(Alliance News) - Genel Energy PLC on Wednesday confirmed Chair Steve Whyte has now departed the company.
Genel, which has oil assets in Iraqi Kurdistan, had said in May Whyte would not be stepping down at Genel's annual general meeting in 2020. At the 2019 AGM in May, 24% of voting shareholders had rejected Whyte's reappointment.
Senior Independent Non-Executive Director George Rose is to act as interim chair at the London-based firm while a permanent search is carried out.
Rose commented: "When Steve joined Genel the company had net debt of almost USD150 million and unpaid oil receivables of over USD400 million. He was a driving force behind the receivable settlement agreement, which has transformed Genel's financial position.
"We now have a stronger portfolio with exciting growth options and the right team to deliver them. Our highly cash generative oil production more than funds this growth, with sufficient cash left over to pay a material and progressive dividend. I would like to thank Steve for his efforts at Genel and look forward to seeing his future successes."
The receivable settlement agreement was signed in August 2017, and related to money owed to Genel for previous oil exports. Genel did receive payments for oil exports from the Kurdistan government, but no formal system had been in place, leading to Genel being owed money by the regional government.
In 2018, Genel production 33,700 barrels of oil per day on average from its fields.
Genel shares were 0.6% higher in London on Wednesday morning at a price of 186.82 pence each.
By George Collard; georgecollard@alliancenews.com
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Genel Energy (GENL)