ADAMS RESOURCES & ENERGY, INC. (NYSEMKT:AE) Files An 8-K Other Events
Item 8.01 Other Events.
Adams Resources & Energy, Inc. (the “Company”) is saddened to report that Larry E. Bell, a member of the Company’s Board of Directors, passed away on February 27, 2019. Mr. Bell joined the Company’s Board in 2006. Mr. Bell, an independent director, served as Chairman of the Audit Committee of the Board of Directors (the “Audit Committee”) at the time of his passing.
The Company is extremely grateful for Mr. Bell’s dedication and service to the Company. The Company’s management and Board of Directors extends its sincerest condolences to Mr. Bell’s family.
Following Mr. Bell’s death, the Company’s Board of Directors has been reduced to five members, two of whom are independent. Under the NYSE American listing standards, the Company is required to have a majority of its Directors be independent. In addition, following Mr. Bell’s death, the Audit Committee has been reduced to two members, each of whom is an independent director. The Board of Directors intends to identify candidates to replace Mr. Bell and appoint a new independent director who satisfies the applicable requirements of the NYSE American listing standards to serve on the Company’s Board of Directors and the Audit Committee.
About ADAMS RESOURCES & ENERGY, INC. (NYSEMKT:AE)
Adams Resources & Energy, Inc., along with its subsidiaries, is engaged in the business of crude oil marketing, tank truck transportation of liquid chemicals, and oil and gas exploration and production. The Company’s segments include Marketing Segment, Transportation Segment, and Oil and Gas Segment. The Company manages its Marketing Segment through its subsidiary, Gulfmark Energy, Inc., which is engaged in marketing of crude oil. It operates approximately 210 tractor-trailer rigs and maintains over 120 pipeline inventory locations or injection stations. The Company operates its Transportation Segment, through Service Transport Company, which transports liquid chemicals. Its Service Transport Company subsidiary operates over 320 truck tractors, of which over 290 are Company-owned with over 30 independent owner-operator units. The Oil and Gas Segment operates through Adams Resources Exploration Corporation subsidiary, which explores and develops domestic oil and natural gas properties.
