Ophir CFO to Leave Company in Cost-Saving Move

Reuters

LONDON, Oct 17 (Reuters) – Ophir Energy's chief financial officer, Lisa Mitchell, will leave the company on Nov. 19 after her job was made redundant as part of a cost-saving reorganisation of the board announced in August, the company said on Friday.

The oil explorer decided to cut the number of executive board members from three to two in a bid to slash expenses, as it tried to lift its share price from a three-year low.

Mitchell stood down from the board on Friday and will be paid for her 12-month notice period which started on Sept. 5, Ophir said. The group has yet to name a new finance chief who will not have a board position.

Mitchell will be paid a maximum 284,010 pounds ($456,800) in salary during her notice period, as well as a statutory redundancy payment of just over 2,000 pounds and an as-yet undetermined 2014 bonus depending on the company's performance.

Her payments will be reduced if she secures another job during her notice period.

Ophir's director of strategy Dennis McShane is still expected to step down from his executive role before the end of the year, a spokesman for the company said. (1 US dollar = 0.6217 British pound)

(Reporting by Karolin Schaps; Editing by David Holmes)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
IT Engineer II
Expertise: Engineering Manager
Location: Houston, TX
 
Lead Training Advisor Mozambique LNG
Expertise: HR - General
Location: The Woodlands, TX
 
Sr. Engineer
Expertise: Engineering Manager
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours