Genel Energy PLC (LSE:GENL, OTC:GEGYY) said Bill Higgs is to step down as chief executive officer after being voted off the board last month by shareholders.
Higgs failed to receive the required 50% of votes in favour of re-election as a director at last month’s annual general meeting – he got 45%
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Higgs will take up a role as a special advisor to the chair until 1 September 2022, to support an orderly transition, after which he will remain as a consultant to the company.
Paul Weir, the oil producer’s chief operating officer, has been appointed as interim chief executive officer with immediate effect. A search for a suitable replacement is now in progress.
“Paul has been a key contributor to the transition of Genel into an operator with interests in more producing assets than any other IOC in Kurdistan, and, given his longstanding operational experience with a range of world-class companies, is perfectly placed to lead the team as it seeks to progress its next phase of growth,” said David McManus, the chair of Genel.
McManus paid tribute to Higgs’s tireless work at Genel, overseeing “a positive change in the strategic direction, operational capability, and culture of the company”.