Earlier this year, in May, Whyte decided he would not stand for re-election at the 2020 annual general meeting.
Whyte is being replaced by George Rose who is stepping up from his position as senior independent non-executive director to be Genel’s interim chairman whilst a permanent replacement is selected.
Rose, in a statement, said: “When Steve joined Genel the company had net debt of almost US$150mln and unpaid oil receivables of over US$400mln.
“He was a driving force behind the receivable settlement agreement, which has transformed Genel's financial position.”
He added: “We now have a stronger portfolio with exciting growth options and the right team to deliver them.
“Our highly cash generative oil production more than funds this growth, with sufficient cash left over to pay a material and progressive dividend. I would like to thank Steve for his efforts at Genel and look forward to seeing his future successes."