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Unit Corporation ( OTCQX:UNTC ) said Wednesday Philip Smith is stepping down as president and CEO, and the company named Phil Frohlich as its CEO on an interim basis, effective April 1, 2023.
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Smith will step down effective March 31, 2023, but will continue to serve as chairman of the board of directors of the company.
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Frohlich has been a member of Unit's board since September 3, 2020, and is the founder and Managing Partner of Prescott Capital Management, the company’s largest shareholder.
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Seeking Alpha contributor Brett Ashcroft Green recently laid out a "Buy" case for UNTC .
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Prescott Capital's Frohlich becomes interim CEO of Unit after Smith steps down