Crescent Point CEO leaving oil company
Crescent Point Energy Corp. president and CEO Scott Saxberg, who weathered a proxy fight with dissident shareholders earlier this month, is leaving the company he helped found.
Calgary-based Crescent Point announced Saxberg is departing after 15 years at the helm and that Craig Bryksa will take over as interim president and chief executive. He will also replace Saxberg on the company’s board.
“After 15 years as the CEO, it’s time for me to move on and I’m confident and excited for Craig and the team to oversee Crescent Point’s long-term success,” Saxberg said in a statement.
Crescent Point shareholders this month rejected a dissident slate of directors put forth by Cation Capital Inc., which had been critical of the company’s direction.
Saxberg vowed at the time to work harder to address the complaints and has defended his company’s record against Cation’s charges that attribute Crescent Point’s poor share performance to unwise spending decisions and overly generous executive pay.
Under Saxberg, Crescent Point has grown its crude production to more than 180,000 barrels of oil per day.
“Mr. Saxberg ’s vision and commitment since inception resulted in the company controlling dominant positions within a high-quality asset base,” the company ’s board said in a release.
“Crescent Point’s operational success is built on an innovative culture with high employee satisfaction.”
Bryksa, formerly a vice-president of engineering at Crescent Point, has overseen the operating activities for the company’s Shaunavon, Uinta Basin, North Dakota, Viking, Swan Hills and other Alberta resource plays, the company said.
Shareholders at the company’s May 4 annual meeting voted down a “say-on-pay” motion asking them to endorse how Crescent Point pays its executives.
Saxberg, who earned $4.2 million in total compensation last year, said he thinks the negative vote on compensation was more a reflection of the company’s share price, which fell nearly 40 per cent in the 12 months before Cation launched its proxy challenge in early April.
Crescent Point shares closed up 29 cents, or 2.9 per cent, at $10.27 in Toronto on Tuesday.