John N. Seitz stepped down Tuesday as president and chief executive officer of Anadarko Petroleum due to concern over the independent producer’s steady loss of stock value, the company said.

“The board of directors was concerned about Anadarko’s stock price performance, and John elected to resign,” said Anadarko spokeswoman Teresa Wong. The Houston-based producer’s stock, which closed down at $43.95 a share on Tuesday, had been $47.90 at the start of the year, $56/share a year ago and above the $70 level in 2001.

Anadarko, which is one of the largest independent oil and natural gas producers in the United States, believes its current stock is “severely undervalued.” Wong said, adding that the company currently has 79 rigs operating worldwide and has 20 million acres of onshore lands.

Seitz, a 25-year veteran of Anadarko, had been president and CEO since January 2001. “Seitz did not have an employment contract with Anadarko,” Wong said, when asked if he received a severance package.

Anadarko’s current chairman, Robert J. Allison Jr., was named president and CEO in the wake of Seitz’s resignation. Allison had been both chairman and CEO between 1986 and 2001, and had previously served as president of the company in 1976.

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