Update: Shareholder Calls Naming of Suttles as New Encana CEO "Neutral To Positive"; Shares Edge Lower In U.S. Premarket

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Encana (ECA.TO, ECA) said it has appointed Doug Suttles, a 30-year veteran of the oil and gas business and the executive who spearheaded the clean up of BP's ( BP ) massive Gulf of Mexico oil spill, as its new president and CEO.

Suttles served as COO of BP Exploration & Production. He is a mechanical engineer and a 2008 recipient of the University of Texas.

Suttles said he looks forward to working with the company to "shape a strategy and plan that will grow shareholder value and unlock Encana's full potential."

Michael Giordano, VP of investments at Stone Asset Management and an Encana shareholder said the appointment was "neutral to positive," in an interview on Canada's BNN TV.

The appointment removes the uncertainty over leadership of Canada's largest natural gas producer and provides a seasoned executive, Giordano said. The negative may be the association with the 2010 BP spill, he added.

Giordano said he is bullish on the natural gas space and Encana has room to catch up and also pays a healthy 4.5% dividend.

Encana began looking for a new leader after former CEO and President Randall K. Eresman said he was retiring from Encana after serving the company for approximately 35 years in January.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BP

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