Keep LifeChurch.TV.INFO.com mega church pastor Craig Groeschel in your thoughts in prayers.
Yesterday afternoon, Oklahoma City based Gulfport Energy – one of many floundering energy companies that may not be around in a year or two – announced they are laying off 13% of their workforce.
In addition to that, Craig Groeschel announced he is stepping down from his cushy $207,443 seat on the company's Board of Directors – a position he's held since 2011.
Gulfport Energy recently completed a process to cut 13% of its employees as part of ongoing efforts to reduce costs, the company announced Monday.
The staff reduction is just one of several steps company officials said they are taking to provide the best value they can for shareholders.
Those efforts involve retiring debt early, which officials said the company plans to continue to pursue, while at the same time suspending its repurchase program for common shares.
Also on Monday, Gulfport announced two of its board members and its board chairman don’t plan to continue with the company.
Board members Craig Groeschel and Scott E. Streller plan to resign from the board before the end of the year.
That's interesting. You may be wondering why an energy exploration company would put a mega-church pastor with no experience within the energy industry on its Board of Directors? If so, please keep in mind...
A) From Jerusalem Fish Co. to Water-2-Wine Inc., Jesus Christ served on a wide variety of corporate boards during biblical times.
B) Oklahoma also has an Oil Field Prayer Day, so it makes a lot of sense.
Board Chairman David L. Houston, meanwhile, announced he will not stand for re-election to the board when his term expires next year.
Gulfport said it is working with an outside firm to identify and evaluate new independent director candidates, with a stated hope they will represent shareholders with “fresh, diverse voices with strong expertise and qualifications.”
Translation – They're looking for people with knowledge and expertise in the energy and banking industries to keep the company afloat, and not someone who knows how to build a good Bible app.
Anyway, although I'm sure this post will piss off everyone holy-rolling around town with a LifeChurch.TV decal on the back of their Nissan, I'd like to clarify that I'm not blaming Pastor Craig for taking the job. He's served on the Board of Directors for Gulfport since 2011, so when you combine his annual salary with his insider stock trading, he's probably earned close to $2-million this decade just to show up to board meetings at Gaillardia, nod in agreement while looking at reports, and then maybe conclude the meeting with a prayer. Even after the 10% tithe, you'd be a fool to turn that down.