Thursday, November 21, 2013


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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