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Cabot Energy chairman to step down once a successor is found

Published: 07:48 01 May 2018 BST

HR and interview process
A new chairman will now be sought

Cabot Energy Plc (LON:CAB) has told investors that non-executive chairman John Murphy intends to step down, once a successor has been found.

Murphy has held the position since September 2013,

READ: Cabot Energy’s growth efforts paid off in 2017

The Canada-and Italy-focused oil and gas junior said that senior independent director Iain Lanaghan will lead the process to identify and appoint the next chairman.

"Working alongside the executive management team, we have built Cabot Energy into a business with a sound operational and financial base, supportive investors and a clear pathway to growth which we have already started to capitalise on,” Murphy said.

“With this in mind, I am confident in my decision to step down as chairman once a suitable replacement has been recruited.

“My successor will have a wonderful opportunity to nurture the business through the next phase in its evolution into a full cycle and profitable E&P business of scale.”

Lanaghan, meanwhile, added: "The board thanks Jon for his guidance and exhaustive energy in leading the business through what has been a transformative period.

“I am pleased that we will have his counsel during the handover period.”

Monday evening’s statement also noted the posting of group’s final report for 2017, and the convening of the company’s AGM which will take place in London on May 23.

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