Genel Energy CEO Bill Higgs is stepping down with immediate effect after a vote went against him at the recent AGM.
Paul Weir, Genel’s COO, will take over as interim CEO. The company has begun a search for a new CEO. It will announce the appointment in due course, it said.
Higgs received only 45% of the votes at the May meeting. He will remain as special advisor to the chairman until September 1 this year. He will continue to act as a consultant for Genel after this point.
© Supplied by Genel EnergyWeir joined Genel in January 2020, from Tullow Oil, where had worked as head of operations and safety.
Genel chair David McManus said Higgs had worked “tirelessly” at Genel and overseen a positive change.
“He steps down as CEO with Genel well positioned to utilise our robust balance sheet and material cash generation to fund growth and underpin our material and progressive dividend for the long-term,” McManus said.
“Paul has been a key contributor to the transition of Genel into an operator with interests in more producing assets than any other IOC in Kurdistan, and, given his longstanding operational experience with a range of world class companies, is perfectly placed to lead the team as it seeks to progress its next phase of growth.”
McManus received only 77% in his support at the 2022 AGM, down from 99.87% in 2021.
Higgs joined Genel in 2017 from Ophir Energy. Initially, from 2017 to 2019, he was the COO before replacing Murat Özgül.