- 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.