New SemGroup CEO Says We Have Learned A Lot From Our Mistakes

By Scott Thompson, The News On 6

Tulsa, OK -- One of Tulsa's most recognizable companies is heading into the holiday season with a new leader and new way of doing business.

SemGroup is now officially out of bankruptcy and the company's new CEO says it has learned from its mistakes.

Norm Szydlowski spent nearly three decades in the energy business and helped rebuild Iraq's oil industry.

Now he is taking over a Tulsa company that is coming out of the darkest days of its history.

SemGroup spent 497 days in bankruptcy after owing creditors around the world more than $2 billion.

When it emerged last week, Norm Szydlowski had taken over as CEO.

"I think we got some great opportunities for the new SemGroup corporation," Szydlowski said.

At its height, SemGroup had 2000 employees worldwide and 400 in Tulsa.

Now it's trimmed down to a thousand across the world and 140 at its headquarters. Szydlowski says that number is perfect for the company right now and there are no plans to add or cut any jobs.

He says one of his first goals is to convince those employees that SemGroup is essentially a new company.

"Trying to enlist everybody and enroll everybody in an idea that we're taking on a new page, it's a new beginning, it's a new day," Szydlowski said.

SemGroup was a major player in the Tulsa community prior to bankruptcy, sponsoring an LPGA golf tournament and donating to the ballet and other groups

Szydlowski admits the company has to rebuild the trust of the community.

"It's been a difficult time, this last 16 months, and now it's important for us to remind folks or rebuild our credibility as an organization, as an institution with the community," Szydlowski said.

An investigation into the company's downfall put much of the blame on mismanagement of investments and management that ignored warning signs.

Szydlowski says now that SemGroup is a public company there are new safeguards in place, a board of directors and more transparency, he says, means more eyes keeping watch.

"It's a strong, strong emphasis on making sure the controls, the discipline, the requirements are not only understood but carried out from day to day," Szydlowski said.

As for the golf tournament, Szydlowski says it's too early to tell if SemGroup will sponsor it again.