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+--- Thread: Pavel believes CEO change is a positive (/showthread.php?tid=3459)
Pavel believes CEO change is a positive - ltinvest - 04-23-2013
CEO's departure should help accelerate LNG partnership. InterOil has announced that CEO Phil Mulacek is leaving his position effective April 30 (while retaining a board seat). Mulacek had already given up his chairmanship, and our sense is that several major shareholders have been pushing for a CEO change over the past several years, so this latest news marks a logical step. While Mulacek's entrepreneurial drive succeeded in building a $4 billion energy company, he has been a sharply polarizing figure, and at least some investors (and, presumably, prospective partners) have come to view him as an obstacle to a successful liquefied natural gas (LNG) partnership deal. According to local publication PNG Industry News, CFO Collin Visaggio has confirmed that Mulacek's departure is part of the process to get the company ready for the partnership deal. As such, we think this is a positive development, representing a catalyst for an accelerated timeline towards a partnership announcement. In the meantime, an executive search is underway to fill the CEO's position, and we would not be surprised to see someone with major energy company experience.
RE: Pavel believes CEO change is a positive - Palm - 04-23-2013
Was just going to post LT; thanks. Once shorts run out of ammo there will be accumulation today. Yesterday's pop no doubt was due to leaks of this and the fact that a BOD had taken place. We'll get more before too long.
RE: Pavel believes CEO change is a positive - jft310 - 04-24-2013
Checking off boxes to announce the deal. I still think IOC gets sold by year end after this deal gets announced in April.
RE: Pavel believes CEO change is a positive - Movieguy - 04-24-2013
Not trying to be improperly negative here, but just am baffled and would like input from those more knowledgeable. It seems to me that companies announce major deals all the time and included within that announcement are executive reshufflings/retirements, etc. Why announce Phil's retirement completely separate of that? Does it mean a deal is not imminent, meaning days or weeks away, but instead is still a good month or more away? I know people are suggesting Phil had to go for a certain deal to be done, but again, why announce it separately and not just as part of the deal?
RE: Pavel believes CEO change is a positive - ArtM72 - 04-24-2013
IN a contrary view, I suspect yesterday's pop was due to someone seeing abnormal activity levels like the 8-K filing preparation, BOD communications etc., thinking something else was afoot.
I personally do not believe this is good long term for Interoil or PNG, but in the short and intermediate term longs and traders should make good money. I'm most struck by the April 30th effective date. That is just too short a time frame to have anything really good attached to it. Sure, Pavel might be right (probably is) with PM having been a polarizing figure. That's why I'm not happy. I figured Mulacek saw Interoil as something more than owner of the rights to a lot of hydrocarbons. Other, more powerful interests, apparently have seen it differently.
Hope I'm wrong on the long term thing.
RE: Pavel believes CEO change is a positive - hudsojo - 04-24-2013
Not trying to be improperly negative here, but just am baffled and would like input from those more knowledgeable. It seems to me that companies announce major deals all the time and included within that announcement are executive reshufflings/retirements, etc. Why announce Phil's retirement completely separate of that? Does it mean a deal is not imminent, meaning days or weeks away, but instead is still a good month or more away? I know people are suggesting Phil had to go for a certain deal to be done, but again, why announce it separately and not just as part of the deal?
Movieguy:
Wondering the same thing. Announcing in conjunction with another major announcement is typical and not done as a separate PR. Anyone else have thoughts strictly on the timing issue (not the fact that PM stepped down)? I think its indicative of something just not sure what it is.
hudsojo
RE: Pavel believes CEO change is a positive - jft310 - 04-24-2013
Phil thought IOC was worth $1,000 taday and others did not agree with him.
RE: Pavel believes CEO change is a positive - johnwgrant - 04-24-2013
My speculation: Board showdown. Board voted to accept a certain offer. Phil against it and expressed the ultimatum: I resign if you go with that option (Shell?). Board chose to go with their best judgement. Phil resigned as CEO.
RE: Pavel believes CEO change is a positive - ltinvest - 04-24-2013
Guys, as I now understand it.......Phil did not "retire". Phil was in a major disagreement with the board as was insisting on one deal and the board is favoring a different deal. The BOD decided to make the CEO change. Maybe this is like news coverage of the Boston Marathon bombing and you get some good and some incorrect information in real time.......but I thought it worthy of a post. The BOD respectfully allowed him to "retire" but this about a more comprehensive deal the BOD wants to complete.
RE: Pavel believes CEO change is a positive - Investor1979 - 04-24-2013
'johnwgrant' pid='21249' datel Wrote:My speculation: Board showdown. Board voted to accept a certain offer. Phil ssed the ultimatum: I resign if you go with that option (Shell?). Board chose to go with their best judgement. Phil resigned as CEO.
Excellent conjecture.
Sounds very reasonable and probable to me.