Tullow Oil PLC Board Changes (5264I)
20 June 2017 - 4:00PM
UK Regulatory
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RNS Number : 5264I
Tullow Oil PLC
20 June 2017
News Release
Board changes
20 June 2017 - Tullow Oil plc (Tullow) announces that Ian
Springett, Chief Financial Officer, has resigned from the Board of
Tullow with effect from 20 June 2017 due to ill-health. This
follows the Group's announcement of 5 January 2017 that Mr.
Springett had taken an extended leave of absence from Tullow in
order to undergo treatment for a medical condition.
Following an executive search process led by the Nominations
Committee, the Board of Tullow has appointed Les Wood, interim CFO
from 5 January 2017, as an Executive Director and Chief Financial
Officer with effect from 20 June 2017. Les joined Tullow in 2014
and was the Group's Vice President for Commercial and Finance
before being appointed interim CFO. Before joining Tullow, Les
worked for BP plc for 28 years in various positions including
Regional CFO roles in Canada and the Middle East.
Aidan Heavey, Chairman of Tullow Oil plc, commented today:
"I am very sorry that Ian's medical condition has led to his
decision to step down from the Board. He has been an invaluable and
highly-regarded colleague and friend since he joined the Board of
Tullow back in 2008. His financial acumen and industry expertise
were evident from his first day as Chief Financial Officer and he
will be greatly missed. We wish him continued success in dealing
with his illness.
"Les Wood has over 30 years' experience within our sector and
was the obvious choice following his impressive performance as
interim CFO over the past six months. The Board and I look forward
to continuing to work closely with him."
FOR FURTHER INFORMATION CONTACT:
Tullow Oil Murray Consultants
plc (Dublin)
(London) (+353 1
(+44 20 498 0300)
3249 9000) Pat Walsh
Chris Perry Joe Heron
George Cazenove
Nicola Rogers
================= ===================
Notes to Editors
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and
production group, quoted on the London, Irish and Ghanaian stock
exchanges (symbol: TLW). The Group has interests in over 100
exploration and production licences across 18 countries which are
managed as three business delivery teams: West Africa, East Africa
and New Ventures.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.tullowoil.com
Additional information
Ian Springett:
In accordance with section 430 (2B) of the Companies Act 2006
the Company announces:
Mr. Springett will remain employed by the Tullow group and will
receive any sick leave entitlements due under his service contract
and private medical insurance and life assurance benefits in
accordance with the Tullow group policy. Mr. Springett will work
with Tullow's advisors to commence a claim for coverage under
Tullow's Global Income Protection Insurance package (IPP). Under
the terms of the IPP, an eligible claimant who is unable to return
to work for an extended period is entitled to receive a portion of
their base salary until the earlier of their being able to return
to work or reaching normal retirement age.
Pursuant to the terms of Tullow's recently approved remuneration
policy, the Remuneration Committee has resolved to treat Mr.
Springett's resignation from the board as being equivalent to a
'good leaver' either by way of retirement or medical condition
within the rules of the Tullow Incentive Plan and will therefore
award him his normal cash bonus and share awards for the 2017
performance year to be awarded in February 2018, pro-rated to the
period from 1 January 2017 to 19 June 2017.
No further remuneration is currently anticipated to be made to
Mr. Springett in respect of his service as a director of Tullow Oil
plc.
Les Wood:
Mr. Wood will receive a base salary of GBP435,000 per annum and
shall be entitled to all other benefits in accordance with Tullow's
recently approved Remuneration Policy.
Directors' declarations pursuant to Rule 9.6.13 of the Listing
Rules
There are no other disclosures required in respect of Les Wood
pursuant to Rule 9.6.13 of the Listing Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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