8th Apr 2019 09:20
LONDON (Alliance News) - Genel Energy PLC on Monday said it has promoted Chief Operating Officer Bill Higgs to chief executive post with immediate effect.
Higgs has been head of operations at Genel since October 2017, having previously been in the same role at Ophir Energy PLC. He also spent 23 years working at Chevron Corp, Genel said.
Current Chief Executive Murat Ozgul will not be standing for re-election at Genel's annual general meeting, having headed up the energy firm since July 2015.
He will stay until early 2020, Genel did say, to "support key strategic initiatives" such as developing Bina Bawi in Kurdistan and continuing negotiations with Kurdistan's regional government.
Chair Stephen Whyte said: "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 continue 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," continued Whyte.
Shares were 0.7% higher on Monday morning at 205.50 pence each.
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