Sir Bill Gammell, the founder and now non-executive chairman of Edinburgh-based exploration firm Cairn Energy, has announced he is to retire on May 15, at the company's AGM.
Sir Bill founded Cairn and was appointed to the board as chief executive on its initial listing in 1988. In July 2011 he stood down from that role and took over as non-executive chairman.
Sir Bill saw through Cairn develop Cairn India, which made a major discovery in Rajasthan, India in 2004; the Mangala field was the largest onshore oil find in India for 25 years.
Cairn has also been at the forefront of exploration offshore Greenland, which it continues to pursue, alongside exploration on the Atlantic Margin and the UK and Norwegian North Seas.
Sir Bill holds a BA in Economics and Accountancy from Stirling University and was awarded a knighthood in 2006 for services to industry in Scotland. Sir Bill has more than 30 years’ experience in the international oil and gas industry.
He will be succeeded by Ian Tyler, who is currently a non-executive director of the company.
Tyler was appointed as an independent non-executive director at Cairn Energy in June 2013. He holds a number of other non-executive positions including: Non-executive chairman of Al Noor Hospitals Group plc and Bovis Homes Group Plc, and non-executive director of Cable & Wireless Communications plc and BAE Systems plc. Prior to this, Ian was Chief Executive of Balfour Beatty, from 2005 until March 2013.
Simon Thomson, Chief Executive, Cairn Energy PLC said:“Bill has been an exceptional leader and leaves a lasting legacy at Cairn. His role in the Company’s growth over 25 years has delivered significant value to shareholders."
Sir Bill said: “I am proud of Cairn’s many achievements during my tenure as founder, CEO, and subsequently chairman, and as a shareholder I look forward to further progress. After 25 years on the Board, I am pleased to be leaving in the knowledge that the board and the company will remain in highly capable hands with Ian as chairman and with Simon at the helm as CEO.”