New Fortress Energy Appoints Andrew Dete as President Amid Leadership Shakeup
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Next Fortress Energy (NASDAQ:NFE) has appointed Andrew Dete, managing director, as the next president of the firm based on board of directors' recommendation. Along with Chairman and CEO Wes Edens, General Counsel Cameron MacDougall, and Chief Financial Officer Chris Guinta, he will be starting his journey with senior management team.
The corporation claimed that Dete's appointment is a significant first towards strengthening its leadership team and supporting further development initiatives. Currently leading several important responsibilities with New Fortress Energy, Dete is expected to assist the business in expanding its activities in sustainable energy sources and liquefied natural gas (LNG).
Reflecting investor faith in the company's leadership change, premarket trading of New Fortress Energy's shares increased 1.92% after the news to $8.48. Though the S&P 500 has climbed about 22% over the same period, the stock is down more than 77% YTD. Furthermore, the situation is the same over the past six months: the broader market is up 15%; the stock has dropped 70%. The past month has been the same, with the stock losing 14% of its value.
This article first appeared on GuruFocus.