EXCO Resources Inc. Chairman and Chief Executive Officer Douglas H. Miller has resigned from his positions. EXCO’s board has appointed Jeffrey D. Benjamin, a long-time investor in EXCO and an independent member of the independent’s board, to serve as nonexecutive chairman.
Benjamin served on the board from 1998 through 2003 and most recently since October 2005. Currently he’s a director of Caesars Entertainment Corp. and Chemtura Corp., and chairman of Spectrum Group International Inc.
“Since Mr. Miller led the group that acquired control of EXCO in 1997, his contributions to the organization have been significant,” Benjamin said. “The board has initiated a search to identify EXCO’s next chief executive officer. The search process will include a full review of both internal and external candidates.”
Miller attempted to take the company private in 2010 by offering to buy all outstanding shares he did not already own at $20.50/share, totaling $4.4 billion (OGJ Online, Nov. 3, 2010). However, his bid was rejected by the board the following year.
The company’s board also has approved a capital budget of up to $368 million for 2014.