Thursday, July 9, 2015

NEWS  |  Succession Planning Critical for Longevity of Oil, Gas Companies  |  Rigzone

NEWS  |  Succession Planning Critical for Longevity of Oil, Gas Companies  |  Rigzone: "In recent months, restructuring has become almost an industry buzzword as oil and gas companies across the globe have adjusted their organizations’ operations in response to the dramatic decline in oil prices that began in late 2014. In mid-June, Qatar Petroleum, the world’s largest producer of liquefied natural gas (LNG), completed an 8-month restructuring plan which included laying off foreign staff and taking over its foreign investment arm, Qatar Petroleum International. The company is focusing on future international expansion. And with the current market climate, there are many other companies following suit: restructuring, implementing organizational planning and identifying the necessary changes that will help propel their company through the downturn. Part of that includes preparing for the sudden or voluntary change of a CEO or senior level executive. By taking a strategic approach to succession planning, oil and gas companies will be better equipped to handle the cycles common to the industry.   Who Should Be Involved in Succession Planning Tobias ReadCEO, Swift Worldwide Resources As a company’s succession planning involves developing internal employees to fill key leadership positions, it seems almost detrimental for a company not to have this process in place. And according to Swift Worldwide Resources CEO Tobias Read, it can be.  “Companies that don’t look at succession planning are likely to end up failing,” Read told Rigzone. “Many CEOs won’t put succession plans in place very deliberately because they’re paranoid” of losing their job. The truth is, with the downturn, we’ve seen quite a few CEOs of oil and gas companies come and go. Those who are prepared for the transition stand to fare better than those who aren’t. "

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