Regency Energy (RGNC) Nabs MAtrix Service (MTRX) CEO, CFO; Matrix Drops
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Matrix Service (Nasdaq: MTRX) shares have been hammered today following an announcement that their Chief Executive Officer and Chief Financial Officer have resigned from the company. The stock has traded as low as $9.38, a 13.2% lower on the day, and is still down about 11.5%.
Both Matrix President and Chief Executive Officer Michael Bradley and Vice President and Chief Financial Officer Thomas Long made the announcement today in a press release from the company.
About 15 minutes later, Regency Energy Partners LP (Nasdaq: RGNC) put out their own press release, trumpeting the addition of Bradely and Long as their new CEO and CFO, respectively. Shares of Regency haven't fared much better today, trading mostly negative on the day.
Bradley had been an independent director at Regency since January 2008. Under his leadership at Matrix, the company's shares are trading about 46% lower from when he started in October, 2006, though they did achieve levels close to and above $30 per share before the financial meltdown of 2008. The stock has never really recovered above $13.00 since then.
Bradley succeeds Byron Kelley, who announced his retirement from Regency today. Kelly will stay on as a consultant for an additional three years and be paid 33,000 Phantom Units under the LTIP.
Both Matrix President and Chief Executive Officer Michael Bradley and Vice President and Chief Financial Officer Thomas Long made the announcement today in a press release from the company.
About 15 minutes later, Regency Energy Partners LP (Nasdaq: RGNC) put out their own press release, trumpeting the addition of Bradely and Long as their new CEO and CFO, respectively. Shares of Regency haven't fared much better today, trading mostly negative on the day.
Bradley had been an independent director at Regency since January 2008. Under his leadership at Matrix, the company's shares are trading about 46% lower from when he started in October, 2006, though they did achieve levels close to and above $30 per share before the financial meltdown of 2008. The stock has never really recovered above $13.00 since then.
Bradley succeeds Byron Kelley, who announced his retirement from Regency today. Kelly will stay on as a consultant for an additional three years and be paid 33,000 Phantom Units under the LTIP.
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