Tullow Oil PLC shares slumped on Thursday after it said Chief Executive Officer Rahul Dhir will resign in 2025.
The Africa-focused oil & gas exploration and production company said Dhir will leave the company to pursue other business, academic and family interests.
Shares in Tullow Oil were down 7.0% to 22.28 pence in London on Thursday morning.
The company has started a process to find his successor. Dhir will stay in the role until a future date in 2025 ‘to ensure a smooth transition’.
Non-Executive Chair Phuthuma Nhleko said: ‘I would like to thank Rahul for his hard work and dedication to Tullow. Since joining in 2020, Rahul has led a comprehensive turn-around and strategic reset of Tullow, focused on the delivery of operational and financial performance, debt reduction and positioning the company for future growth.’
Outgoing Chief Executive Officer Rahul Dhir said: ‘It’s been a privilege to serve Tullow during these past four and a half years...With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next phase of growth.’
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