* No explanation for president's exit
* Company forms executive committee to improve operations
* Shares down 5.4 pct in late afternoon trading
CALGARY, Alberta, May 6 (Reuters) - Shares of Athabasca OilCorp fell as much as 9.4 percent on Monday after thecompany said its president had left the company and it formed anexecutive committee to improve its operations.
Athabasca did not give a reason for its president'sdeparture.
Shares of Athabasca, an oil sands and unconventional oildeveloper, slid 34 Canadian cents to C$5.96 by late afternoon onthe Toronto Stock Exchange, after earlier touching C$5.71, thelowest since its 2010 initial public offering.
The company said in a release that its president, BryanGould, had left the company. Gould, a former Royal Dutch ShellPlc executive who joined Athabasca in 2009, wasappointed to the position in November.
The company's share price has fallen by nearly half sincethe beginning of the year over concerns about the regulatoryprogress of its Dover oil sands project, 60 percent owned byPetroChina, and lower production from its light oildivision caused by infrastructure restraints.
Gould was responsible for day-to-day management of thecompany and its operations.
Sveinung Swarte, the company's chief executive, will take onGould's role.
Athabasca has formed an executive committee, includingSwarte, his senior managers and a board member.
"The committee is intended to refine the company'soperational performance plan, targeting top-tier operationalperformance while incorporating operational flexibilityconsistent with corporate financing," the company said in arelease. (Reporting by Scott Haggett; Editing by Jan Paschal)
