EXCO Resources Inc. (NYSE: XCO) announced Nov. 21 Douglas H. Miller has resigned from his positions as chairman of the board, CEO and from the board of directors effective as Nov. 20.
The board of directors has appointed Jeffrey D. Benjamin, a long-time investor in EXCO and an independent member of EXCO’s board, to serve as non-executive chairman of the board of directors. Benjamin has extensive knowledge of EXCO and its business, having served on the board since October 2005 and prior to that from 1998 through 2003. He is also currently a director of Caesars Entertainment Corp., Chemtura Corp. and chairman of the board of Spectrum Group International Inc.
“Since Mr. Miller led the group that acquired control of EXCO in 1997, his contributions to the organization have been significant. The entire board extends their sincere gratitude and appreciation to Mr. Miller, along with best wishes for the future. The board has initiated a search to identify EXCO’s next chief executive officer. The search process will include a full review of both internal and external candidates,” Benjamin said in the release.
The board of directors has approved a capital budget of up to $368 million for 2014 activities. The details of the capital budget will be provided at EXCO’s analyst meeting on Dec. 10.
The board of directors also declared a fourth quarter cash dividend of $0.05 per share. The dividend is payable on Dec. 16 to holders of record on Dec. 2. Any future declaration of dividends, as well as the establishment of record and payment dates, is subject to the approval of EXCO’s board of directors.
EXCO Resources Inc. is an independent energy company engaged in the acquisition, exploration, exploitation, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays. The company is based in Dallas.
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