Cequence Energy fires CEO and 2 VPs

Cequence Energy has abruptly replaced its chief executive and dismissed two of its vice-presidents as part of a strategic change in direction and cost-cutting efforts due to low natural gas prices.

The company has promoted Todd Brown as CEO, replacing Paul Wanklyn immediately.

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Brown has been the company's chief operating officer since August 2014 and Wanklyn has been CEO since September 2010.

Calgary-based Cequence has also dismissed vice-president of operations Michael Stewart and VP geophysics Stephen Stretch, effective immediately.

David Gillis remains chief financial officer but promoted to executive vice-president.

The company's board of directors says it believes the change in management is necessary as the company focuses on reducing costs rather than on growth, until commodity prices improve sufficiently.