Tullow Oil shrinks board, as chair and 3 directors leave immediately

(Alliance News) - Tullow Oil PLC on Monday said it will shrink the size of its board in order to save money, as the chair and three other directors all left the heavily indebted oil producer immediately.

Tullow promoted Roald Goethe to be independent non-executive chair, effective from Monday, replacing Phuthuma Nhleko, who stepped down immediately. Non-executive directors Genevieve Sangudi, Martin Greenslade and Mitchell Ingram also all left the board on Monday.

The company plans to replace "key" positions on its board, while retaining a smaller board to reduce costs.

Tullow noted that Goethe is experienced in the Africa oil and gas sector. Tullow produces oil and gas in Ghana and the Ivory Coast.

Goethe worked at Singapore-based commodities supply chain firm Trafigura Group Pte Ltd from 1994 until forming his own company, Delaney Petroleum Ltd, in 2006. Delaney traded crude oil and petroleum products in West Africa and the Middle East. Goethe returned to Trafigura and served as an advisor until 2021.

The board changes come after Tullow late last month warned that 2025 production will be at the lower end of its prior guidance and will decline further in 2026, as the company "engages with bondholders, commodity traders and other private sources" on refinancing its capital structure, including ahead of a bond maturing in May 2026.

Given market risks and operational performance, Tullow said last month it is exploring "alternative options" with creditors, including amend-and-extend measures and liability management exercises. It guided year-end net debt of USD1.2 billion.

On Monday, new chair Goethe said: "With a renewed leadership structure, reset board and reduced cost base now in place, we are ready to take on the challenges and opportunities which lie ahead of us, including advancing plans to refinance the company's capital structure and to position Tullow to deliver value for all stakeholders."

Tullow Oil shares were up 4.1% to 5.03 pence on Monday morning in London.

By Tom Waite, Alliance News editor

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