EXCO Resources Chairman And CEO Douglas Miller Resigns

(RTTNews) - EXCO Resources Inc. (XCO) announced that Douglas Miller has resigned from his positions as Chairman of the Board and Chief Executive Officer as well as from the company's Board of Directors effective as of November 20, 2013.

The company said that its board has appointed Jeffrey Benjamin, a long-time investor in EXCO and an independent member of EXCO's Board of Directors, to serve as Non-Executive Chairman of the Board of Directors.

The firm noted that Benjamin has extensive knowledge of EXCO and its business, having served on the Board since October 2005 and prior to that from 1998 through 2003. Benjamin is also currently a director of Caesars Entertainment Corporation, Chemtura Corporation and Chairman of the Board of Spectrum Group International Inc.

The company stated that its Board of Directors has approved a capital budget of up to $368 million for 2014 activities. The details of the capital budget will be provided at EXCO's analyst meeting on December 10, 2013.

The company's Board of Directors also declared a fourth quarter cash dividend of $0.05 per share. The dividend is payable on December 16, 2013 to holders of record on December 2, 2013.