In an interim management statement on 15 May, Cairn Energy plc announced that three executive directors would stand down, as part of the Company’s long term succession planning.
Sir Bill Gammell, Founder and Chairman, Dr. Mike Watts, Deputy CEO, and Jann Brown, Managing Director and CFO did not seek re-election at Cairn's Annual General Meeting on 16 May 2014.
In addition, Dr. James Buckee decided not to stand for re-election at the AGM.
Ian Tyler is Cairn's new Chairman and James Smith is Finance Director, effective from the conclusion of the AGM. Simon Thomson remains CEO, having succeeded Gammell in July 2011.
Cairn will announce its half-year results for the six-month period ending 30 June 2014 on Tuesday, 19 August 2014.
In a recent interview with The Telegraph's Andrew Cave, Gammel said:
“Explorers are totally out of fashion at the present time, but it just takes a Cairn to find something in Senegal or somewhere where you can move things into development at a fast pace, and everything can change.
“If you look at the journey from 1992 to 2011, when I stood down as CEO, we had gone from a valuation of £10m to £10bn, and my proudest achievement was that we gave back $4.5bn to our shareholders.
“I always tried to see how we could double the value in the business every three years.”
Read more:
Drilling resumes off Senegal after 20-year hiatus, 17 April 2014
Cairn founder to retire, 3 March 2014
Cairn to explore off Malta, 14 February 2013
Driving systemic change, 19 May 2010
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