Billionaire Texas Oilman Hildebrand Steps Down as Hilcorp CEO
- Founder was known for giving huge bonuses to employees
- Hildebrand will be replaced by 12-year veteran Greg Lalicker
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Hilcorp Energy Co. announced that its billionaire owner Jeff Hildebrand has stepped down as chief executive officer of the largest closely held U.S. oil explorer.
"The organizational change comes as the company, a longtime producer in Alaska, Texas and Louisiana, continues to see substantial growth in other legacy assets across the United States," Justin Furnace, a spokesman, said Tuesday in an emailed statement. "Mr. Hildebrand will maintain his position as executive chairman and continue to be heavily involved with the company.”