Berry promotes Araujo to CEO, Smith to become Executive Chairman

NNehring/E+ via Getty Images

Berry Corp. (NASDAQ:BRY) on Tuesday named current COO Fernando Araujo as its new CEO, effective January 1, while current Chairman, President and CEO Trem Smith will become Executive Chairman.

Araujo joined Berry (BRY) in September 2020 with more than 30 years of experience, including 18 years at Apache, with his last assignment as General Manager and Managing Director for Apache's operating company in Egypt.

Smith has served as Berry's (BRY) President and CEO since 2017 and as Chairman since 2019; his 36-year career in the oil and gas industry included 25 at Chevron.

Berry's (BRY) variable dividends of $1.60/share are "flying under the radar of stock screeners and websites," ASB Capital writes in an analysis published on Seeking Alpha.