Northern's CEO resignation a "mutual decision'

Yesterday I wrote about the resignation of Northern Offshore CEO Marion Woolie for reasons not immediately clear. A replay of the company’s earnings webcast provides a bit of illumination.
Jim LaChance, Northern’s chairman who stepped in as interim president and CEO, said the company has been devising a new strategy since its annual meeting in September led to a number of new board members.
“In light of everything, the very difficult environment in oil services field, we came to the conclusion at the board level from a strategic course of action that maximizing free cash flow was the best way to create shareholder value going forward,” LaChance said. “This wasn’t the time for large investments that created negative cash flow initially and made it up on the back end.”
Woolie played a large part in building the new management team, LaChance continued, but it was “a mutual dicesion that Marion was not the best fit for this position based on the future strategy.”

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