Nix quits, Goldfarb fills in

APPALACHIA-focused Xinergy has appointed interim chief executive Matthew Goldfarb to replace company founder Jon Nix, who announced he is stepping down.
Nix quits, Goldfarb fills in Nix quits, Goldfarb fills in Nix quits, Goldfarb fills in Nix quits, Goldfarb fills in Nix quits, Goldfarb fills in

A map of Xinergy's existing properties in Kentucky and West Virginia.

Donna Schmidt

“It’s difficult for me to step away from full-time stewardship of the company, though circumstances require that I shift my near-term focus to the challenges facing my family,” Nix said of his resignation.

Nix is also chairman of the board, a role for which the company has selected Todd Swanson as a replacement.

Effective dates for the transitions were not provided.

“The company's asset portfolio and balance sheet position it well to navigate the significant challenges of our current operating environment,” Nix said.

“As one of the company's largest shareholders, I have every confidence that Matt and Todd will continue to lead with strategic direction toward the creation of long-term shareholder value for all.

“Matt has been an instrumental part of our leadership team from the company's inception and together with Todd will ensure a smooth transition given their deep familiarity with our operations and understanding of industry fundamentals.”

Goldfarb has served as vice chairman for the producer since July 2011.

He was previously lead independent director chairman of the compensation committee and a member of the audit committee and corporate governance and nominating committee since the company went public in December 2009.

He serves as a director of Fisher Communications and previously served on the board of directors for CKE Restaurants and James River Coal.

Swanson, who has served as a company director since last July, is a private investor in public and private markets with a focus on the natural resource sector.

He has experience with both public and private equity investing, most recently as a partner with Barclays Natural Resource Investments.

He is a former director of Massey Energy and several other public and private companies.

In addition to its newly acquired Redbird thermal reserve block in Kentucky, Xinergy also holds the Straight Creek complex in Bell and Harlan counties, Kentucky and the Raven Crest complex in Boone County, West Virginia.

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