(Sharecast News) - Oil production company Genel Energy revealed on Friday that chief executive Bill Higgs failed to receive the required 50% majority of votes in favour of re-election at the group's annual general meeting and has now agreed to step down from the role with immediate effect.
Genel said Higgs will take up a role as special advisor to the chairman until 1 September in order to support an orderly transition. Following this, he will remain as a consultant to the company.
The London-listed firm added that chief operating officer Paul Weir had been appointed as interim CEO, with immediate effect, while a search for a suitable replacement was said to be ongoing.
Chairman David McManus said: "Bill worked tirelessly at Genel and oversaw a positive change in the strategic direction, operational capability, and culture of the company. He steps down as CEO with Genel well positioned to utilise our robust balance sheet and material cash generation to fund growth and underpin our material and progressive dividend for the long-term.
"Paul has been a key contributor to the transition of Genel into an operator with interests in more producing assets than any other IOC in Kurdistan, and, given his longstanding operational experience with a range of world-class companies, is perfectly placed to lead the team as it seeks to progress its next phase of growth."
As of 0830 BST, Genel shares were down 1.85% at 169.60p.
Reporting by Iain Gilbert at Sharecast.com
Genel Energy (GENL)