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Wednesday, April 29, 2015

Expert: New Breed of CEO Needed in Oil and Gas Industry

Les Csorba
From Reuters:
The energy sector will need a "new breed" of executives who innovate in real-time to effectively navigate through the crude oil price collapse and the industry transformation that is expected to follow, an energy headhunter and leadership consultant said on Monday. 
The oil price crash represents for some "a great chance to seize on the crisis and turn it into an opportunity," Les Csorba, a partner with Heidrick & Struggles in Houston, said on the sidelines of the CERAWeek conference. 
As baby-boomer oil executives near retirement, their replacements need to abandon the notion that production growth should be pursued at any cost, a mentality that dominated the sector before drilling for oil and natural gas took off in North America's shale formations.

Two executives that typify the new breed include the chief executive officers of Apache Corp and Chesapeake Energy . Apache's John Christmann and Chesapeake's Doug Lawler represent "a distinct departure from the stereotypical swashbuckling oil and gas executive whose free spending and large bets on assets risked placing the business in a precarious position," said Csorba.
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