Coates Steps Down at Santos
Peter Coates will retire next month as chairman of Santos Ltd, one of Australia's top oil and gas producers, to take on a full-time executive role at the merged Glencore International plc /Xstrata plc group.
Coates' final duty as chairman of Santos will be to conduct the company's annual general meeting May 9 before he is succeeded in the role by Ken Borda.
He will remain a non-executive director "to ensure an orderly transition of responsibilities", the company said in a statement.
Due to his new executive responsibilities at Glencore/Xstrata, Coates concluded he would be unable to devote the amount of time required as Santos chairman. He is already a non-executive director of Glencore.
"Santos, led by chief executive officer David Knox, is in a superb position to unlock the company's significant resources in a growing market for natural gas in Australia and Asia," Coates said.
"I am confident that the Santos board under Ken Borda's chairmanship will continue to drive the company's strategy to create long-term value for shareholders."
Borda, a non-executive director of Santos since 2007, is chair of the finance committee and a member of the nomination committee.
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