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Genel Energy names Bill Higgs as new chief executive

Published: 08:18 08 Apr 2019 BST

Genel oil and gas operations
It comes as Genel is now on solid financial footing, following a challenging period

Genel Energy PLC (LON:GENL) has revealed changes at the top with the appointment of a new chief executive.

Dr Bill Higgs has been appointed as the new chief executive, replacing Murat Özgül who won’t seek re-election in the upcoming general meeting and will now step-down with immediate effect, meanwhile, chief financial officer sa Ikaheimonen will now take a seat at the board.

WATCH: Genel Energy 'a business going places' with material growth opportunities

Higgs has been chief operating officer at Genel since October 2017, in a role which saw him lead an expansion of the company’s oil business in the Kurdistan region of northern Iraq. He previously held executive roles at Ophir Energy and Mediterranean Oil and Gas.

The company noted that Murat Özgül, who became chief executive at a challenging time for Genel, will remain involved with the company until early 2020 as a special advisor.

READ: Genel Energy to partner Chevron in Kurdistan growth projects

“I am delighted that the company is in such a strong position and is generating sufficient cash flow from assets in the Kurdistan Region of Iraq that Genel can both ramp up investment in growth, initiate a material and sustainable dividend policy, and still generate material free cash flow,” Özgül said in a statement.

Chairman Stephen Whyte added: "Murat has made an invaluable contribution to the development of Genel.

“He was integral to the signing of the receivable settlement agreement, which transformed the company's financial prospects, and we look forward to continuing working with him as we progress the Bina Bawi licence.

“Bill was recruited by the board as a potential successor to Murat and has already made a tremendous contribution to our operations and the addition of further growth prospects.

“He is the right person to continue growing the Company and delivering on our strategy, as we look to provide investors with a compelling proposition combining both growth and a material annual return."

 

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