Operational Changes at Venoco Inc.
Venoco Inc. announced on 1/17 that Ed O’Donnell has been promoted to chief operating officer and has approved a plan that calls for Tim Marquez, founder of the company, to step down as CEO in the third quarter of this year. Marquez, who owns half the company, will become executive chairman of the board and continue directing the company’s acquisitions strategy. In mid 2011, he agreed to pay $12.50 a share to take the company private, which the Venoco board agreed to on 1/17. O’Donnell has been involved over the years in all of the company’s operations, from its assets mid-continent and in the Rockies to Sacramento Basin oil fields.