Tuesday 11 December 2018

Dorothy Thompson to replace Aidan Heavey as chair of Tullow Oil

Dorothy Thompson CBE
Dorothy Thompson CBE
Ellie Donnelly

Ellie Donnelly

Dorothy Thompson has been appointed as an independent non-executive director and chair-designate of Tullow Oil.

Ms Thompson will officially join the board following the conclusion of the group’s Annual General Meeting on April 25.

It is anticipated that Ms Thompson will succeed current chairman and Tullow Oil founder Aidan Heavey as chair at the conclusion of a board meeting scheduled for July 20.

Mr Heavey will retire from the board at the same time.

Commenting on the announcement, Mr Heavey said that Ms Thompson, 57, has exactly the right mix of leadership, managerial, operational and financial experience that Tullow needs.

"I look forward to working closely with Dorothy during the transition period until she takes over as chair in July and I will follow Dorothy and Tullow's progress over the next few years with much interest," Mr Heavey said.

Ms Thompson, who is also currently a non-executive director of the Court of the Bank of England and the NYSE-listed Eaton Corporation, has previously spent 12 years working as chief executive of international power and energy trading company Drax Group.

Prior to her role at Drax, Ms Thompson managed InterGen's European power business, was head of project finance at PowerGen and worked at CDC Capital Partners, the private sector arm of the British Government's aid programme.

Ms Thompson, who holds a BSc and an MSc in Economics from the London School of Economics, also has experience working in emerging markets, including a period working in the Commercial and Industrial division of the Bank of Botswana.

"I am very pleased to be joining Tullow as the company emerges from the recent downturn in a strong position following the significant progress it has made over the past two years," Ms Thompson said.

"I am looking forward to working with Paul [McDade] and the board as we focus on delivering the full potential of the company's world class portfolio and the return to value enhancing growth."

The announcement was welcomed by Paul McDade, CEO of Tullow Oil, who described her experience as being "exceptionally valuable as we work together to position Tullow for growth in what remains an uncertain environment in our sector."

"While Tullow is well-positioned with a balanced set of production, development and exploration assets, we will need to ensure that the company not only delivers on the potential of its current assets but also seeks out new opportunities for growth," Mr McDade said.

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