Bloomberg News

Ivanhoe Energy CEO Steps Down in Management Structure Change

December 14, 2011

(Updates with new management structure in first paragraph.)

Dec. 14 (Bloomberg) -- Ivanhoe Energy Inc., the Vancouver- based oil producer with operations in China and Ecuador, said Robert Friedland stepped down as chief executive officer as it adopted a new management structure.

Friedland, 61, and Carlos A. Cabrera, 60, will serve as executive co-chairmen, Hilary McMeekin, a company spokeswoman, said today. David Dyck, 50, will remain president and chief operating officer.

“We’re moving to a two co-chairman management structure,” McMeekin said.

Friedland was Ivanhoe Energy’s founding chairman. Cabrera, who has served as CEO of China’s National Institute of Low Carbon and Clean Energy, joined the Ivanhoe board as an independent director in 2010.

Robert Abboud, the lead independent director, relinquished the position of co-chairman and will remain on the board, the company said in a statement.

Ivanhoe rose 2.3 percent to 90 Canadian cents in Toronto.

--Editors: Tina Davis, Charles Siler

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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