Business Irish

Tuesday 19 September 2017

Tullow Oil shares fall as illness sees finance boss resign

Shares in Tullow Oil slumped more than 5pc in London, hitting a new one-year low.
Shares in Tullow Oil slumped more than 5pc in London, hitting a new one-year low.
John Mulligan

John Mulligan

Tullow Oil's chief financial officer, Ian Springett, has resigned due to ill health.

He has been succeeded by Les Wood, who has been acting as interim CFO since earlier this year.

Shares in Tullow Oil slumped more than 5pc in London, hitting a new one-year low.

The £2bn (€2.2bn) oil producer and explorer confirmed yesterday that Mr Springett would no longer be continuing in his role. He had taken an extended leave of absence in January to undergo treatment. Mr Wood was appointed interim CFO at that time.

Mr Wood joined Tullow Oil in 2014 and was the group's vice-president for commercial and finance before taking on the interim CFO role. He previously worked for BP for 28 years.

Tullow chairman Aidan Heavey said that he was "very sorry" that Mr Springett's medical condition had forced him to leave the board.

"He has been an invaluable and highly-regarded colleague and friend since he joined the board of Tullow back in 2008," added Mr Heavey.

"His financial acumen and industry expertise were evident from his first day as chief financial officer and he will be greatly missed. We wish him continued success in dealing with his illness"

Mr Heavey said that Mr Wood was the "obvious choice" to succeed Mr Springett given his "impressive performance" over the past six months.

Tullow Oil has undergone a huge strategic and organisational revamp over the past two years as falling oil prices saw it reset its cost base and refocus its exploration activities.

Mr Heavey, who founded the company and served as its chief executive until this year, is set to bow out of the firm within two years.

Irish Independent

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