Debt-laden Forest Oil sheds chief

Forest move: Denver explorer hires interim chief to replace former boss

related stories

Bill Lehane ,

News Wires

 22 June 2012 15:12 GMT

Struggling explorer Forest Oil Corporation has named a longtime board member as interim chief executive after the departure of H Craig Clark.

Forest Oil did not specify the manner of Clark’s exit from the company, whose stock price has plunged more than 50% since January.

Clark had helmed the Denver, Colorado-based explorer for the past nine years.

The company, valued at roughly $745 million, has lost more than two-thirds of its market value in the last year.

Shares fell by 1.8% to $6.34 early on Friday on the New York Stock Exchange.

Patrick McDonald, 55, a director at the independent since 2004, takes over immediately while a replacement is found using executive search firm Spencer Stuart, the explorer said.

McDonald has asked not…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index