El Paso Veers Off the Wise Course

"Bill Wise has presided over a stock price decline from $75 to $5 -- and he's fought a very good fight," said Olson, who owns stock in the company himself. "But it's time to restore fiscal credibility to the company.

"This is the natural order of things; this is the system at work."

During his 13 years at the helm, Wise helped build El Paso into the nation's largest pipeline company and, more recently, oversaw a disastrous foray into the once-hot energy trading business. Since the 2001 collapse of Enron -- the onetime king of energy trading -- El Paso has weathered a steady decline of its own, losing billions of dollars in market value and leaving Wall Street analysts wondering if the company can ultimately survive.

Frustrated by that slide, El Paso's growing camp of critics began calling for change well ahead of Wise's announced retirement. Oscar Wyatt, who founded the last major company acquired by El Paso, began questioning El Paso's leadership early last summer. Once viewed as a vocal -- but somewhat powerless -- dissident, Wyatt has seen his popularity grow as El Paso's fortunes have declined. The oilfield veteran is, in fact, currently planning an official battle to oust El Paso's senior management team.

"Oscar's got a proxy test ready to launch a week from Thursday," Olson said. "He would very much like to see a new management style that's closer to his own philosophy."

Olson said that Wyatt himself would not be pitched as a candidate to replace Wise as CEO. Wyatt wasn't immediately available for comment.

For his part, Wise expressed gratitude for his long career at El Paso and praised the people behind the company.

"Having been with El Paso for 33 years and having had the privilege for almost a decade and a half of leading this company, I have witnessed firsthand the deep strengths, resources and outstanding people that make up El Paso," Wise said Tuesday.