Capricorn Energy Chair, CEO Step Down from Board

Tuesday, January 24, 2023

Capricorn Energy said on Tuesday that Nicoletta Giadrossi has stepped down from the board as chairperson with immediate effect, along with Chief Executive Officer Simon Thomson and three other directors. 

The British oil and gas producer said James Smith will remain the chief financial officer, with the intention of stepping down from his role as board director. 

Capricorn had previously scheduled meetings on Feb. 1, where its shareholders would cast votes on the proposed merger with Israel's NewMed Energy, a few hours ahead of voting on replacing seven directors following a proposal by activist investor Palliser. 

The British oil and gas firm said on Tuesday that it would postpone the NewMed vote to Feb. 22, while the meeting called by Palliser, which is also Capricorn's third-largest shareholder, will go ahead next Wednesday. 

Several of the company's shareholders and a couple of major proxy advisory firms have voiced their opposition or recommendations to oppose the Newmed deal in recent weeks. 

(Reuters - Reporting by Muhammed Husain and Yadarisa Shabong in Bengaluru; Editing by Janane Venkatraman and Sherry Jacob-Phillips)

Categories: Energy Mergers & Acquisitions Middle East Activity Europe Mediterranean Sea

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