Calgary, Alberta – Rumours that Richard Anderson, the troubled and under fire CEO of troubled First Calgary Petroleum Ltd, the Calgary based developer of Algerian natural gas reserves, is headed down the road became true today as the company announced that Mr. Anderson had decided to resign amid the current controversy surrounding his decisions and corporate choices in the last year.
This happened after rumours that dissident major shareholder Waterford Finance and Investment Ltd carried the board’s decision to restructure the company’s current board and shake up its complacent managers. Apparently the two sides came to an agreement during the proxy battle that will see the company made up of a board of directors nominated directly from Waterford but will still be headed by current chairman Garfield Emerson, while the new CEO will be Shane O’Leary, who is a former executive for EnCana and BP.
We were able to contact company officials, who wished to stay unnamed, for comment on the current situation at Calgary Petroleum Ltd. Stating that the new board still needs to be voted on and this will occur at First Calgary’s annual corporate meeting this Friday, but the company would release a press statement at this time.
In conclusion, customer, investor and employee confidence in a company can be a finicky thing; boards need to stay aware of their customers, investors and employees ideas about the company and people who run the company.
Restructuring a company requires input from all who are effected by such decisions and this seems to be what is missing in this situation, input from the employees who will be doing the work that produces the product the company sells.
