Basic To Incur Approx. $4.2 Mln Charge In Connection With CEO Retirement

(RTTNews) - Basic Energy Services Inc. (BAS) announced the company's President and Chief Executive Officer, Ken Huseman, will retire on September 30, 2013. Roe Patterson, currently Senior Vice President and Chief Operating Officer, will succeed Huseman, effective September 30.

Huseman will remain a member of the Board. Patterson will be appointed to the Board, effective September 30.

In connection with Huseman's retirement, during the third quarter, the company expects to incur a pre-tax cash charge of approximately $4.2 million, along with an additional non-cash charge with respect to 300,806 unvested restricted shares that will vest through 2017.