- Push-out Score suggests push-out forces
- After almost nine years in the position
- Praise, thanks and good wishes for Stanley
- Tim Cutt taking over
- Stanley said 65 words
(exechange) — Denver, Colorado, December 6, 2018 — Chuck Stanley, chief executive of QEP Resources, leaves. It is a change at short notice. As announced by QEP Resources Inc. in a news release on Thursday, December 6, 2018, Charles B. (Chuck) Stanley, Chief Executive Officer, leaves the crude oil and natural gas exploration and production company after almost nine years in the role, effective January 14, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9 years, according to data compiled by exechange.
Chuck Stanley’s duties will be taken over by Timothy J. (Tim) Cutt, most recently Chief Executive Officer of Cobalt International Energy, Inc.
The fact that Chuck Stanley’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, QEP Resources did not explicitly explain the reason for Chuck Stanley’s imminent move, leaving room for speculation.
Precise information about Chuck Stanley’s future plans was not immediately available.
QEP Resources said: “Chairman, President and CEO Charles “Chuck” Stanley has elected to retire from the Company, effective January 14, 2019.”
The board also announced it will separate the roles of Chairman and Chief Executive Officer and that Lead Independent Director David A. Trice has been named to succeed Stanley as Chairman of the board.
Share price decline
The change follows a decline in QEP Resources, Inc.’s share price of 44 percent since July 2018.
In the position of CEO since 2010
Charles B. Stanley has served as President, CEO and a director of QEP since June 2010 and Chairman of the Board since May 2012.
He also served in the same roles for QEP Midstream Partners, GP, LLC, the general partner of QEP Midstream Partners, LP, from 2013 until December 2014.
Stanley served as Executive Vice President of Questar Corporation (Questar) from 2002 to 2008 and as Executive Vice President and Chief Operating Officer from 2008 until 2010.
He also served as a director of Questar from 2002 until 2010.
Prior to joining Questar, he served as President, CEO and a director of El Paso Oil and Gas Canada from 2000 to 2002, and as President and CEO of Coastal Gas International Company from 1995 to 2000.
He is a director of Hecla Mining Company and serves on the boards of various natural gas industry trade organizations, including the American Exploration and Production Council.
Stanley has served as Chairman of America’s Natural Gas Alliance, an industry association representing large independent natural gas producers.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chuck Stanley’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 50.2018 ($).