14th Oct 2015 09:57
LONDON (Alliance News) - Genel Energy PLC Wednesday said its Founder and President Mehmet Sepil has retired from the company with immediate effect.
Sepil founded Genel Energy and was chief executive from 2002 until the merger with Vallares PLC in 2011, when he became president of the company. Sepil leaves the company after making Genel the largest oil producer in the Kurdistan region of Iraq.
"The history of the Kurdistan Region of Iraq's oil industry cannot be written without Mehmet featuring prominently, and it has been a great pleasure to work with him to establish the company he founded as a respected London-listed oil and gas company. While Mehmet leaves a legacy of a management team with unsurpassed relationships in the region, his expertise will remain on hand as he supports the business as a major shareholder," said Chairman Tony Hayward, the former chief executive of BP PLC.
Mehmet continues to hold around a 12.07% stake in Genel as he exits management of the company.
Genel shares were down 2.6% to 340.75 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Genel Energy