Monday, oil and gas company Linn Energy, LLC (LINE), named Mark Ellis its its President and CEO, effective January 1, 2010. He has also been inducted into the board of directors of Linn Energy. In line with the succession plan announced in June 2009, former Chairman and CEO Michael Linn will now become executive chairman of the Board.
Ellis joined Linn Energy in December 2006 and served as President and Chief Operating Officer since December 2007. Ellis began his career at The Superior Oil Company and is credited with more than 30 years of experience in the oil and natural gas industry. Ellis also served as president, Lower 48, ConocoPhillips and as Senior Vice President, North American Production, Burlington Resources.
The transition will enable Linn to focus on its long-term strategy and board leadership, while serving as the liaison between the board and senior management. He will also continue to focus on community outreach and industry leadership, said Linn Energy.
Linn was President of Allegheny Interests, Inc., a private oil and gas investment company, from 2000 to 2003. Earlier, he served as President and CEO of Meridian Exploration Corporation, a private natural gas and oil company with operations in both the Appalachian and Permian Basins, until its sale in 1999.
LINE closed Monday's regular trading at $28.45, up $0.57 or 2.04%, on a volume of 979,597 shares on the Nasdaq. In after-market hour trading LINE shares went down $0.04 or 0.15% to $28.41.
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