Nexen Waves Goodbye to CEO

Nexen announced that Marvin Romanow, President and Chief Executive Officer, is leaving the company effective immediately.

Kevin Reinhart, Executive Vice President and Chief Financial Officer, has been appointed as interim President and Chief Executive Officer. Kevin will serve in this capacity while the company conducts a search for a new CEO.

"Marvin has made a valuable contribution to Nexen during his 13 years with the company. The Board thanks him for his contributions and wishes him well in his future endeavours," said Francis Saville, Q.C., Chair of the Board. "Kevin has been with the company for over 17 years and he has the full support of the Board in his new role."

In addition, Nexen announced that Gary Nieuwenburg, Executive Vice President of Canada, is also leaving the company effective immediately. The Board expressed their appreciation for his contributions and wish him future success.

"Nexen is a strong company with a high quality suite of assets," said Mr. Saville. "We are committed to closing the value gap for our shareholders through execution of our oil sands, conventional offshore and unconventional gas strategies as outlined at the company's Investor Day in early December."

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