J. Michael Yeager, the former head of BHP Billiton Ltd. (BHP's oil and gas division), was named CEO of Maverick Drilling & Exploration Ltd., an explorer based in Australia and focused on the U.S.
Don Henrich will retire as Maverick’s executive chairman after running the company for more than 37 years, while executive director Brad Simmons will leave, the Brisbane-based company said.
Yeager, who led BHP’s U.S. $20 billion move into the U.S. shale gas industry, joins Maverick as the company moves to have its stock trade in the U.S. before the end of the year, according to the statement. Maverick, which has dropped 41% this year in Sydney trading, holds leases in producing oil fields south of Houston.