The CEO change at VAALCO Energy Inc. (NYSE:EGY) last year is now associated with a major difference in the independent oil-and-gas company's way of doing business that the Houston-based firm disclosed last month. This difference indicates not an evolutionary but a revolutionary transition in its approach to risk during the period that began Sept. 8, 2002, when VAALCO and its partners started oil production on the Etame Marin block offshore Gabon.
During the reign of Robert L. Gerry III, 76, who served as CEO from August 1997 to October 2013 (and is retiring as executive chairman this month), VAALCO avoided both the assumption of debt and the dilution of equity after it concluded its relationship with Brown Brothers...
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