Robert Gerrity, who has been with Vitesse since its inception, expressed pride in the company's accomplishments over the past 13 years and confidence in the future direction under new leadership. Daniel O'Leary, the Lead Independent Director, will take over as Chairman of the Board following Gerrity's departure.
Jamie Benard brings over 20 years of experience in the energy industry, having most recently served as President of SOGC, LLC. His extensive background in operational leadership and commercial execution is expected to drive Vitesse's strategic priorities and enhance shareholder value. Benard's appointment is seen as a pivotal move to accelerate the company's strategic initiatives and ensure long-term success.
In conjunction with his new role, Benard will receive a base salary of $600,000, with the potential for an annual bonus of up to 200% of his salary. Additionally, he will be granted equity awards valued at $4 million, which includes performance stock units and restricted stock units that will vest over a specified period. This compensation package reflects the company's commitment to attracting top talent and aligning executive incentives with shareholder interests.
Brian J. Cree, the current President, will transition to the role of Interim Chief Executive Officer until Benard officially takes over. Cree has announced his retirement effective December 31, 2026, but will remain with the company in a senior advisory capacity during the transition period. The company has outlined a comprehensive severance plan for Cree, which includes accelerated vesting of his equity awards and a cash bonus, contingent upon his continued employment through the transition period.
The leadership changes at Vitesse Energy are expected to position the company favorably within the competitive energy market, as it continues to focus on returning capital to shareholders and executing its strategic vision. The Board's unanimous decision to appoint Benard underscores their confidence in his ability to lead the company into its next chapter.
