Serica Energy PLC (AIM:SQZ), the oil and gas company, announced Mitch Flegg, who has led the company as CEO for six years, will step down following the release of its 2023 financial results.
The company said Flegg, who has been in the industry for around 40 years, has been “highly instrumental” in the growth of Serica, largely through pivotal acquisitions such as the 2023 purchase of Tailwind Energy Limited.
“Serica is firmly established as a leading listed UK E&P company and in a strong position,” Flegg said in a statement.
“Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica's growth and development and I believe there is an exciting future ahead."
David Latin, the current chairman, will assume the role of interim CEO, while Malcom Webb, the group’s senior independent director, will take charge of the hiring process.
“With the executive team strengthened by the appointment of Martin Copeland as CFO and a depth of talent both within the management team and on the board, we have an enviable platform for growth and delivery of value to shareholders and all stakeholders,” Latin said.
Shares in Serica Energy are down around 2.5% at 206p on Thursday.