Serica Energy PLC - oil and gas company operating in the UK North Sea - Chief Executive Officer Mitch Flegg will step down from his role, after a six-year tenure and "some forty years in the industry", after Serica's full year results are published. He will remain as an advisor until after the next annual general meeting, which Serica expects to convene in June this year. Chair David Latin will take over as interim CEO until the company appoints a long-term successor. Serica says Flegg "leaves the company in its best ever health". Company has commenced search for a successor, to be supported by external advisors.
Chair Latin says: "Mitch has helped build and lead the company through its recent evolution and has created a very strong platform of significant scale with a solid balance sheet. Serica is now well placed for further growth in service of increased shareholder value, to which the board is committed as its top priority."
Current stock price: 205.00 pence, down 3.1%
12-month change: down 19%
By Emma Curzon, Alliance News reporter
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Serica Energy (SQZ)