New CEO

[vidon]

I agree with comments made by other posters in their comments.

One thing that struck me was that Phil was certainly ostracised by the BOD. He was not even sitting with the Board members. He was in the front row, but on the other side of the aisle. A couple of short compliments were given, but I truly felt bad for the guy that conceived IOC and has brought us to the point that his company attracted major oil companies to bid on it's assets. I do believe he made some errors along the way, some were significant, but his vision is what we all are enjoying now.

I heard from 2 directors that the new CEO has been selected. I was assured he is a man with an excellent reputation in this space. I was assured he would be better capable of discussing IOC with the government, the industry, the market and the shareholders.

This will be a welcome addition to the company.

[tarulestheday]

I told Wayne that IOC should hire Henry Aldorf but apparently that is not a possibility.

[Getitrt2]

I suspect one of the open questions is whether IOC will remain an independent company needing a CEO, or will be bought out.

[bam]

Call me crazy, but the appointment of a "five star" CEO would do a lot more for the stock than a sell down deal.  I'm actually much more interested in that than the XOM details.  There's nothing more bullish than a CEO who had lots of other choices taking a position with a growing company in one of the few growing hydrocarbon plays in the world.  Say what you want about GMCR's accounting/biz model, but their new CEO is fantastic. I hate that company but to me it is unshortable with that guy at the helm.  He reeks of competency. IOC could really use that.  Our situation seems to have somewhat outgrown the managment team in place (taking nothing away from the achievements so far of getting us to this point) - but sometimes you need to switch it up and bring someone in with big league experience.  This isn't something we want our guys trying to learn on the fly.

[katytrader]

I agree with comments made by other posters in their comments.

One thing that struck me was that Phil was certainly ostracised by the BOD. He was not even sitting with the Board members. He was in the front row, but on the other side of the aisle. A couple of short compliments were given, but I truly felt bad for the guy that conceived IOC and has brought us to the point that his company attracted major oil companies to bid on it's assets. I do believe he made some errors along the way, some were significant, but his vision is what we all are enjoying now.

I heard from 2 directors that the new CEO has been selected. I was assured he is a man with an excellent reputation in this space. I was assured he would be better capable of discussing IOC with the government, the industry, the market and the shareholders.

This will be a welcome addition to the company.

Vidon, what you saw depended on where you sat.  Phil sat directly in front of me with Roger Grundy on his left.  He had been standing in the aisle talking with a group when the meeting came to order and he simply took a close-by seat.  The rest of the Board had already taken seats on the right.  This reminds me of Kremlin-watching in the 1950´s...lol.

[bam]

I agree with comments made by other posters in their comments.

One thing that struck me was that Phil was certainly ostracised by the BOD. He was not even sitting with the Board members. He was in the front row, but on the other side of the aisle. A couple of short compliments were given, but I truly felt bad for the guy that conceived IOC and has brought us to the point that his company attracted major oil companies to bid on it's assets. I do believe he made some errors along the way, some were significant, but his vision is what we all are enjoying now.

I heard from 2 directors that the new CEO has been selected. I was assured he is a man with an excellent reputation in this space. I was assured he would be better capable of discussing IOC with the government, the industry, the market and the shareholders.

This will be a welcome addition to the company.

Vidon, what you saw depended on where you sat.  Phil sat directly in front of me with Roger Grundy on his left.  He had been standing in the aisle talking with a group when the meeting came to order and he simply took a close-by seat.  The rest of the Board had already taken seats on the right.  This reminds me of Kremlin-watching in the 1950´s...lol.

I agree. I was there as well. I thought everything was cordial and i was actually a little surprised he was there. He looked a lot more rested than I'd ever seen him before!