Down goes Encana’s Eresman! Natural gas giant’s president and CEO abruptly announces his retirement by Darren Campbell, January 11, 2013, Alberta Oil Magazine
That’s big news in and of itself. But what’s bigger is that the retirement is effective immediately. It’s an odd development. Some big names in the oil patch have either retired (Suncor’s Rick George, Enbridge Inc.’s Pat Daniel) or been “replaced” (Talisman’s John Manzoni) in recent months, but in those cases, the companies had successors in place. Not so for Encana, which has struggled for a while as natural gas prices plunged amid the “shale gale” gripping North America. Eresman has agreed to stay on until February 28 to assist in the transition. Clayton Woitas, an Encana director, will serve as interim president and CEO.
Was this a case of Eresman jumping from a sinking ship or was he pushed off? My gut says the latter.