El Paso Critics Mull What Might Have Been

Scorecard

By now, Foshee has spent nine months as El Paso's "turnaround CEO."

He joined the company last fall after making a name for himself by executing a huge asbestos settlement for Halliburton. Some had hoped for a leader with more hands-on energy experience. But others felt satisfied.

"He wasn't the first choice, by any stretch of the imagination," says one former employee. "But he was the guy who said, 'Yes.' And I'm always impressed with people who are willing to take on something that's insurmountable."

El Paso points to the hiring of Foshee and Stewart, along with asset sales and cost reductions, as major accomplishments for the company. And Olson, for one, gives new management decent marks.

Foshee "has done an admirable job under great adversity," Olson said. "He has strengthened the board and taken a no-nonsense approach to taking the company apart and putting it back together in a much heartier fashion."

Some dissidents are simply relieved that Foshee has kept the company afloat. Even Stephen Chesebro, who would have landed Foshee's job if the dissidents had won, says he's not "throwing any rocks."

Chesebro calls Foshee a "good guy" who has taken a number of necessary steps -- such as cutting the E&P budget and adding energy talent to the board -- that his own team had planned. He supports the company's efforts.

But he also questions whether El Paso made enough changes with enough speed to save it in the end.

"They do not seem to have the same sense of urgency that we felt," Chesebro said. "Our pitch was: Do it quickly. Do it effectively. And move on."

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