Basic Energy Corp Chairman Oscar “Oskie” C. de Venecia Sr. has passed away
Just days after announcing the company’s plan to acquire a controlling stake in Filoil (MB link), Basic Energy Corp [BSC 0.76 10.14%] has been forced to announce the passing of its Chairman, Oskie de Venecia, at the age of 89.
Mr. de Venecia had been leading BSC since 2009. Mr. de Venecia’s son, Oscar de Venecia Jr., is currently BSC’s President and CEO.
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Condolences to Mr. de Venecia’s family and friends. This is the second Chairman death announcement in two days, after the Gatchalian Family announced the passing of Peter Salud, the then Chairman of Wellex Industries [WIN 0.25] and Forum Pacific [FPI 0.305 5.17%].
Like yesterday’s announcement, there is very little information about the degree to which Mr. de Venecia’s passing could be anticipated and planned-for. We don’t know if the company or family had enough advanced warning to make the necessary preparations, and if they did, whether they did what was necessary to ensure a calm and orderly transition of power.
BSC is a company on the move, so it will be interesting to see who the board selects as potential successors to Mr. de Venecia, and to observe who the shareholders elect to fill that role.
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