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Energy XXI LTD reported that James (Jim) LaChance and Norman (Norm) Louie have been named to its board of directors, increasing the size of the board to nine total, eight of whom are non-employee directors. The appointments were effective December 15, 2014 and both will stand for election by shareholders at the 2015 annual general meeting.
LaChance has been a portfolio manager specializing in high-yield bonds for over 20 years. Most recently, LaChance worked for Satellite Asset Management, L.P., a $7 billion investment management fund in New York City. Prior to Satellite, he was a partner at Post Advisory Group, LLC, an $8 billion investment management firm in Los Angeles and also previously managed hedge funds for LibertyView Capital Management. He currently sits on the boards of Northern Offshore Ltd., a drilling and production services company, serving as chairman from 2005 to 2012, interim president and CEO from November 2009 to July 2010, and Horizon Lines, Inc., a domestic shipping company, where he has served since 2008 and is currently audit committee chairman. LaChance earned a bachelor's degree in business administration from Northeastern University and a master's degree in business administration from the Stern School of Business at New York University.
Louie has served since 2008 as a managing director at Mount Kellett Capital Management LP, a leading private equity firm based in New York with over $7 billion of capital under management, and co-leads the North American investment team. Previously, he was a portfolio manager at SAB Capital Management from January 2004 to December 2006 where he focused on special situations investing. Prior to SAB, Louie was the director of research at Whippoorwill Associates, a hedge fund also dedicated to special situations investing, from January 2000 to December 2003. Mr. Louie holds a bachelor's degree from Cornell University and a master's degree in business administration from Columbia University.
Energy XXI Chairman, President and CEO John D. Schiller, Jr., commented: "We are pleased to welcome Jim and Norm to the Energy XXI board. As a board, we looked to deepen our bench with the specialized financial experience these two outstanding individuals bring."
Hill Feinberg, Energy XXI's lead independent director added, "We believe the expertise in capital markets and the buy-side experience that they bring to our board supports our commitment to shareholder value."
LaChance and Louie join current Energy XXI board members John D. Schiller, Jr.; Bill Colvin; Paul Davison; Cornelius Dupre' II; Hill Feinberg; Kevin Flannery; and Scott Griffiths.