EXCO Resources, Inc. Announces Changes to Board of Directors
March 03 2017 - 4:05PM
Business Wire
EXCO Resources, Inc. (NYSE:XCO) (“EXCO” or the “Company”) today
announced the resignation of Wilbur L. Ross from the Company’s
Board of Directors (the “Board”) and the appointment of Anthony R.
Horton and Stephen J. Toy to the Board.
On February 28, 2017, Mr. Ross delivered a letter to the Company
stating that, as a result of the confirmation by the U.S. Senate of
his appointment as Secretary of the U.S. Department of Commerce on
February 27, 2017, he was required to step down from outside
positions and therefore he resigned from his positions as a member
of the Board and each of the Audit Committee, the Compensation
Committee and the Nominating and Corporate Governance Committee.
The investment funds managed by WL Ross & Co. LLC (“WL Ross”),
who beneficially own approximately 18% of the Company's outstanding
common stock, will not be required to divest their ownership in
EXCO as a result of Mr. Ross’ appointment as Secretary of the U.S.
Department of Commerce or in connection with his resignation from
the Board.
In order to fill the vacancy created by Mr. Ross’ departure, the
Board, acting upon the recommendation of the Nominating and
Corporate Governance Committee, appointed Stephen J. Toy as a
member of the Board and each of the Audit Committee, the
Compensation Committee and the Nominating and Corporate Governance
Committee, effective March 1, 2017. Mr. Toy currently serves as the
Senior Managing Director and Co-Head of WL Ross. He is also
Chairman of the Investment Committee of WL Ross and a member of WL
Ross’ Management Committee. Mr. Toy is one of the founding members
of WL Ross and has been involved in all phases of the firm’s
development since its formation. Over the last nineteen years, Mr.
Toy has been responsible for the execution of investments in the
automotive, media, telecommunication, banking, railcar leasing and
building materials sectors. Mr. Toy currently serves on the board
of directors for Amalgamated Bank, Compagnie Europeenne de Wagons,
International Automotive Components Group, Permian Basin Materials
LLC and Plascar Participacoes SA. From 1996 to 2000, he worked in
the Mergers & Acquisitions and Corporate Restructuring Group of
Rothschild Inc. and from 1994 to 1996 he worked in the Public
Finance Group at O’Brien Partners Inc. Mr. Toy graduated summa cum
laude with a B.S. in Business Administration in 1994 from the State
University of New York at Albany.
In addition, the Board, acting upon the recommendation of the
Nominating and Corporate Governance Committee, also appointed
Anthony R. Horton as a member of the Board and each of the Audit
Committee, the Compensation Committee and the Nominating and
Corporate Governance Committee, effective March 1, 2017. Mr. Horton
has been Chief Financial Officer and Executive Vice President of
Energy Future Holdings Corp. since October 3, 2016 and has served
as its Treasurer and Senior Vice President since April 2014. Prior
to then, Mr. Horton served as Senior Vice President and Treasurer
of Energy Future Holdings Corp. since September 28, 2004 and also
served as its Assistant Secretary since May 2006. Mr. Horton also
currently serves as an officer of several subsidiaries of Energy
Future Holdings Corp., including serving as Senior Vice President
and Treasurer at Energy Future Competitive Holdings Company LLC,
Treasurer and Assistant Secretary at TXU Energy Receivables Company
LLC and Senior Vice President and Treasurer of Energy Future
Intermediate Holding Company LLC. In addition, Mr. Horton has also
served on the board of directors of several private companies. Mr.
Horton holds a B.B.A. in Management and Economics from the
University of Texas at Arlington and a Masters of Professional
Accounting and Finance from the University of Texas at Arlington
and Dallas.
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, development and production company headquartered in
Dallas, Texas with principal operations in Texas, North Louisiana
and the Appalachia region.
Additional information about EXCO Resources, Inc. may be
obtained by contacting Tyler Farquharson, EXCO’s Vice President,
Chief Financial Officer and Treasurer, at EXCO’s headquarters,
12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number
(214) 368-2084, or by visiting EXCO’s website at
www.excoresources.com. EXCO’s SEC filings and press releases can be
found under the Investor Relations tab.
This release may contain forward-looking statements relating to
future financial results, business expectations and business
transactions. Actual results may differ materially from those
predicted as a result of factors over which EXCO has no control.
Such factors include, but are not limited to: EXCO’s liquidity,
sources of capital resources and ability to maintain compliance
with debt covenants, continued volatility in the oil and gas
markets, the continued listing of EXCO’s common shares on the NYSE,
the estimates of reserves, commodity price changes, regulatory
changes and general economic conditions. These risk factors are
included in EXCO’s reports on file with the SEC. Except as required
by applicable law, EXCO undertakes no obligation to publicly update
or revise any forward-looking statements.
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EXCO Resources, Inc.Tyler Farquharson, 214-368-2084Vice
President, Chief Financial Officer and
Treasurerwww.excoresources.com