The Globe and Mail reported that John Manzoni has been replaced as CEO of Talisman Energy Inc. (TSX:TLM,NYSE:TLM) by Hal Kvisle, former Talisman board member and CEO of TransCanada Corp. (TSX:TRP). Kvisle has already announced plans to narrow the oil and gas exploration and production company’s focus down to fewer assets.
As quoted in the market news:
“Talisman should be more focused on a smaller number of assets,” Mr. Kvisle said in an interview Monday. He is not prepared to say which projects are on the chopping block, although he used the company’s Colombian assets as an example of how the review will unfold.
His mandate is to put a greater focus on becoming more profitable, balancing cash flow with spending, and shrink the company’s assets. Mr. Kvisle has been on Talisman’s board for about three years.