Profrac Holding Corp. (NASDAQ: ACDC) announced a change in its executive team, with Chief Financial Officer Lance Turner resigning from his position effective June 17, 2024. Turner will continue to support the company as a consultant during the transition period. Matt Wilks, Profrac's Executive Chairman, expressed gratitude for Turner's contributions to the company, particularly in financial management, strategic direction, and efforts to strengthen the balance sheet and enhance liquidity.
In Turner's place, Austin Harbour will assume the role of CFO. Harbour brings extensive industry experience, having previously worked in the energy and power investment banking group at Piper Sandler Companies. His career includes a focus on energy services and equipment, advising on significant M&A and restructuring transactions in the sector. Prior to joining Profrac, Harbour served as the CFO of the North American business at Superior Energy Services, among other roles at prominent firms. He holds a Master of Business Administration degree from Texas A&M University and a bachelor's degree from Texas Christian University.
Profrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services, and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, Profrac is focused on employing new technologies to reduce "greenhouse gas" emissions and increase efficiency in the unconventional E&P development process. The company operates in three business segments: stimulation services, proppant production, and manufacturing. As a result of these announcements, the company's shares have moved -1.8% on the market, and are now trading at a price of $8.4. Check out the company's full 8-K submission here.
