Eyes are on Scottish oil and gas group Cairn Energy as it faces the departure of two top executives, as well as chairman and founder Sir Bill Gammell.
The company has announced that deputy chief executive officer Mike Watts and managing director and chief financial officer Jann Brown will not seek re-election at the annual general meeting this month.
The news comes after former CEO Sir Bill retired as non-executive chairman, though Cairn said that the management changes were “part of its long-term succession planning”.
Analysts at UBS said they regarded the departures as “somewhat unexpected” and noted that both Mr Watts and Ms Brown were still some way from the default retirement age.
UBS said the stock was now in “urgent need” of frontier drilling success in Senegal and Morocco.
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