The chief executive of Gulf Keystone Petroleum is to step down following the collapse in the company’s share price and mounting pressure from the firm’s shareholders.
Todd Kozel has been under constant fire in recent weeks over poor leadership and excessive executive pay, having been awarded £14.4million in 2011 and £8.8million in 2012 despite ongoing losses.
Shares in the company, which struck a high of 465p in 2012, fell 2.5% to 80p on Wednesday, valuing the company at £711million.
Under the terms of a deal stuck ahead of the company’s AGM next month, Kozel will remain Gulf Keystone’s chief executive director after handing over his role at the firm.
“A search for Mr Kozel’s replacement is under way with the assistance of an international executive search firm and potential candidates have been identified,” the company said in a statement.
The announcement follows shortly from the departure of Ewen Ainsworth, Gulf Keystone’s finance director. Two other non-executive directors have also stepped down.
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