El Paso Corp. elects Douglas Foshee its president and CEO

El Paso Corp. announced that its board unanimously elected Douglas L. Foshee, currently Halliburton Co., Dallas, executive vice-president and chief operating officer, as El Paso's president and CEO, effective Sept. 2.

July 16, 2003

2 min read

By OGJ editors
HOUSTON, July 16 -- El Paso Corp. announced that its board unanimously elected Douglas L. Foshee, currently Halliburton Co., Dallas, executive vice-president and chief operating officer, as El Paso's president and CEO, effective Sept. 2.

Ronald L. Kuehn, Jr., serving as El Paso's interim CEO, will continue to serve as board chairman. Kuehn said he would work closely with Foshee during the transition as El Paso proceeds with its operational and financial plan.

Former El Paso CEO William Wise resigned under pressure in February, and Kuehn has been running the company until then. Shareholders Oscar Wyatt and Selim Zilkha, upset by El Paso's plunging earnings and stock price, launched a proxy fight against the incumbent board. El Paso shareholders narrowly voted to retain its incumbent board (ONG Online, June 23, 2003).

Meanwhile, El Paso has settled various lawsuits regarding its involvement in the 2000-01 California energy crisis as well as alleged trading and accounting improprieties.

El Paso said it will delay the release of its long-range planning process so that Foshee can participate in the completion of the plan.

Foshee had been with Halliburton since 2001, starting as executive vice-president and chief financial officer. This year, he was named executive vice-president and chief operating officer.

Previously, Foshee was president and CEO at Nuevo Energy Co., Houston. From 1993-97, he served Torch Energy Advisors Inc., Houston, in various capacities, including chief operating officer and CEO.