Harvest Natural Resources Names James Edmiston Next President and CEO
Harvest Natural Resources announced that its Board of Directors has elected James A. Edmiston as President and Chief Executive Officer, effective October 1, 2005. This follows the retirement of current Harvest President and Chief Executive Officer, Dr. Peter J. Hill, who will remain on Harvest's Board.
"This is the result of a succession plan put in place by the Board to achieve a seamless transfer of chief executive responsibilities," said Stephen D. Chesebro', Harvest's Chairman. "James Edmiston is the ideal leader for the future development of Harvest Natural Resources' business. His broad and extensive international energy industry experience, familiarity with global markets, track record of continuous improvement of company operations and his ability to build strong teams are the right attributes to lead our Company into the future."
James Edmiston has been with Harvest since September 2004 when he was named Executive Vice President and Chief Operating Officer. Before joining Harvest, Edmiston was with Conoco and ConocoPhillips for 22 years in various management positions including stints in Venezuela, Russia and the Middle East. Mr. Edmiston holds a BS in Petroleum Engineering from Texas Tech University and an MBA from the Fuqua School of Business at Duke University.
"Peter, the Board and I have had a full year to work through this transition and I look forward to taking on this challenge and to focus on the execution of Harvest's strategy of growth and diversification," Edmiston said.
"I remain committed to the Company, will remain on the Board and will focus my efforts on delivering transformational growth projects in Russia," Hill said.
"Peter Hill has done an outstanding job and has given us a solid
foundation to be successful to face the challenges in today's highly complex oil industry. In the past five years, Harvest Natural Resources has been transformed from a high-cost, debt-laden business into one that is efficient, debt-free, and focused on transformational growth," said Chesebro'. "The results have been a several-fold increase in shareholder value, far out-stripping our peers. We believe we have another world class executive in
James Edmiston -- a leader with the experience to meet the challenges facing the Company and to grow and diversify Harvest's business."
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