Vivo Energy PLC (LSE:VVO) told investors that Christian Chammas intends to retire from his role as chief executive in 2022 and will be succeeded by Stanislas Mittelman in an orderly succession process.
The company, which sells fuels and lubricants in Africa, said that Mittelman will join in early 2022 following a notice period at his current employer and once he has secured necessary work permits.
It is planned that Mittelman will formally take the chief executive role from March. The incoming boss has been senior vice president for Africa at TotalEnergies Marketing & Services since 2016, leading the French major’s retailing and marketing business across 40 countries.
“We are delighted to welcome Stan to lead Vivo Energy during its next stage of growth. He has a strong track record in developing businesses and driving growth, and this ─ along with his genuine passion and understanding of Africa ─ make him ideally suited to the role,” Vivo chairman John Daly said in a statement.
Mittelman, meanwhile, added: “Vivo Energy is an exciting, fast-paced and entrepreneurial business and I am delighted that the Board has put its trust in me to take the company forward. Having spent much of my career in Africa, I know first-hand the vast opportunity that exists on the continent and I look forward to working with my new colleagues to continue Vivo Energy's growth story in the coming years."
Outgoing chief executive Christian Chammas said: “Since the inception of Vivo Energy, our story has been one of sustained growth, while operating in a manner designed to achieve our vision of becoming Africa's most respected energy business.
“I am very proud of what we have achieved and of the people within Vivo Energy, who have been so instrumental to our success over the last ten years.
“Stan is an excellent successor to take Vivo Energy forward in its next stage of growth, and I look forward to working with him next year to ensure an orderly and structured handover."