Genel Energy PLC: Management change (1372523)
June 10 2022 - 1:00AM
UK Regulatory
Genel Energy PLC (GENL) Genel Energy PLC: Management change
10-Jun-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
-----------------------------------------------------------------------------------------------------------------------
10 June 2022
Genel Energy plc
Management change
Genel Energy plc ('Genel' or 'the Company') announces that after
discussions with the Board following the recent AGM, at which Bill
Higgs did not receive the required 50% majority of votes in favour
of re-election as a Director, he has agreed to step down as CEO of
the Company with immediate effect.
Dr Higgs will take up a role as Special Advisor to the Chairman
until 1 September 2022, to support an orderly transition, after
which he will remain as a consultant to the Company.
Paul Weir, COO, has been appointed as Interim CEO with immediate
effect. A search for a suitable replacement is now ongoing and an
announcement will be made in due course.
Paul joined Genel in January 2020, having worked for more than
30 years in upstream E&P with experience in the North Sea,
South East Asia and Africa. Before joining Genel, Paul was Group
Head of Operations and Safety at Tullow Oil, having previously
spent 13 years at Talisman as VP Production and Exploration, and
also worked in a variety of roles at Nippon Oil, Elf, Occidental,
and Total.
David McManus, Chair, said:
"Bill worked tirelessly at Genel and oversaw a positive change
in the strategic direction, operational capability, and culture of
the Company. He steps down as CEO with Genel well positioned to
utilise our robust balance sheet and material cash generation to
fund growth and underpin our material and progressive dividend for
the long-term.
Paul has been a key contributor to the transition of Genel into
an operator with interests in more producing assets than any other
IOC in Kurdistan, and, given his longstanding operational
experience with a range of world class companies, is perfectly
placed to lead the team as it seeks to progress its next phase of
growth."
-ends-
For further information, please contact:
Genel Energy
+44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Consulting
+44 20 7390 0230
Patrick d'Ancona
Notes to editors:
Genel Energy is a socially responsible oil producer listed on
the main market of the London Stock Exchange (LSE: GENL, LEI:
549300IVCJDWC3LR8F94). The Company is one of the largest
London-listed independent hydrocarbon producers, with an asset
portfolio that positions us well for a future of fewer and better
natural resources projects. Genel has low-cost and low-carbon
production from the Sarta, Taq Taq, and Tawke licences in the
Kurdistan Region of Iraq, providing financial resilience that
allows investment in growth and the payment of a material and
progressive dividend. Genel also continues to pursue further growth
opportunities. For further information, please refer to
www.genelenergy.com.
-----------------------------------------------------------------------------------------------------------------------
ISIN: JE00B55Q3P39, NO0010894330
Category Code: MSCH
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 167358
EQS News ID: 1372523
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1372523&application_name=news
(END) Dow Jones Newswires
June 10, 2022 02:00 ET (06:00 GMT)
Genel Energy (LSE:GENL)
Historical Stock Chart
From Apr 2024 to May 2024
Genel Energy (LSE:GENL)
Historical Stock Chart
From May 2023 to May 2024