has resigned, less than a month after a board audit found ‘multiple material’ weaknesses in the financials of the U.S. oilfield services provider.

ProPetro did not give a reason for the departure of Redman, who will be replaced by Chairman Phillip Gobe.

Although its internal committee has wrapped up fact-finding associated with its audit, the company is still the subject of an investigation by the U.S. Securities and Exchange Commission, which Reuters first reported in October.

An independent accounting firm also continues to examine the board’s findings and remediation plan. (Reporting by Shariq Khan in Bengaluru, Editing by Sherry Jacob-Phillips)

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