TSX:TECK.A - Post by User
Post by
thatPoorguyon Mar 15, 2018 3:20pm
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Post# 27722613
Kieron McFadyen
Kieron McFadyen
Kieron McFadyen, Cenvous shareholders forced him to resign after he took a crapload of debt buying ConocoPhillps..... Good Luck TECK shareholders
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3ACVE-2546438&symbol=CVE®ion=C
"The Globe and Mail reports in its Friday, Dec. 15, edition that Cenovus Energy is parting ways with three top executives and shedding 15 per cent of its workers in the latest fallout from its poorly received oil sands deal. The Globe's Jeff Lewis writes that the exodus will see chief financial officer Ivor Ruste retire at the end of April, 2018. Bob Pease, who led Cenovus's refining operations, and Kieron McFadyen, in charge of the company's upstream producing assets, will both leave on Jan. 15. The departures cap a year of upheaval at Cenovus that saw it scorned by investors for its lavish $17.7-billion acquisition of assets from ConocoPhillips, a deal that led to the abrupt exit of founding chief executive officer Brian Ferguson. He was replaced last month by pipeline veteran Alex Pourbaix, who has pledged to slash costs and debt in a bid to restore confidence among investors who balked at the pricey deal, which heaped pressure on the company's shares. The stock is down more than 34 per cent since the acquisition. Mr. Lewis says investors remain skeptical an immediate turnaround is in store. About 500 to 700 people out of 4,200 employees and contractors will lose their jobs in the layoffs."