Alberta’s 50 Most Influential People 2012
Meet the people who are changing your world – and find out how they’re doing it
by Max Fawcett, Michael Ganley, Alix Kemp and Geoffrey Morgan
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When John Wright took over as the CEO of Petro-Bakken in May of 2011, he probably imagined that it would mark the beginning of a turnaround for the company he helped found in 2009. Its share price had traded down from the mid-20s to the high teens, and Wright admitted at the time that he hadn’t done a good enough job of communicating the company’s story to investors. By October, with those shares trading as low as $6.05, investors would have been justified in questioning whether Wright’s influence really was positive. He answered those questions by embarking on a decisive restructuring of the company’s balance sheet, one that involved selling off some non-core assets, floating a $900-million, high-yield bond and drawing down its credit facility. In the process, he restored the faith of investors in the company’s plan – they watched as the share price more than doubled in fewer than three months.