The chief executive of Gulf Keystone (GKP) is reported to be in talks with the company’s board over his departure from the Footsie-listed independent oil and gas.
A number of GKP shareholders are said to want to force Todd Kozel out of the company.
He has been under fire from City investors and a growing body of private investors over excessive pay and poor leadership, having been awarded £14.4million in 2011 and £8.8million in 2012 despite ongoing losses.
This is despite the company having transitioned from a pure-play explorer to a producer of oil in much less time than the industry average.
The shareholders have also reportedly claimed they would vote against a number of resolutions at the next AGM unless a statement was made about the controversial CEO stepping down from his role.
Shares in the company – which recently switched from AIM listing to the main market – have fallen from a peak of 465p in 2012 to around 84p.
Gulf Keystone, which has one of the largest onshore oil discoveries made by any company in many decades in its portfolio, namely Shaikan, currently has a market value estimated at just under £750million.
Earlier this week, the company confirmed finance director Ewen Ainsworth will leave “to pursue other interests” after six years of service.
There is extensive speculation that GKP is among the hottest takeover oil and gas takeover targets in the world. However, despite speculation driving the company’s share price to 460p about two years ago, no-one has pounced.
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