Boston, MA 10/13/2014 (wallstreetpr) – EXCO Resources Inc (NYSE:XCO) continues its search for a Chief Executive Officer amidst speculations that the company is planning to acquire more oil and gas facilities.
Lengthy CEO Hunt
As stated in the Business Wire article, EXCO Resources Inc (NYSE:XCO) reported that its CEO hunt is still in process and that it is currently engaged in talks with several candidates for the position. As of now, however, no suitable candidate has been zeroed in, and the company has not set any specific date or timing as to by when it expects a new CEO. There is no certainty if the company will be picking out a name from its current list of potential candidates.
The news is associated with the buzz the company is also seeking to buy property. It expects to make the property agreement in affiliation to the person who ultimately takes up the position. The company expects to buy property owned or managed by the newly appointed key executive. As pointed out in a Bloomberg article, the move is based on a recent disclosure made by a board member of EXCO Resources Inc (NYSE:XCO). According to T. Boone Pickens, a member of EXCO’s board, the company has received bids from some buyers. Although he declined to name the companies, but mentioned that the move suggesting the acquisition of more property is to counter these buyout plans.
EXCO’s moves are however not appreciated by analysts, one of whom commented the decision to be “bizarre.” According to an analyst with RBC Capital Markets LLC, named Leo Mariani, EXCO is seeking to fight the downgrading stock price by portraying that it has planned some new strategy. However, he decreased the target price for the company’s stock earlier this month.
In 2011, EXCO Resources Inc (NYSE:XCO)’s Chairman and CEO, Douglas Miller, had offered the company a buyout proposal of $18.50 per share. The company had rejected the offer at the time. Miller resigned from his position last year and since then EXCO has been working without a designated CEO.