Energy Firm Cobalt Names Former Petroleum Executive as New CEO
May 31 2016 - 10:12AM
Dow Jones News
By Anne Steele
Cobalt International Energy Inc. (CIE) on Tuesday named former
BHP Billiton Ltd. (BHP, BHP.AU) veteran Timothy Cutt its new
leader, replacing Chief Executive Joseph Bryant, who has
resigned.
Shares in the company, which sank to fresh record lows Friday
and have erased 80% of their value over the past year, added 5.3%
to $2.18 in early trading.
Though Mr. Bryant's resignation from his three posts--CEO,
chairman and board member--is effective Wednesday, Mr. Cutt will
take the helm in July. In the meantime, William Utt, the company's
lead independent director, has been appointed interim chairman, and
Van Whitfield, chief operating officer, will take on the role of
interim CEO. Mr. Whitfield has been appointed to the board.
Mr. Utt pointed to Cobalt's transition from exploration to
production, saying, "Tim is the right executive to come aboard at a
critical time for the company."
Mr. Cutt, 56 years old, most recently headed BHP Billiton's
pretroleum operations, from 2013 until this past March. He joined
the mining heavyweight in 2007 as president of the production
division in the petroleum business. Previously, Mr. Cutt spent a 25
years at Mobil Oil Corp. and then Exxon Mobil Corp. (XOM).
Write to Anne Steele at anne.steele@wsj.com.
(END) Dow Jones Newswires
May 31, 2016 09:57 ET (13:57 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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