Top levels of management at Obsidian gets a shakeup
December 2, 2019
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Obsidian Energy has announced the appointment of Stephen E. Loukas as Interim President and CEO, effective December 5.
Loukas will succeed current Interim President and CEO, Michael J. Faust, who will return to his previous position of Independent Director to take on new responsibilities as Chair of the Commercial Committee.
“I would like to thank Mike for his willingness to step in as Interim President and CEO during such a critical phase in Obsidian Energy’s history,” says Gordon Ritchie, chairman of the board of directors. “His strong leadership and experience was evident as he guided the organization through our new strategy of Cardium only primary development.”
During the three, very strong, quarters under Faust’s stewardship, the company transformed itself into a much lower cost, highly focused Cardium developer and is well positioned as we enter 2020, says Ritchie.
“As we move into the later stages of our previously announced strategic alternatives process, the board will continue to leverage our various strengths,” says Ritchie. “Having Stephen step into the Interim President and CEO role at this time will enable the Company to take advantage of his vast experience in corporate transactions and capital markets to guide us through the next period of this process. The reactivated Commercial Committee will ensure that the transition is seamless and that the Company maintains the advantage of Mike’s expertise.”
“Having achieved the upfront goals of: one, transforming Obsidian Energy to a Cardium focused development program; two the announcement and implementation of a significant cost savings plan to improve the company’s competitiveness, the impact of which will become more visibly evident during 2020; and three, the development and approval of the company’s 2020 capital development and operating plan which will continue Obsidian Energy’s focus on Cardium primary development,” says Faust. “I feel now is an appropriate time to transition out of the Interim President and CEO role. I have worked very closely with Stephen for approaching two years, and I am very confident that he has the right skill set to lead Obsidian Energy through the remainder of the strategic alternative process.”
In other moves, Peter Scott has been hired on as Senior Vice President and Chief Financial Officer, effective today, replacing David Hendry.
Additionally, Gary Sykes has been hired for the position of Vice President, Commercial, replacing Andrew Sweerts; and Mark Hawkins has been promoted to Vice President Legal, General Counsel and Corporate Secretary.