Venoco, Inc. (VQ) Announces Resignation Plan of CEO Tim Marquez, COO Ed O'Donnell Steps Up
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Venoco, Inc. (NYSE: VQ) announced today that it has promoted Ed O'Donnell to Chief Operating Officer and that it has formalized a succession plan whereby, Tim Marquez, founder of the company, plans to step down as CEO in the third quarter of this year. At that time, Mr. Marquez will become Executive Chairman of the Board and will continue in an active role directing the company's growth and acquisitions strategy while Mr. O'Donnell will become the new CEO.
"We are very excited to have Ed take over responsibility for the company's entire operations," said Mr. Marquez. "I have worked with Ed for more than 30 years and he has been responsible for the company's key oil assets for the better part of 15 years. He has been actively involved over the years in all of the company's operations, from mid-continent and Rockies assets to our Sacramento Basin fields. Ed's many years on the board of directors further immersed him in our corporate and financial operations. In addition to that experience, he brings an extensive educational background in both engineering and business."
"We are very excited to have Ed take over responsibility for the company's entire operations," said Mr. Marquez. "I have worked with Ed for more than 30 years and he has been responsible for the company's key oil assets for the better part of 15 years. He has been actively involved over the years in all of the company's operations, from mid-continent and Rockies assets to our Sacramento Basin fields. Ed's many years on the board of directors further immersed him in our corporate and financial operations. In addition to that experience, he brings an extensive educational background in both engineering and business."
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