Talisman Energy TLM (NYSE), Talisman Energy, Inc., an independent international oil and gas company, engaged in the exploration and production of crude oil, natural gas, and natural gas liquids in North America and internationally, announced that John M. Manzoni, a top level executive at BP would become the company's new CEO later in the year. Manzoni will succeed Jim Buckee, who is retiring from Talisman. Manzoni has quit his position as head of BP's refining business effective August 31.
Earlier in the year, Manzoni, a twenty four year veteran of BP, was one of only a few executives that had been considered as a potential successor to John Browne as the company's chief executive. He was not chosen. Browne quit unexpectedly on May 1, after it emerged during legal proceedings, he had lied about how he met a gay former lover. He originally lied to prevent a UK newspaper from publishing details of the affair but failed in his efforts. It is likely Manzoni was eager to find a new position after being passed over for BP's top job.
During Manzoni's recent tenure at BP, the company experienced a number of major refinery related accidents -- an Alaska pipeline spill and a 2005 explosion at a Texas refinery, that killed 15 workers. An internal investigation was initiated. The report into the blast criticized the company's global management culture and recommended four executives be fired. The report did not call for Manzoni's removal. Except for this major potential blemish on his reputation, Manzoni has shown himself to be highly successful energy executive with the skills necessary to lead a major energy company.
His appointment to Talisman is a coup for the company.
Financial Times (subscription req.)