DENVER (AP) — Forest Oil Corp. said Friday that its chief executive is leaving the natural gas and oil producer and named an interim replacement.
Patrick McDonald will take over as interim CEO, effective immediately. He succeeds H. Craig Clark, who had served as president, CEO and a board director since 2003, Forest said.
The company did not give a reason for Clark's departure.
Forest said its board has begun a search for a permanent CEO and has hired the executive recruiting firm Spencer Stuart to help in the process. McDonald has asked not to be considered for a permanent role, the company said.
McDonald, who is 55, has been a member of the company's board since 2004 and has 20 years of experience as a CEO in the industry, Forest said.
Most recently, McDonald served as chief executive, president and a director of Nytis Exploration Co., an oil and gas exploration company, according to Forest's website.
Like other natural gas producers, Denver-based Forest has been hurt by the glut of natural gas on the market and cheap prices. In April, the company announced an adjusted first-quarter profit and revenue that fell short of Wall Street predictions.
Forest shares were steady at $6.46 per share in premarket trading 35 minutes ahead of the opening after rising as high as $6.92 earlier.