(Alliance News) - IOG PLC on Friday said Chair Fiona MacAulay will not stand for re-election at the annual general meeting and will retire as chair, with Senior Independent Non-Executive Director Esa Ikaheimonen set to take over on an interim basis.
The North Sea-focused gas and infrastructure operator said Ikaheimonen has served in his current role since March 2019. He has 30 years of oil and gas industry experience and strong board level expertise, it added.
Ikaheimonen currently also serves as chief financial officer at Adnoc Drilling Co PJSC and as non-executive director at Averda International. He previously served as CFO at London-listed exploration and production company Genel Energy PLC and as CFO at offshore drilling company Transocean Ltd.
Outgoing Chair MacAulay said: "It has been a real honour to have served as Chair of IOG as we grew from an unfunded concept into the UK's newest gas producer [...] Looking forward, I have great confidence that the refreshed management team can regain momentum and realise the true potential of this business.
"Esa has all the right qualities and professional experience to succeed in this role, while Neil's profound UK gas operating experience, particularly in the Southern North Sea, brings considerable value to the company," she continued, referring to Non-Executive Director Neil Hawkings.
Ikaheimonen added: "I have a robust understanding of the company's current challenges and opportunities and am encouraged by the new executive team's strong collaboration and desire to succeed. Equally, I am very focused on holding them to account on delivering the necessary changes to realise the value in this business."
Shares in IOG were down 2.1% to 5.13 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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