(Sharecast News) - Serica Energy announced a significant leadership change on Thursday, with Mitch Flegg set to step down from his role as chief executive officer and director.
The AIM-traded firm said the transition was expected to happen after the publication of its 2023 full-year financial results.
Flegg would continue to serve as an advisor to Serica until after its 2024 annual general meeting, expected to be held in June.
In the interim period, David Latin, the current chairman of the board, would assume the position of interim CEO until a long-term successor was appointed.
The board said it had initiated the search for a suitable successor with the requisite skills to lead Serica through its next phase of development.
It said the search was being overseen by Malcolm Webb, chairman of the nominations committee and senior independent director, with the support of external advisors.
"It has been a great privilege to lead Serica since 2017 and to be part of building a strong platform with a great team," Mitch Flegg said.
"Serica is firmly established as a leading listed UK E&P company and in a strong position following the Tailwind acquisition and planned changes to executive and board positions.
"Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica's growth and development and I believe there is an exciting future ahead."
Serica said it would release an operational trading update on 5 February.
At 1233 GMT, shares in Serica Energy were down 2.85% at 205.58p.
Reporting by Josh White for Sharecast.com.
Serica Energy (SQZ)