Australia-based oil and gas company Otto Energy has made changes to its board as part of a renewal process in support of its current U.S. Gulf of Mexico strategy.
Otto said on Wednesday that its chairman John Jetter confirmed he would step down from his role at the coming annual general meeting of shareholders in November 2019.
Jetter will remain as a non-executive director and serve on the current board committees to oversee the seamless transition of the role of chairman. He will not seek re-election at the AGM in 2020.
Ian Boserio has been nominated by the board as chairman-elect to assume the role at the 2019 AGM. In the meantime, Boserio will assume the role of deputy chair.
Otto’s non-executive director and Audit and Risk Committee chairman Ian Macliver will also retire upon the appointment of a suitably qualified, independent non-executive director to assume the roles he currently occupies.
The company also began a process to identify a candidate for this role, and Macliver will retire at the time his replacement is appointed, or by June 31, 2020, at the latest.
As part of the transition, the Remuneration and Nomination Committee now consists of Jetter, Boserio, and Paul Senycia while the Audit and Risk Management Committee remain the same.
Otto’s outgoing chairman John Jetter said: “It has been a personal and professional pleasure to work with the Otto Board and management over the last 12 years. I am delighted that the strategy which I helped initiate has proven to be a success.”
Jetter joined the Otto board in December 2007 and was appointed as its chairman in November 2015. He was instrumental in the initiation and implementation of the strategic transition into the U.S. He joined Otto following a long career in investment banking with JP Morgan.
Otto’s chairman-elect Ian Boserio added: “The Board of Otto Energy would like to acknowledge and thank both John Jetter and Ian Macliver for their significant personal contributions to the board throughout their long tenures and the ongoing support they will provide during the renewal period.
“The board look forward to continuing this work as Otto evolves and develops through the exciting next phases of the U.S. Gulf of Mexico business growth.”
The company also stated that it showed during 2019 that it was able of delivering its strategic goal of 5,000 boepd production by the end of 2020.
“The board has carefully considered the timing of a renewal process in line with the emerging delivery of this strategic goal and the future composition of the Board to support the next stage of Otto’s strategy in the Gulf of Mexico,” Otto stated.
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