Mark E. Ellis Named LINN Energy CEO

LINN Energy, an independent oil and natural gas company that has quickly grown since being founded in 2003, announced on Wednesday that Mark E. Ellis will become the President and CEO as of January 2010. Ellis, who is currently the company’s COO, will be taking over for Michael C. Linn. Linn will stay on the board of directors as the executive chairman.

Said Linn: “I am proud of the growth and success the employees of LINN Energy have achieved, since I founded the Company in 2003. I plan to remain very involved with the strategic direction of the Company in my role as Executive Chairman, and I am pleased to turn over the responsibilities of Chief Executive Officer to Mark Ellis. Mark has played a key role in the Company’s success over the past few years. His strong leadership qualities and business acumen have been instrumental in assembling the leadership team, skilled workforce and long-life assets that have enabled the Company to grow and deliver strong performance.”

In 2008, LINN Energy saw the company’s production rise by more than 140%. In total, the company has in excess of 500 employees.

Ellis appears ready to take on the challenge of keeping the company growing in the right direction.

Said Ellis: “I was drawn to the Company by the strategic business model implemented under Mike Linn’s leadership, when LINN Energy became the first publicly traded upstream E&P limited liability company. I was also excited about the opportunity to build a high-performance organization to drive the growth that Mike envisioned, and I look forward to partnering with him to continue leading LINN Energy down the path of success that he began.”

LINN Energy (Image: Flickr)