James Huffman plans to step down as CEO of Credo Petroleum by the end of the year, and the Denver oil and gas company is searching for a successor. The move came after a former president of Credo once seen as Huffman’s possible successor is suing him and the company in federal court, claiming breach of contract, reports the Denver Business Journal . Huffman co-founded Credo in 1978 and has been its CEO for 30 years. He plans to continue as CEO until his successor is named. “My family and I have a significant equity stake in Credo and we are keenly interested in the company’s continued growth and success,” he said. Last August, Huffman said he intended to step down “in the foreseeable future.” At that time, Timothy Powell was announced as Credo’s new president and COO and as the likely successor to Huffman. But Powell resigned from Credo in early 2009, and on June 30 he filed suit in U.S. District Court in Denver against Credo and Huffman, seeking damages for a variety of claims relating to the separation of his employment, including breach of contract, fraud, declaratory relief and Colorado Wage Act. Powell claims he took the job with the understanding that he would become Credo’s CEO within a year, but that Hoffman turned against him and undermined his position. Chief Judge Wiley Daniel has set a scheduling conference in the case for Sept. 14.
Credo Petroleum CEO Huffman to Step Down; Ex COO Sues
The move came after a former president of Credo who was once seen as Huffman’s possible successor is suing him and the company in federal court, claiming breach of contract.
September 4, 2009