Genel Energy PLC (LSE:GENL, OTC:GEGYY) announced the appointment of Paul Weir as its new chief executive, promoting him from his prior position as chief operating officer and interim CEO.
Weir has fulfilled the interim role since June and has previously been head of operations and safety at Tullow Oil and vice-president of production and exploration at Talisman Energy (TSX:TLM), along with roles at Total, Occidental, Elf and Nippon Oil during his +30 years in upstream E&P.
“I am delighted to confirm the appointment of Paul as chief executive officer,” Genel chair David McManus said in a stock market statement.
“He has the experience and vision to deliver Genel’s strategy, as we focus on positive performance from our current portfolio and utilising our material financial strength to grow the company for the benefit of all stakeholders. Paul has already brought energy and clarity to the business, giving us confidence that value delivery will follow.”
Weir, meanwhile, added: “I am excited to be leading Genel as we move on to the next chapter of our growth story.
"We have built a fantastic team that I am confident will turn our significant growth potential into value for shareholders.
“My highly experienced team is focused on both operational delivery – our production remains robust, and our material dividend is well supported – as well as exploring opportunities for putting our balance sheet to work to enhance our position by adding assets.
“As we look to do so, we will not lose our firm focus on the central pillars of our business model – mitigating risk and ensuring the ongoing financial strength to support our dividend in the long-term.”