Thursday, November 21, 2013

CEO Out at EXCO

EXCO Resources announced this morning that Douglas Miller resigned as Chairman, CEO and board member effective yesterday.  Another board member was named interim CEO and a search for his replacement will commence immediately.  Miller led the group that acquired EXCO through a leveraged buyout in 1997 and spearheaded a failed attempt to take EXCO private again a couple of years ago.

Given the lack of news coverage surrounding the news release, the resignation was sudden and most likely the result of internal strife.  Usually a failed LBO by the sitting leader doesn't end well for that person...but I'll update with more later as news comes out.

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