Forest Oil Corporation reported that James D. Lightner will become the next non-executive Chairman of the Board of Forest Oil Corporation. Mr. Lightner will succeed Forrest E. Hoglund, who has decided to retire when his term expires in May of 2008. Mr. Hoglund, who is 74 years old, has been a member of Forest's board of directors since 2000 and its non-executive Chairman since 2003.
In announcing his decision not to stand for re-election Mr. Hoglund stated, "It has been an honor to work with the board members here over the last eight years. We made some very difficult decisions on management and strategic direction over those years which worked very well for our shareholders. I leave knowing the Company is now on a great path under an excellent executive team with a clear strategy and business model. Jim Lightner is an outstanding successor and I am sure will continue to build on the Company's success."
Mr. Lightner stated, "It is both an honor and a challenge to follow a Chairman as knowledgeable as Forrest, who has done so much in setting a clear and rewarding path for our shareholders. We will miss his insights and leadership, but will continue to build on the success the Company has achieved over his tenure."
James. D. Lightner, age 55, has been a member of Forest's board since 2004 and serves as the Chairman of the Compensation Committee. He is a Partner and the Chief Executive Officer of Orion Energy Partners, an oil and gas exploration and production company and previously served in various capacities with Tom Brown, Inc., including serving as Chairman of the Board, Chief Executive Officer and President. Prior to moving to Tom Brown, Inc., he was with EOG Resources, Inc. Mr. Lightner also serves is a director of W.H. Energy Services Inc., an oil field services company, and Cornerstone E&P Company LP, a private oil and gas exploration and production company.
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