Australia's Oil Search CEO resigns for health reasons
The CEO and managing director of ASX-listed Oil Search Keiran Wulff has resigned suddenly because of a long-term medical condition that the Papua New Guinea-focused company said had recently deteriorated.
Oil Search chairman Rick Lee said the board had began discussions with Wulff following recent "concerns and complaints" about his behaviour. He behaved in "a manner inconsistent with the standards expected by the board in relation to his management style," Lee said.
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The chairman added that the board nevertheless acknowledged the "magnitude of the tasks undertaken by Wulff since his appointment as managing director in February 2020 and recognises the challenges that his recent health issues have had on him."
"This period has been marked by extreme challenges including global lockdowns associated with the COVID-19 pandemic, a plunge in oil prices, crisis measures to protect the company’s financial position and developing a clear strategy to steer a path to a sustainable future through the energy transition," Lee said.
Wulff also issued a statement, saying he considered it "an appropriate time" to leave his post after having discussions with family and others including medical advisors. He also said he believed the company was "very well-positioned for the future."
Taking over as acting CEO with immediate effect will be Peter Fredricson, who joined Oil Search earlier this year as its CFO. A search for a permanent managing director and CEO will begun shortly, the company said.