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Laredo Petroleum to cut personnel costs by ~25%; promotes Beyer to CFO

Apr. 08, 2019 5:12 PM ETVital Energy, Inc. (VTLE) StockBy: Carl Surran, SA News Editor5 Comments
  • Laredo Petroleum (NYSE:LPI) announces measures to cut G&A expenses and capitalized employee costs by ~25%/year.
  • LPI says the steps include reducing total employee count by ~20%, including a greater than 40% reduction at the level of VP and above, resulting in $30M/year in savings.
  • Separately, LPI promotes Michael Beyer to Senior VP and CFO, replacing Richard Buterbaugh, effective immediately.
  • Beyer joined LPI in 2007, serving most recently as the company's Chief Accounting Officer.
  • Buterbaugh became CFO in 2012, just a few months after joining the company as senior VP of Investor Relations.

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