EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced that Stephen F. Smith has decided to retire from EXCO on June 1, 2013 and has further decided not to stand for re-election to EXCO’s Board of Directors at the 2013 annual meeting of shareholders. Mr. Smith will serve as a full-time EXCO employee until June 1, 2013 to assist with certain transition matters. Mr. Smith retired from his duties as EXCO’s President effective February 28, 2013 and will retire from his duties as EXCO’s Chief Financial Officer effective April 1, 2013. Following his retirement, Mr. Smith will continue to serve as a consultant to EXCO until June 1, 2016 and will remain on the Board of Directors of the recently announced partnership with Harbinger Group Inc.
Effective February 28, 2013, Harold L. Hickey, EXCO’s Vice President and Chief Operating Officer, has been appointed to replace Mr. Smith as EXCO’s President and will remain EXCO's Chief Operating Officer. Mr. Hickey has served in various senior management roles at EXCO since he joined the company in 2001. Mr. Hickey’s transition to the role of President is a product of the thorough and deliberative management succession planning process undertaken over the last several years by EXCO’s Board of Directors.
Effective April 1, 2013, Mark Mulhern, EXCO’s former Chairman of the Audit Committee, has been appointed to replace Mr. Smith as EXCO’s Chief Financial Officer. Mr. Mulhern previously served as Chief Financial Officer and Senior Vice President of Progress Energy, Inc. and managed its financial services group until July 2012.
Douglas H. Miller, EXCO’s Chairman and Chief Executive Officer, commented, “Steve Smith is an accomplished businessman and a long-time friend. During his time at EXCO, Steve led by example, instilling an unmatched work ethic across the organization. While Steve is stepping down from EXCO’s board of directors and as an officer, we are fortunate that he will remain actively involved with future business matters, particularly with respect to growing and managing our conventional oil and natural gas partnership.
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