Providence Founder Steps Down
Providence Resources plc revealed Friday that Tony O’Reilly has stepped down from the position of chief executive officer of the company and resigned from the board, and all subsidiaries, with immediate effect.
The board has initiated a process to identify and recruit a new CEO and a further announcement will be made as soon as the process is completed, Providence noted.
Providence said O’Reilly has agreed to work with the board to the extent required until the end of January 2020 “to ensure an orderly transfer of his responsibilities”. In the interim, O’Reilly’s executive functions will be assumed on a temporary basis by the company’s chairman Pat Plunkett, Providence revealed.
O’Reilly founded Providence in 1997 and has been CEO of the company since 2005. He previously worked in mergers and acquisitions at Dillon Read and in corporate finance at Coopers and Lybrand.
“Since the foundation of the company, Tony has been the main driver behind the development of the business and has been passionate in promoting the company’s role in oil and gas exploration in the Irish offshore sector,” Plunkett said in a company statement.
“Tony leaves by mutual and amicable agreement and has the great appreciation of the board for his management of Providence through multiple exploration and production cycles,” Plunkett added.
“On behalf of all of Providence’s stakeholders, I would like to thank Tony for his many years of dedication and hard work at Providence and I wish Tony every success in his future endeavors,” Plunkett continued.
Commenting on the development, O’Reilly said, “after more than two decades with Providence, it is time for me to pursue new opportunities”.
“I am extremely proud of all that we have achieved over the years and the key role that our collective team efforts at Providence have played in establishing interest in Ireland's offshore arena. I wish all stakeholders in Providence every success in the years ahead, particularly with the Barryroe project,” he added.
Providence Resources is an Irish based oil and gas exploration company with a portfolio of appraisal and exploration assets offshore Ireland.
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