The president and CEO of MFA Oil will retire effective August 31.
Jerry Taylor worked as the CEO since 2003, but has played a role in the business since 1982. He will remain within the company to lead various company projects, but said this is the right time to retire.
"First, the company has performed well over the past couple of years, exceeding our expectations. As a result, the company is operationally very sound and positioned for continued success," Taylor said. "Secondly, the senior leadership team and the board have laid out a vision for the company that will guide MFA Oil for many years to come and this gives me great confidence about MFA Oil's future success. And third, Mark is the right guy and this is the right time for him to become the next leader of the company."
Upon Taylor's request, the company's board elected Mark Fenner as Taylor's replacement. Fenner will step up as the new CEO on September 1 after serving as the chief operating office since 2012.
During his time with the company, Fenner has helped the company add more than $100 million in sales and expanded its reach to Nebraska, North Carolina Wyoming and Virginia.
"With the support of MFA Oil employees, I look forward to building on Jerry's legacy and to leading this company to even higher levels of achievement as we go forward," Fenner said.