Tullow Oil announces several changes to its board of directors.
Paul McDade, currently chief operating officer, will be appointed chief executive officer following Tullow’s Annual General Meeting (AGM) on 26 April 2017. This follows an internal and external process led by Tullow’s Nominations Committee.
At the same time, after six years on Tullow’s Board and five as chairman, Simon Thompson will step down from the board.
Aidan Heavey, chief executive officer and founder of Tullow Oil, will succeed Thompson as chairman of the group for a transition period of up to two years
Ann Grant, senior independent director, will retire at the AGM after nine years’ service on the board.
Jeremy Wilson, a non-executive director of Tullow Oil and chairman of the Remuneration Committee, will succeed Grant as senior independent director
Heavey’s appointment as non-executive chairman reflects the board’s belief that, owing to the unique nature of Tullow’s business and relationships across Africa, a phased transition in the leadership of the group is appropriate. Heavey’s tenure as chairman will not exceed two years from 26 April 2017 and his appointment is subject to a vote at the AGM. Tullow will be consulting shareholders ahead of the AGM to answer any questions that this succession plan raises.
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