The acquisition closed in February 2013, representing China's largest-ever foreign acquisition. Nexen's common stock shareholders received cash proceeds of US$27.50, without interest, whereas preferred stock shareholders of Nexen received cash proceeds of CAD$26, plus accrued and unpaid dividends without interest. In April 2014, Fang Zhi replaced Kevin Reinhart as the firm's chief executive. Two years after the deal, in 2015, about 14% of the company's workforce (300 in Calgary and 40 in the field) was fired in a move the drew concern in relation to Chinese ownership, but which at the time was consistent with layoffs at other companies in the industry in response to global oil price depression.