Liberty Energy Inc. (NYSE:LBRT) shares are trading higher premarket on Monday. The company disclosed that the Board of Directors intends to appoint William Kimble as non-executive Chairman and Ron Gusek as Chief Executive Officer.
The move came after President-elect Donald J. Trump nominated Liberty's Founder, Chairman, CEO, and Director, Chris Wright, for the position of U.S. Secretary of Energy.
The new CFO appointment is subject to U.S. Senate confirmation, and Mr. Wright will remain in his current role at Liberty until confirmation is completed.
Wright added, "Succession planning has been a priority of the Board. Having worked closely with both Bill and Ron, Liberty will be in the safest of hands upon my departure. Ron has been a close partner to me for over two decades and possesses all the criteria to ensure Liberty continues leading the industry in technology innovation and service quality while delivering growth for our valued shareholders."
Last week, Trump said that Wright will be a part of the National Energy Council that will be headed by Interior Secretary-designate Doug Burgum, who is currently the governor of North Dakota.
The council's main objective will be to cut down regulations and increase investments to boost oil and gas production.
The nomination of Wright, a key player in the fracking industry, signals Trump's commitment to boost oil and gas production. The move could potentially lead to increased drilling activities and a greater focus on fracking, despite the U.S. already setting oil production records.
Investors can gain exposure to the stock via SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF (NYSE:XES) and Invesco S&P SmallCap Energy ETF (NASDAQ:PSCE).
Price Action: LBRT shares are up 2.96% at $17.40 premarket at the last check Monday.
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