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Bloomberg
Whiting Petroleum’s Chief Executive Officer Brad Holly will leave the company just five months after receiving a $6.4 million payout to see the company through bankruptcy proceedings.
The Bakken oil producer expects to emerge from bankruptcy protection on September 1, when Holly will resign and be replaced by Lynn Peterson, who previously led SRC Energy.
Holly and fellow executives were granted a combined $14.6 million worth of bonuses just days before filing for Chapter 11 on April 1.
Whiting will have a new board after its restructuring, consisting of six directors previously unconnected with the company.