Investors Hope Talisman's New CEO Boosts the Company's Bottom Line

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Shares of Talisman
TLM
, an upstream oil and gas company, traded up Monday morning when the company announced that its chief executive officer John Manzoni, has agreed to step down. No reason was given for Manzoni's resignation. Manzoni will be replaced by Hal Kvisle, formerly of TransCanada
TRP
. At TransCanada, a North American energy infrastructure company, Kvisle served as chief executive officer, guiding the company through a period of choppy growth. He will now serve as both director and chief executive officer of Talisman. Competitors of Talisman were also on the rise Monday morning. Pembina Pipeline Corp
PBA
rose roughly 1.32% to $27.67, while shares of EnCana
ECA
rose 1.63% to $23.02. Talisman's Chairman of the board told the Toronto Herald that John has already made a significant contribution in his time as director. "Since that time, Talisman successfully entered the unconventional business, establishing a substantial presence in some of the best shale plays in North America. In addition, his focus on investing in and developing core capabilities will serve Talisman well in the future. The board would like to thank John for his five years with the company and we wish him well." Being familiar with the company from his experience as director, there shouldn't be as much of a learning curve as he moves into the role of chief executive officer, allowing the company to quickly capitalize on the contribution he can make. Talisman shares have been on the rise since mid July following the sale of a 49% stake in its UK North Sea Business. The company also received a boost when China National Offshore Oil purchased Nexen
NXY
, a similar firm to Talisman, for $15.9B, well above market price. The acquisition boosted optimism in Talisman's value and helped continue the company's rally. The market currently has Talisman valued at $14.95B, but with the recent purchase of Nexen, investors seem to believe Talisman is undervalued. Shares of Talisman Energy traded up Monday around $14.55, up roughly 2.54%.
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Posted In: NewsGuidanceManagementMovers
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