Encana says chief executive to retire immediately

Fri Jan 11, 2013 6:15pm EST
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CALGARY, Alberta Jan 11 (Reuters) - Encana Corp, Canada's No. 1 natural-gas producer, said on Friday Chief Executive Randy Eresman will retire immediately, with board member Clayton Woitas taking over his duties until a permanent replacement is found.

The company said in a release that Eresman, who has been with Encana for 35 years, will remain on the board of directors until the end of February.

Eresman faced criticism from investors because of a poor share price performance and an investigation over allegedly consipring to fix the price of exploration lands in Michigan. He said in a statement that he wants to pursue other interests.