A 15 per cent cut would represent a total of about 470 lost jobs
CALGARY — The CEO of Encana Corp. says it cut its total workforce by 15 per cent and reduced its ranks of executives by 35 per cent in just over a week after closing its deal to buy U.S. rival Newfield Exploration Co. in mid-February.
“In total, we reduced the executive and senior management roles by 35 per cent and total positions by 15. The senior team of the combined company today is smaller than Encana’s senior team was before the merger.” When announced in November, Encana said the deal was worth about $5.5 billion in shares, but its stock has since fallen by more than 20 per cent. It also adopted $2.2 billion of Newfield debt.
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