Canacol Energy Ltd. on Feb. 22, announced a reshaped senior leadership team as it advances through formal restructuring under Canada’s Companies’ Creditors Arrangement Act (CCAA). The Calgary‑listed gas explorer and producer in Colombia framed the changes as a bid to shore up governance and operational control while negotiations with creditors continue.
Quick snapshot – Interim co-CEOs: Jason Bednar (CFO) and Ravi Sharma (COO) — each keeps their day job while sharing CEO duties. – Independent director added: Peter Laurinaitis, a restructuring specialist with decades of turnaround and transaction experience. – Former CEO Charle Gamba has stepped down to pursue other opportunities. The board says these moves are meant to preserve institutional knowledge, speed decision‑making, and bring practical restructuring expertise into the boardroom.
Leadership: continuity plus dual accountability Rather than bringing in an external CEO, Canacol elevated two internal executives to serve as interim co‑chief executive officers. Jason Bednar will continue as chief financial officer and Ravi Sharma as chief operating officer, but both now share responsibility for The rationale: combine Bednar’s control of the company’s finances with Sharma’s operational command so the business can keep running while strategic restructuring choices are negotiated.
Keeping incumbents in their roles aims to limit disruption — maintaining operational momentum, protecting customer and supplier relationships, and giving creditors a familiar management team to engage with during the proceedings. The board will reassess leadership needs as the restructuring unfolds.
Board reinforcement: adding restructuring horsepower To strengthen board-level expertise, Canacol appointed Peter Laurinaitis as an independent director. Laurinaitis is managing partner at Breakpoint Partners LLC and brings about 30 years of experience across financial restructuring, capital raising, M&A and corporate turnarounds. His résumé includes senior roles in PJT Partners’ Restructuring and Special Situations Group, Blackstone’s Restructuring Group, and early work on Arthur Andersen’s corporate restructuring team.
Key credentials: – BSBA and MSA from the University of Central Florida; MBA from Wharton (University of Pennsylvania) – Certified Public Accountant (CPA), Certified Insolvency and Restructuring Advisor (CIRA), Certified Turnaround Professional – Board and governance experience across industries, including roles at FirstElement Fuel, Solo Brands (NYSE: SBDS), and firms in manufacturing, automotive supply and natural gas services
Why the board picked an independent restructuring specialist When a company navigates multi‑party creditor talks and operational realignment, independent directors with restructuring backgrounds can shape negotiation strategy, oversee creditor communications, and help design contingency plans. Laurinaitis’s hands‑on experience in creditor negotiations, workouts and distressed asset sales gives Canacol a practical resource in the boardroom as it evaluates restructuring options.
What this means for stakeholders – Investors: The dual co‑CEO structure signals management continuity and faster coordination between finance and operations. Market sentiment will hinge on clarity about the restructuring timeline, cash flow projections and the board’s strategic path. – Creditors and counterparties: Appointing a director with restructuring credentials should help build confidence in the process and improve the technical quality of creditor negotiations. – Employees and suppliers: Management’s stated priority is to stabilize operations and limit disruptions to payroll and service delivery, though outcomes will depend on the shape of creditor agreements and any operational changes the board adopts.
Practical priorities the board is likely to emphasize The board has signalled three core priorities: shore up liquidity, align capital spending with core operations, and restore confidence through transparent governance. Laurinaitis’s background across energy‑adjacent infrastructure and industrial sectors may also influence how the company balances near‑term survival with longer‑term infrastructure and transition considerations.
Next milestones to watch – Updates to creditor proposals and any court filings under the CCAA – Material operational changes or announcements about asset sales or CAPEX adjustments – Further board actions or leadership changes as the restructuring progresses
Quick snapshot – Interim co-CEOs: Jason Bednar (CFO) and Ravi Sharma (COO) — each keeps their day job while sharing CEO duties. – Independent director added: Peter Laurinaitis, a restructuring specialist with decades of turnaround and transaction experience. – Former CEO Charle Gamba has stepped down to pursue other opportunities. The board says these moves are meant to preserve institutional knowledge, speed decision‑making, and bring practical restructuring expertise into the boardroom.0