* No explanation for president's exit
* Company forms executive committee to improve operations
* Shares down 5.4 pct in late afternoon trading
CALGARY, Alberta, May 6 Shares of Athabasca Oil
Corp fell as much as 9.4 percent on Monday after the
company said its president had left the company and it formed an
executive committee to improve its operations.
Athabasca did not give a reason for its president's
Shares of Athabasca, an oil sands and unconventional oil
developer, slid 34 Canadian cents to C$5.96 by late afternoon on
the Toronto Stock Exchange, after earlier touching C$5.71, the
lowest since its 2010 initial public offering.
The company said in a release that its president, Bryan
Gould, had left the company. Gould, a former Royal Dutch Shell
Plc executive who joined Athabasca in 2009, was
appointed to the position in November.
The company's share price has fallen by nearly half since
the beginning of the year over concerns about the regulatory
progress of its Dover oil sands project, 60 percent owned by
PetroChina, and lower production from its light oil
division caused by infrastructure restraints.
Gould was responsible for day-to-day management of the
company and its operations.
Sveinung Swarte, the company's chief executive, will take on
Athabasca has formed an executive committee, including
Swarte, his senior managers and a board member.
"The committee is intended to refine the company's
operational performance plan, targeting top-tier operational
performance while incorporating operational flexibility
consistent with corporate financing," the company said in a
(Reporting by Scott Haggett; Editing by Jan Paschal)