Barrow-based Arctic Slope Regional Corp. said its board voted Wednesday to bring back its former president, Jacob Adams, as chairman of the board. Adams served as Arctic Slope president for more for than 20 years, guiding the company's growth into the state's largest privately owned corporation. He retired three years ago.
The board elected Rex Rock as the company's new president, replacing Roberta "Bobbi" Quintavell, who had held the job since 2007. The change is effective immediately, according to company officials.
Until now, Rock had served as chairman of the Arctic Slope board, a position he held for many years.
In a press release, Rock said he was honored to be appointed president and he looks forward to building on successes that occurred during Quintavell's leadership.
Adams thanked Quintavell for her service. "She successfully positioned the company to achieve the goals established through the five-year strategic plan," he said.
Arctic Slope generates its revenue from oil-field contracting, government services, oil refining, construction and other businesses. It also owns a portion of the Alpine oil field on the North Slope.
The corporation generated $1.94 billion in revenue in 2009, a 15 percent decline from the prior year, according to its new annual report. The company's profit grew by 8 percent to $169 million; however, its cash flow from ongoing business operations plunged by 57 percent last year to $110 million, its filings show.
In the annual report to shareholders, the company attributed its revenue drop to volatile commodity prices and a reduction in fuel sales. The company attributed the reduced fuel sales to market changes and the shutdown of its Valdez refinery for about 10 months after a December 2008 fire.
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