Scott Saxberg, former Crescent Point Energy president and CEO. Source: Twitter
“We built a company from scratch to over 180,000 boe/d and rewarded shareholders with $7.5 billion.” – Saxberg
Scott Saxberg, the outspoken and sometimes controversial CEO of Calgary-based Crescent Point Energy Corp., is stepping down after 15 years at the helm. He will be replaced on an interim basis by Craig Bryksa, formerly VP of Engineering West with the company, the board of directors announced in a press release.
Bryksa has also replaced Saxberg on the board.
The board expressed its gratitude to Saxberg, one of the founding members of Crescent Point, for his significant contributions to the company since 2001. Under his leadership, Crescent Point has grown its production to over 180,000 boe/d and evolved into one of the largest independent light crude oil producers in North America.
“I’m proud of what Crescent Point has accomplished. We built a company from scratch to over 180,000 boe/d and in doing so, we have rewarded our shareholders with $7.5 billion in dividends. After 15 years as the CEO, it’s time for me to move on and I’m confident and excited for Craig and the team to oversee Crescent Point’s long-term success,” said Saxberg.
The board says Saxberg’s vision and commitment since inception resulted in the company controlling dominant positions within a high-quality asset base. Crescent Point’s operational success is built on an innovative culture with high employee satisfaction. The company is also a leader in the community, and through its environmental initiatives, has achieved emissions intensity approximately 40 per cent lower than its Canadian peers.
Saxberg has received notable recognition over the years, including being named to Globe and Mail’s Top 40 Under 40, Producer of the Year in Oilweek magazine and Saskatchewan Oil Man of the Year.
Bryksa is a professional engineer with a deep knowledge and understanding of the company’s asset base. He has been directly responsible for the operations of each of Crescent Point’s core areas throughout his 12 year history with the organization.
Most recently, he was responsible for overseeing the operating activities for the company’s Shaunavon, Uinta Basin, North Dakota, Viking, Swan Hills and other Alberta resource plays, including the East Shale Duvernay. During his time with Crescent Point, Bryksa has demonstrated strong leadership skills and has continually assumed increased responsibilities at the executive level.
The company will prioritize key value drivers, including continuing improvement of the balance sheet, capital allocation, cost reductions, strong rates of return on capital employed and free cash flow generation. These key areas of focus are expected to improve Crescent Point’s sustainability and debt adjusted per share metrics.
In addition to this management change, the board remains committed to its ongoing renewal process to ensure new ideas are recognized within a group of directors with diverse skill sets and experiences.