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First Calgary’s CEO Anderson resigns

First Calgary Petroleums Ltd. ended a bitter and costly proxy fightwith dissident investors yesterday by accepting demands that its chiefexecutive step down and that its board of directors be recast.


First Calgary Petroleums Ltd. ended a bitter and costly proxy fight with dissident investors yesterday by accepting demands that its chief executive step down and that its board of directors be recast.
Shares in First Calgary, which is trying to develop a $1.3 billion US gas project in Algeria, surged 30 per cent after the company and large investor Waterford Finance & Investment agreed on a deal to stave off a battle for control at a meeting scheduled for Friday.
Under the compromise, CEO Richard Anderson resigned and stepped down from the board. Shane O’Leary, First Calgary’s chief operating officer, will replace him.
Anderson will still be an adviser on First Calgary’s dealings with Algerian authorities.

 
 
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