North Africa and Middle East-focused Gulfsands Petroleum announced Thursday that it has appointed a new chief executive officer.
Gulfsands said that Mahdi Sajjad, currently the firm's executive director and president, has been appointed to succeed Ric Malcolm as CEO. The change is effective immediately, although Malcolm has agreed to remain available until the early summer to facilitate the transition in management.
Malcolm commented in a statement:
"Following the acquisition of Cabre Maroc in Morocco, the successful award of two permits in Colombia and the consolidation of our position in Tunisia, Gulfsands Petroleum has embarked upon a new phase in its evolution. This represents an appropriate time for me to move on, confident that I am leaving to my successors a solid business platform that should provide the company with a promising future.
"I have therefore offered to remain available until the early summer to assist the company during this period of management transition."
Gulfsands Chairman Andrew West added:
"I would like to record the board's gratitude to Ric for his contribution to the company over the past four and a half years. In the face of all the challenges we have had to deal with, particularly in recent times, he has remained resolute and has played a key role in identifying and implementing the company's recent diversifications and developing its technical capabilities. Ric leaves the company in very good hands and with some promising new opportunities in train."
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