Connacher shares down after announcement of another management shakeup

CALGARY – Connacher Oil and Gas Ltd. shares closed at a 14-month low as the struggling energy company hunts for a new chief executive.

The stock was down about 20.3 per cent at 25.5 cents in Tuesday trading on the Toronto Stock Exchange. That’s near the 23-cent close on Oct. 3, 2011, which was the lowest in more than a decade.

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The Calgary-based firm (TSX:CLL) announced Monday that Peter Sametz – who has been interim CEO – is leaving at year-end, and that a search is underway for his replacement.

Sametz took the helm at Connacher in February, replacing Richard Gusella.

Gusella’s sudden paved the way for Sametz’ return to the executive team. Samtez had been Connacher’s president and chief operating officer until he and two other executives parted ways with the company.

Connacher says Sametz was instrumental in selling its heavy oil refinery in Great Falls, Mont., the sale of conventional oil and gas properties and the internal reorganization of the company.

Meanwhile, Merle Johnson, who has been with Connacher since 2007, has been appointed chief operating officer and Greg Pollard is remaining as chief financial officer role in a permanent assignment.