Tullow Oil Chair Steps Down
Tullow Oil plc has announced that its non-executive chair, Dorothy Thompson, has decided to step down from the company’s board.
A search process to find a new chair has been launched and is expected to conclude towards the end of the summer, Tullow Oil revealed. Thompson will remain chair of the company until a new chair is appointed and an appropriate handover has taken place, Tullow Oil noted.
Thompson joined the Tullow Oil board in April 2018 and became chair in September 2018. She was previously the executive chair of Tullow Oil from December 2019 to September 2020, after which she reverted to a non-executive position following the appointment of Rahul Dhir as the company’s chief executive officer.
The outgoing Tullow Oil chair spent 12 years, until the end of 2017, as chief executive officer of Drax Group plc, an international power and energy trading company. Before joining Drax, Thompson worked for InterGen Services Inc, and PowerGen plc. Thompson started her career in development banking with the Commonwealth Development Corporation and the National Development Bank of Botswana.
“My time with Tullow has been interesting and challenging and Tullow is now well positioned for a positive and sustainable future,” Thompson said in a company statement.
“With the refinancing successfully concluded through our recent bond issue and with a new business plan in place, which is progressing well under Rahul Dhir’s capable leadership, I have decided that this is the right time to step back from Tullow and to move to other opportunities. I wish the board and staff all good fortune and will remain a keen observer of Tullow as it executes its new strategy,” Thompson added.
Jeremy Wilson, the senior independent non-executive director of Tullow Oil plc, said, “all members of the board and staff join me in thanking Dorothy for her service to the group especially during her time as executive chair”.
“During a very testing time, she calmly and wisely steered Tullow through a period of major financial and operational upheaval, and she leaves us with our best wishes for the future,” Wilson continued.
Commenting on Thompson’s departure, Dhir said, “I am very sorry that Dorothy is leaving Tullow but fully understand her desire to step back now that the business is in a stronger position”.
“I will miss Dorothy’s astute counsel, her leadership and her expert chairing of the board and I wish her well in her future endeavors,” he added.
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