Barnwell Industries, Inc. Announces Planned CEO Succession
February 20 2024 - 6:00AM
Barnwell Industries, Inc. (NYSE American: BRN) ("Barnwell" or the
"Company") is pleased to announce the CEO and President positions
will transition from Alexander Kinzler to Craig Hopkins effective
April 1, 2024. Mr. Kinzler has served as CEO of Barnwell since
December 2016, having previously served in various senior
leadership positions at the Company since December 1997, and having
worked at the Company since 1984. Mr. Hopkins joined Barnwell
affiliate Octavian Oil Ltd. (“Octavian”) in February 2017, and
Barnwell of Canada (“BOC”) in July 2020, and currently serves as
the President of Octavian and as BOC’s President and Chief
Operating Officer. Mr. Kinzler will support the leadership
transition and will continue to contribute to Barnwell’s success as
General Counsel and Corporate Secretary. On April 1, 2024, Mr.
Kinzler also will become Executive Chairman of the Company’s Board
of Directors. Mr. Kinzler currently owns 939,500 shares of
Barnwell’s common stock, representing approximately 9.2% of the
Company’s outstanding shares. Relatives of Mr. Kinzler’s own
approximately 4% of the Company’s outstanding shares.
An engineer with close to 30 years of experience
in project management, reservoir evaluation, infrastructure
development, and energy production and operations, Mr. Hopkins is a
proven leader with extensive energy company experience. Prior to
joining Octavian and BOC, he held senior roles at energy companies
of various sizes including Talisman Energy, Aspect Energy, Atlas
Energy, and Crestar Energy. He started his career as a field
production engineer with Canadian Occidental Petroleum.
"With our stated plan to streamline our
operations and sharpen our focus on our natural gas and oil assets,
now is the right time to elevate Craig into the CEO role," said Mr.
Kinzler. "I fully support and welcome Craig as my successor. He has
proven his capabilities at strong leadership and operational
execution, and he has the right skill set and leadership qualities
to implement the Company’s next phase of growth. It has been a
privilege to lead Barnwell and be a part of our success over the
last several decades."
As Executive Chairman of the Company’s Board of
Directors, General Counsel and Corporate Secretary, Mr. Kinzler
will work closely with Mr. Hopkins to drive the Company’s growth by
leveraging his longstanding knowledge of the Company’s operations,
extensive experience in SEC reporting and other regulatory matters,
and familiarity with Barnwell’s customers, shareholders, and other
stakeholders. The current Chairman of the Board of Directors,
Kenneth Grossman, will transition to the role of Vice Chairman.
"I’m enthusiastic about Barnwell’s future
prospects and am eager to get started as CEO,” said Mr. Hopkins. “I
believe that the foundation of our energy platform is strong, and,
under the strategic direction of our newly reconstituted Board of
Directors, I look forward to streamlining our business and focusing
our resources on the highest return on invested capital
opportunities.”
Added Mr. Hopkins, "In his 22 years leading and
guiding the Company, including over seven years as CEO, Alex
Kinzler has seen us through many volatile swings in the energy
cycle, including through the depths of the Covid-19 pandemic. Alex
was also instrumental in the Company’s tremendous success in its
Hawaiian Land Investment Segment, where he will continue to play a
key role. I have worked closely with Alex since joining the Company
and am grateful for his support and guidance. On behalf of
Barnwell’s employees and Board, I thank him for his contributions,
commitment, and service as our CEO."
Forward-Looking Statements
The information contained in this press release
contains “forward-looking statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. A forward-looking
statement is one which is based on current expectations of future
events or conditions and does not relate to historical or current
facts. These statements include various estimates, forecasts,
projections of Barnwell’s future performance, statements of
Barnwell’s plans and objectives, and other similar statements.
Forward-looking statements include phrases such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “predicts,”
“estimates,” “assumes,” “projects,” “may,” “will,” “will be,”
“should,” or similar expressions. Although Barnwell believes that
its current expectations are based on reasonable assumptions, it
cannot assure that the expectations contained in such
forward-looking statements will be achieved. Forward-looking
statements involve risks, uncertainties and assumptions which could
cause actual results to differ materially from those contained in
such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Barnwell’s
expectations are set forth in the “Forward-Looking Statements,”
“Risk Factors” and other sections of Barnwell’s annual report on
Form 10-K for the last fiscal year and Barnwell’s other filings
with the SEC. Investors should not place undue reliance on the
forward-looking statements contained in this press release, as they
speak only as of the date of this press release, and Barnwell
expressly disclaims any obligation or undertaking to publicly
release any updates or revisions to any forward-looking statements
contained herein.
CONTACT:
Alexander C. KinzlerChief Executive Officer and President
Russell M. GiffordExecutive Vice President and Chief Financial
Officer
Tel: (808) 531-8400
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