Lundin Energy Appoints New CEO

Nick Walker, Lundin Energy's new CEO - Credit: Lundin Energy
Nick Walker, Lundin Energy's new CEO - Credit: Lundin Energy

Lundin Energy, a Swedish energy company with offshore oil and gas operations in Norway, on Tuesday said it had appointed Nick Walker as President and Chief Executive Officer (CEO).

The appointment of Walker, which will become effective on January 1, 2021, comes following Alex Schneiter’s decision to step down from the position as CEO at the end of the year.

"Nick Walker has been appointed CEO effective 1 January 2021 as Alex Schneiter has today advised the Board of his decision to step-down from his position as of 1 January 2021." Lundin Energy said.

"Nick has been Chief Operating Officer (COO) of Lundin Energy since 2015 and has worked closely with the strong Norwegian team to deliver the on-going out-performance at the Edvard Grieg field, overseeing the continuous drive for organic production growth and operational efficiency and help successfully deliver the world-class Johan Sverdrup project." 

"He brings to the job of CEO over 30 years' experience in the industry, coming from a  technical and operational background. He has also developed a strong relationship with the investment and financial community and will continue to work closely with the Board of Directors to continue the strategic growth of the company," Lundin Energy said in a statement on Tuesday.

The appointment of a new Chief Operating Officer will be announced shortly, the company said.

Ian Lundin, Chairman of the Board of Lundin Energy commented: “The Board and I very much look forward to working with Nick in his new capacity as CEO with his expert knowledge, not only of our assets but the offshore oil and gas industry as a whole.  He is the ideal leader to take the Company into the next, exciting phase of our organic growth story and retain our position as best in class.”

“Alex has played a major role in the success of the Company not just as CEO, but throughout his career here, and the wider Lundin Group, for almost 30 years. His contribution has been outstanding, both as a technical expert and explorer and as a CEO and leader of the teams across all the jurisdictions in which we have operated. I wish him all the best in his future endeavors and look forward to continuing to work with him in his advisory role for the wider Lundin Group.”  

Not an easy decision

In his letter to shareholders announcing his decision to step down (read in full here), Alex Schneiter said: “As you can imagine this was not an easy decision to make; on the one hand I have enjoyed every minute of my career, especially being part of such an exceptional team of people and company which has been such a rewarding experience. On the other hand, I am passionate about everything I do and enjoy challenging myself. I thrive on pushing what is possible at each stage of my life and I feel the time is now right, for both me and the Company, that I look to the next adventure."

Schneiter will take on an advisory role for the wider Lundin Group and has offered to stay on as a non-executive Director for Lundin Energy.

He said he was leaving the company which very well positioned for the next growth cycle.

“The organization, the assets, its production performance and efficiency, the pipeline of new projects, its financial resilience, and the clear decarbonization strategy (with one of the lowest carbon intensities you can find) makes Lundin Energy stand out,” he said.

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