Unit Corp. has appointed director Phil Frohlich as interim chief executive officer, effective Apr. 1, succeeding Philip B. Smith, who will step down as the company’s president and chief executive officer Mar. 31.
Unit Corp., Tulsa, Okla., has appointed director Phil Frohlich as interim chief executive officer, effective Apr. 1, succeeding Philip B. Smith, who will step down as the company’s president and chief executive officer Mar. 31. Smith will continue to serve as chairman of the board.
Frohlich, who has been a member of the board since September 2020, will serve in the interim chief executive position until the board names a successor. Frohlich is the founder and managing partner of Prescott Capital Management, Unit’s largest shareholder.
Smith has served as the company’s president and chief executive officer since October 2020 and is a former chief executive officer of Prize Energy Corp. and Tide West Oil Co.