Its time, it has been time for awhile. We know it, HE knows it.
I welcome any rebuttal to the idea that this CEO has steered this company into an iceberg. None of it is due to market difficulties or anything else that he has laid blame on. This company has consistently under-performed relative to other minor E&P's. To belay the stock question, show me when oil or natural gas has been hit and Apache was not among the lowest performers even in that environment. Look at the recent promotions to "assist" with Apache transition. The CEO of Altus is the EVP of operations for Apache. Think about that. IT department head now EVP of Administration. Vet them and rebut me, please.
Confidence in the company is gone internally and externally. Anytime an E&P does not trend with oil or natural gas prices it has to do with market confidence. The fact that we have been on the worst of the losing side of every up or down in markets really highlights this for me.
It would be one thing if there was some saving grace that the public did not know about as a reason to have confidence in this company. What the reality has been is that there is no secret, just the ugly truth that Apache has been mismanaged by many, but none so bad as the current CEO. Its amazing that with Apache's performance we have a CEO in the news for most disproportionate pay relative to performance. CEO's do not typically last long even when they do well.
His presence is an insult to those of us who work hard to make Apache successful. If there is really not a good ol' boy atmosphere with kickbacks as a previous poster suggested, he would have been gone a couple of years ago.