October 13, 2006

Teslik Leaves CFP Board

Embattled CEO to join oil company Apache

Sarah Ball Teslik, who joined the CFP Board of Standards as CEO in 2004 and sparked many changes at the Board since then--along with strong reactions from many certificants--has resigned her position with the Board to become a senior VP of policy and governance at Apache Corp.

That's a new position at Apache (NYSE, Nasdaq: APA), an oil exploration and development company that had 2005 earnings of $2.6 billion on revenue of $7.5 billion.

At Apache, where she will start work "in a few weeks," said an Apache spokesman, and be based at company headquarters in Houston, Teslik will be expected to provide assistance in corporate governance. Her nearly 20 years spent as executive director of the Council of Institutional Investors in Washington appealed to Apache as well, said the spokesman, who noted that Raymond Plank, Apache's founder and chairman, worked with the Council "for a number of years."

IA Editor at Large Bob Clark addressed some of the controversies involving Teslik and the proposed Code of Ethics changes in his September column.

In announcing the resignation in a statement on Oct. 12, Board of Governors Chair Barton Francis noted Teslik's "significant contributions" during her tenure, particularly the way she helped "streamline our operations and strengthen the fiscal management of the Board."

Francis said the Board of Governors will announce an interim CEO--a person who "has strong experience guiding organizations through transition periods"--"shortly after" its next regular meeting on Oct. 24. The Board had previously announced that it would consider the responses to its proposed ethics revisions at that same meeting.

Care to comment on Ms. Teslik's tenure, the dispute over fiduciaries, and who should replace her as CEO of the Board? Join the discussion here.

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