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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Big Dog who started this subject	3/12/2003 11:27:27 PM
From: energyplay	of 206145

El Paso Cuts CEO Loose By Melissa Davis Staff Reporter 03/12/2003 10:01 PM EST El Paso (EP:NYSE - news - commentary - research - analysis) no longer has an embattled CEO. The struggling energy giant announced late Wednesday that it has booted CEO William Wise months ahead of schedule. The news came one day after dissident shareholders launched a formal proxy fight that has been bubbling up for months. El Paso had originally planned to keep Wise through a replacement search that could have lasted through the year. But feeling shareholder impatience mount, the company hit the fast-forward button on Wednesday. While applauding Wise's leadership, the company admitted that it needs to sever its ties with the lame duck CEO in order to move on. "The board recognizes that the CEO search has been complicated by the announced proxy contest and believes that the pursuit of the company's business strategy will be better served without leadership uncertainty," El Paso said in a prepared statement Wednesday.

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