The thebftonline.com has gathered that the current founder and Chief Executive officer Aidan Heavey one of the world’s leading producers of oil, Tullow Oil plc will retire from his current position effective April 26, 2017.
Mr Aidan Heavey will be succeeded by the current Chief Operating Officer of the company Paul McDade who will assume the position after Tullow’s Annual General Meeting (AGM) which will be held on April 26, 2017.
Paul McDade joined Tullow in 2001 and became Chief Operating Officer in 2004. In this role, he has been a key member of the Executive team.
Mr McDade was appointed to Tullow’s Board in 2006 and has over 30 years’ experience in the oil and gas sector and has previously worked in various operational, commercial and management roles with Conoco, Lasmo and ERC.
He holds degrees in Civil Engineering and Petroleum Engineering from Strathclyde University, Glasgow and Imperial College, London.
The changes according to Tullow following an internal and external process led by Tullow’s Nominations Committee.
In a statement copied to the thebftonline.com, Tullow said, the company’s board chairman, Simon Thompson will retire from the board after having served for six years as board member and five years as the chairman.
He will be succeeded by the outgoing founder and Chief Executive officer Aidan Heavey.
Also, Ann Grant, Senior Independent Director, will step down at the AGM after nine years’ service on the board while Jeremy Wilson, a non-executive Director of Tullow Oil plc and Chairman of the Remuneration Committee, will succeed Ms Grant as Senior Independent Director
In the company’s statement it stated, Aidan Heavey’s appointment as non-executive Chairman reflects the Board’s belief that, owing to the unique nature of Tullow’s business and relationships across Africa, a phased transition in the leadership of the Group is appropriate.
Mr Heavey’s tenure as Chairman will not exceed two years from 26 April 2017 and his appointment is subject to a vote at the AGM. Tullow is expected to be consulting shareholders ahead of the AGM to answer any questions that this succession plan raises.
The outgoing board chairman of Tullow Oil Plc Simon Thompson in his comment stated that “the Board and I have long been aware of the need to plan carefully for Aidan’s retirement from Tullow as our founder and after 31 years as CEO. After careful consideration of the options, we are confident that this succession plan provides Tullow with the right combination of stability, continuity and fresh-thinking. Paul has been an outstanding member of the Board and has served Tullow with great distinction for 12 years as COO.”
“With Aidan as Chairman, Paul and Tullow will continue to benefit from the founder’s years of experience and deep understanding of the relationships that underpin our business in Africa. I would like to thank Ann for her outstanding contribution to the Board over nine years and wish Jeremy well in his new role,” he said.
On his part the Paul McDade, Chief Operating Officer and Chief Executive Officer designate, expressed his appreciation to the board for the confidence reposed in him by appointing him to succeed Aidan as Chief Executive Officer of Tullow.
“We have a world-class business with high-quality assets and strong relationships across Africa that underpin our business. We have begun the vital process of deleveraging our balance sheet and our focus will now move to returning the business to growth as the recovery in the sector develops,” he said
Meanwhile, the outgoing CEO and Chairman designate Aidan Heavey, praised the current board chairman of the company Simon Thompson for his selfless service to the company adding that his commitment to Tullow Oil Plc has been amazing during most exciting but has been the pillar in the company’s most challenging years.
“I thank Simon our chairman for his help, guidance and advice throughout his tenure. Also, Paul has run our business as COO since 2004 and has two major deep water developments to his credit at Jubilee and TEN. He is a Tullow man to his core and I can think of no one that I would rather have to succeed me. I look forward to working with him closely during a transition period before assisting the Board in finding my successor as Chairman.”