Talisman President, CEO Steps Down

Talisman Energy President and CEO John Manzoni has stepped down from his roles with the company, effective immediately.

Hal Kvisle, current Talisman director and former president and chief executive officer of TransCanada Corporation, will take over as president and CEO, the company reported Monday.

Talisman Board Chairman Chuck Williamson said Manzoni had made a significant contribution since joining Talisman in 2007. During that time, Talisman established a substantial presence in some of the best North American shale plays.

"In addition, his focus on investing in and developing core capabilities will serve Talisman well in the future," Williamson said in a statement.

Talisman's decision to appoint a new CEO could be driven by activist investors looking for a change in course, according to a Sept. 10 research note from GHS Research, pointing to the recent buy-in by WestFace Capital and activist investors possibly contributing to the shake-up.

While Manzoni has been credited with entering the unconventional business and positioning Talisman in some of North America's best shale plays, the company's strategy of growing its North American unconventional gas business with North Sea cash flow stumbled on low U.S. natural gas prices and North Sea operational challenges, said GHS.

The company also has been criticized for a lack of operational focus, which Manzoni set out to address but that still drags on the company's share price, GHS said.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com


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