New CEO for Ithaca Energy



North Sea-focused Ithaca Energy reported Friday that CEO Iain McKendrick is leaving the company for personal reasons. McKendrick will leave the firm in October and will be replaced by Les Thomas.

Thomas is formerly an executive director of John Wood Group and prior to that he was head of Marathon Oil's European upstream business. Thomas begins his new role on Oct. 1.

Ithaca Chairman Jack Lee commented in a company statement:

"The board would like to thank Iain for his enormous contribution and dedication to successfully growing the company from a market cap of under $40 million when he became CEO in late 2008 to over $700 million today.  Under Iain's leadership, Ithaca has established itself as a dynamic North Sea oil and gas company with a very exciting future and he leaves with the full support and best wishes of the board.
 
"I am pleased to be welcoming Les as Ithaca's new CEO.  He brings a wealth of operational experience that is ideally matched to delivering the next phase of growth for the company.  I am also particularly pleased that the company has attracted a CEO of such an exceptional caliber and look forward to working with Les on continuing to deliver upon the company's existing strategy."

Earlier this week, Ithaca reported that it had made further farm-out deals from its North Sea portfolio.



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