Great American Resources Names Vrable as President
Steve R. Vrable has replaced Gary G. Takessian, who resigned as president and chief executive of Great American Resources Inc., the company said Thursday.
Takessian, president since 1982, and a company spokeswoman declined to comment on why the personnel changes were made or whether Takessian will stay at the company in some capacity. The spokeswoman said Takessian assumed the duties of chairman in 1984 without ever being officially named to that post.
Great American Resources serves as managing general partner of Great American Partners Ltd., a publicly traded oil and gas limited partnership. Great American Resources owns about 25% of Great American Partners’ outstanding units.
Great American Partners’ board also said it would delay a quarterly cash distribution “pending further review of the financial condition and prospects” of the partnership. Great American Partners in March cut its quarterly cash distribution to 10 cents a unit from 15 cents.
Takes Over Next Week
Vrable, a Great American director, earlier served as chairman of Gasearch Inc. in Girard, Ohio. Vrable will take over Great American’s day-to-day operations next week, the spokeswoman said.
The partnership said its 1986 10-K statement detailing last year’s financial performance will not be filed with the Securities & Exchange Commission until June 22. A report for the first quarter ended March 31 won’t be filed until July 6. The company linked the late filings with the February departure of former chief financial officer Peter Christl. Great American Partners, which holds about 70% of its energy reserves in natural gas, was formed in 1984. Last year, company officials indicated that “negative factors” surrounding the gas and oil industry would not “resolve themselves” until energy prices and demand rise.
In addition to managing Great American Partners, Great American Resources manages about 20 separate oil and gas limited partnerships. The company has generated “pretty meager” earnings during recent years, according to one oil industry analyst.
