Smart A– Cedric was finally terminated after being removed from his throne. Maybe they realize now their actions were financially irresponsible and reckless? Bye bye Ced
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I think there is more to the story, and maybe he should not shoulder much of the blame. From an article I read in Hart CB said he found out about Oxy wanting to buy Anadarko the first week at the job in 2017. In the article he said he spoke up and said to maybe apply the brakes to such a large deal. In other words he was caught off guard that Oxy had been looking at Anadarko. I think this is more of a deal that others had made up their minds and he was just brought into the deal when he signed on as CFO.
https://www.hartenergy.com/exclusives/occidental-cfo-talks-anadarko-saga-rebuffs-sheffield-criticism-182008
CB was actually a very capable CFO. Not his fault we bought APC. He and OB figure out a way to close the deal financially as demanded by their boss. He was one of the few at that level capable of handling a calculator! And draw good hedges for Oxy. The other were just like politicians who went along with whatever VH wanted. This is because constructive criticism is not taken well from her, so there is absence of that. Plenty of don’t rock my boat attitude at all levels within the company. Go with the flow.
Anything you say can be used against you in the court of inner circles. You could be put on the sidelines for a while.
Houston-based Occidental Petroleum Corp. (NYSE: OXY) has named a new CFO, the latest leadership change the oil and gas producer has disclosed in recent days.
Robert Peterson was named senior vice president and CFO on April 3, according to a filing with the U.S. Securities and Exchange Commission. Former CFO Cedric Burgher will "transition to another role" at Occidental, per the filing, which did not specify what his new role would be.
- Houston Business Journal
Apr 3, 2020, 7:31pm EDT*
https://www.bizjournals.com/houston/news/2020/04/03/occidental-petroleum-shakes-up-cfo-role-svp-of.html
What a shame that the company has ended up like this.
Problem with Cedric is he went along with everything Vicki said - never any critical analysis even though he had the mental capacity to do it - of course that’s why she hired him. What ensued was way too much puffery and IR BS which destroyed credibility with the investment community.
A hired gun or mercenary - whatever you want to call him, he’s cashed out and will now head on to his next gig - probably private equity where he can lay low for awhile.
Is there an external info source on CB leaving?