Corporate leadership team strengthened to capitalize on world-wide opportunities an d to build shareholder value
VANCOUVER, Dec. 14, 2011 /PRNewswire/ - The Board of Directors of Ivanhoe Energy Inc. (TSX: IE) (NASDAQ: IVAN) today announced the appointment of Carlos A. Cabrera as Executive Co-Chairman as part of a realignment of the company's leadership team.
Mr. Cabrera, who joined the Ivanhoe Energy board as an independent Director in May 2010, has more than 35 years of experience in the petroleum, petrochemical and gas processing industries. Since 2009, he has served as President and Chief Executive Officer of China's National Institute of Low Carbon and Clean Energy (NICE), based in Beijing; prior to which he was Chairman, President and Chief Executive Officer of UOP LLC, a Honeywell company.
"Mr. Cabrera has the experience and first-hand knowledge of international energy markets to guide our determination to successfully capitalize on world-wide opportunities for our advanced technologies and, in the process, to ensure that we fulfill our commitment to building shareholder value," said Robert Friedland, who has been serving as Executive Chairman and Chief Executive Officer of Ivanhoe Energy Inc. since 2008 and now becomes Executive Co-Chairman."In addition to our Pungarayacu Project in Ecuador, we also see significant opportunities in Latin America, North America, the Middle East and Asia for our proprietary Heavy-to-Light upgrading process that we will be pursuing with the added benefits of his leadership and the professional recognition he has earned in his long career in the energy industry," said Mr. Friedland. Mr. Friedland also confirmed that David Dyck is continuing in his current senior executive roles as President and Chief Operating Officer of Ivanhoe Energy Inc. and as President and Chief Executive Officer of the subsidiary, Ivanhoe Energy Canada. As part of the corporate realignment, Mr. Friedland - who is Ivanhoe Energy's founding Chairman - will maintain his close involvement with the formulation and execution of the company's strategic initiatives around the world while working closely with Mr. Cabrera and Mr. Dyck. Mr. Friedland will also continue as Co-Chairman of Ivanhoe Energy's Asia-focused subsidiary, Pan-China Resources Ltd. He has discontinued his role as Chief Executive Officer of Ivanhoe Energy Inc. Robert Abboud has relinquished his position as Co-Chairman of the Board of Directors of Ivanhoe Energy Inc., while continuing as the Board's Lead Independent Director. Mr. Abboud and Mr. Friedland also will continue to serve on the Board's restructured Executive Committee with Mr. Dyck and directors Howard Balloch and Peter Meredith. Mr. Cabrera will chair the Executive Committee. Mr. Cabrera said Ivanhoe Energy's HTL upgrading technology is uniquely positioned to help satisfy the global energy industry's increasing dependence on known reserves of heavier oil.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV