Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.
OnMay 14, 2020 ,Laredo Petroleum, Inc. (the "Company") held its 2020 Annual Meeting of Stockholders (the "Annual Meeting"). At the Annual Meeting, and as previously announced in connection with the comprehensive succession planning process,Randy A. Foutch stepped down from his position as the Company's Chairman of the Board of Directors (the "Board"). Following the Annual Meeting, the Board, upon the recommendation of itsNominating and Corporate Governance Committee and his re-election to serve as a director of the Company, appointedWilliam E. Albrecht as Chairman of the Board, effective immediately. Item 7.01. Regulation FD Disclosure. OnMay 18, 2020 , the Company issued a press release announcing the appointment ofMr. Albrecht as Chairman of the Board. A copy of the press release is attached hereto as Exhibit 99.1. In accordance with General Instruction B.2 of Form 8-K, the information furnished under this Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto is deemed to be "furnished" and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1834, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information and exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act. Item 8.01. Other Events. OnMay 14, 2020 , in light of the current period of economic uncertainty resulting from the coronavirus (COVID-19) pandemic and the unprecedented market volatility and historic decline in commodity prices, the non-employee directors of the Board agreed to a 20% reduction of their base compensation. Effective as ofMay 14, 2020 , such director compensation will be paid 50% in the form of cash and 50% in the form of common stock of the Company. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press release datedMay 18, 2020 . 104 Cover Page Interactive Data File (formatted as Inline XBRL).
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