UK-based non-executive chair of oil and gas firm Tullow Oil has decided to step down from the board of the company.
Tullow said on Wednesday that non-executive chair Dorothy Thompson decided to step down from the company’s board.
A search process to find a new chair is underway and is expected to be wrapped up towards the end of the summer. Thompson will remain the chair of Tullow until a new person is appointed and an appropriate handover has taken place.
She joined the board in April 2018 and became chair in September of the same year. Thompson was also an executive chair of the company from December 2019 to September 2020 after which she reverted to her non-executive position following the appointment of Rahul Dhir as CEO .
Regarding her decision, Thompson said: “ My time with Tullow has been interesting and challenging and Tullow is now well-positioned for a positive and sustainable future.
“ With the refinancing successfully concluded through our recent bond issue and with a new business plan in place which is progressing well under Rahul Dhir’s capable leadership, I have decided that this is the right time to step back from Tullow and to move to other opportunities “.
Jeremy Wilson , senior independent non-executive director of the company, added: “ All members of the board and staff join me in thanking Dorothy for her service to the group especially during her time as executive chair.
“ During a very testing time, she calmly and wisely steered Tullow through a period of major financial and operational upheaval, and she leaves us with our best wishes for the future “.
Tullow CEO Dhir stated: “ I am very sorry that Dorothy is leaving Tullow but fully understand her desire to step back now that the business is in a stronger position. I will miss Dorothy’s astute counsel, her leadership and her expert chairing of the Board and I wish her well in her future endeavours “.