HOUSTON, TX – Independence Contract Drilling (NYSE:ICD), Inc. (OTCQX:ICDI) has reported significant changes to its Board of Directors, according to a recent 8-K filing with the Securities and Exchange Commission.
On Monday, Christopher G. Gleysteen and Brian D. Berman resigned from their positions on the board effective immediately. The company clarified that there were no disputes regarding company operations, policies, or procedures that led to these resignations.
Following these departures, on Tuesday, the company appointed Steven R. Strom as an independent director. Strom, 61, brings over three decades of experience in investment banking and advisory services, especially in challenging financings and complex negotiations. He is currently the Chief Executive Officer of Odinbrook Global Advisors and holds a board position at Vintage Wine Estates, Inc.
Strom has held various leadership roles throughout his career, including serving as CEO of Blackhill Partners and holding managing director positions at Jefferies’ Restructuring Group and CIBC (TSX:CM) World Market’s Restructuring Group. His academic background includes a B.B.A. in Finance from Arizona State University and an MBA from the University of Michigan at Ann Arbor.
For his directorship, Strom will receive a monthly retainer of $25,000, and the company will enter into a standard form of indemnification agreement with him. This agreement was referenced in the filing and had been previously filed with the SEC in May 2020.
The recent 8-K filing provides investors and stakeholders with the latest governance adjustments at Independence Contract Drilling. The company, headquartered in Houston, Texas, operates within the oil and gas drilling sector and is incorporated in Delaware.
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