GLNG - Golar LNG cut to Sell equivalent at BofA on CEO resignation uncertain direction

Golar LNG ([[GLNG]] -2.5%) plunges as much as 5% as Bank of America double downgrades shares to Underperform from Buy with a $10 price target a day after CEO Iain Ross' sudden resignation following nearly four years at the helm.Ross' resignation "highlights the difficulty in creating a new strategic direction for Golar as it shifts strategy after the pending sale of its 50% Hygo Energy stake and 32% stake in Golar Partners" to New Fortress Energy, BofA's Ken Hoexter writes, adding that Golar has run through six CEOs in 10 years.Hoexter believes the continued senior management turnover "will drive difficulties in executing new FLNG projects and maintain consistent group strategy," and that Ross' departure could lead to another strategic re-assessment with limited potential for positive near-term news flow.Also, Golar expects the New Fortress deals to close soon, but "significant uncertainty remains on how GLNG monetizes its 18.6M NFE share stake and how

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Golar LNG cut to Sell equivalent at BofA on CEO resignation, uncertain direction