New LAIG CEO , More that Qualified, Change is WELCOMED!! A NEW BRIGHT FUTURE FOR CROWNPOINT!!!
LAIG's NEW CEO. Alejandra Nicoli, LAIG's proposed replacement CEO, can start immediately and would bring more than 25 years of experience managing private and public energy companies in Argentina and other countries in Latin America, mostly focused in oil and gas exploration and production assets. She would bring a successful record of turning around companies, reducing costs, and increasing production and revenues at oil companies.
Ms. Nicoli, who has an MS in management from Stanford University's Graduate School of Business, currently serves as director of energy for LAIG, based at LAIG's offices in Buenos Aires, and was previously director of business development and strategy for Genneia S.A., the largest renewable energy company in Argentina with annual revenues in excess of $150-million (U.S.). LAIG has been an investor in Genneia since 2007, and Jorge de Pablo, LAIG's principal, has served continuously on the board since then. Among other executive positions, Ms. Nicoli was CEO of Transportadora de Gas del Norte S.A. from 2005 to 2007, international division director for Tecpetrol International S.A., the energy/oil division of Techint group of companies, from 2001 to 2005, and CEO of Tecpetrol de Venezuela from 1997 to 2000.
TGN is a publicly listed utility company that manages approximately half of Argentina's natural gas transportation and some import and export gas pipelines. The company had been in default for five years prior to her nomination as CEO, with a debt of almost $700-million (U.S.). As CEO, Ms. Nicoli was able to reduce costs, effectively address conflicts with unions, improve earnings before interest, taxes, depreciation and amortization for two consecutive years, and ultimately succeed in restructuring the company's debt. Under her leadership, the company was able to improve its credit rating and pay dividends for the first time in 10 years.
As the international division director, Ms. Nicoli led Tecpetrol's international oil and gas operations and new business development. During her tenure, revenues increased from $43-million (U.S.) to $145-million (U.S.), and the company succeeded in renegotiating operating contracts and fiscal terms for an asset in Ecuador and began operations in Peru and Mexico.
During her tenure as CEO of Tecpetrol de Venezuela, that company increased block production from 5,000 barrels of oil equivalent per day to 12,000 boe per day, reduced operating costs and investment unit costs, and renegotiated a key contract with Petroleos de Venezuela S.A. to increase revenues. Under her leadership, the company's cash flow turned from negative to positive, and the asset value increased more than 10 times (based on participating interest sold before and after her term).
As her credentials show, Ms. Nicoli is exactly the type of CEO Crown Point needs.
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