(Alliance News) - Genel Energy PLC on Friday said Chief Executive Officer Bill Higgs has stepped down from the role with immediate effect.
Genel Energy is an oil producer in the Kurdistan region of Iraq. It said that at its recent annual general meeting, Higgs did not receive the required 50% majority of votes in favour of re-election as a director. At the May 12 AGM, 55% of the votes cast were against him.
Chief Operating Officer Paul Weir has been promoted to interim CEO with immediate effect. A search for a permanent replacement is underway and an announcement will be made in due course, Genel said.
The firm said Higgs will take up a role as a special advisor to the chair until September 1, to support an orderly transition, after which he will remain as a consultant to the company.
Genel Energy shares were 0.4% lower at 172.20 pence each in London on Friday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Genel Energy (GENL)