Liberty Energy (LBRT) commented on the announcement by President-elect Donald Trump regarding his nomination of Chris Wright, Liberty’s Founder, Chairman of the Board, Director and CEO, for the position of U.S. Secretary of Energy. The appointment of Mr. Wright as Secretary of Energy is subject to confirmation by the U.S. Senate, and Mr. Wright will continue in his current positions with the Company until confirmation occurs. Effective upon and subject to this confirmation and in accordance with the Company’s succession plan, the Board of Directors intends to appoint William Kimble as non-executive Chairman of the Board and Ron Gusek as CEO. Mr. Kimble has been a member of the Board of Directors since the Company’s initial public offering in January 2018 and has served as Lead Director since October 2018. Mr. Gusek joined Liberty in 2014 and has served as President of the Company since November 2016.
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- Liberty Energy price target lowered to $21 from $24 at Barclays
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