Ithaca Energy has shared that its chief executive, Alan Bruce, will be stepping down after more than two years at the helm.
The board will be starting the search for Mr Bruce’s replacement “as soon as possible and will update the market in due course.”
Until a permanent chief executive is found, Iain Lewis will hold an interim position while continuing his duties as Ithaca’s chief financial officer.
Ithaca (LON: ITH) explained that during his tenure Mr Bruce “led the company through a successful IPO [initial public offering] and first year as a listed company.”
The firm shared that Mr Bruce “has agreed with the board that he will step down from his role as chief executive officer to pursue new opportunities.”
Jeffries has said that Ithaca’s boss stepping down soon after IPO mirrors Vår Energi’s change of chief executive just over 18 months after the firm went public.
The analysis also argued that the operations of both firms have been similar since listing on the stock market.
Alan Bruce said: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the Company now established as one of the largest independent operators in the UK.
“Having led the business through its successful IPO, I am leaving with the Company in a strong financial and strategic position.
“I would like to thank all of the Ithaca Energy employees who have been instrumental in the Company’s success to date and wish them well in the future.”
After going public in November 2022 under the outgoing boss, Ithaca was promoted to the FTSE 250 directory in March last year.
Ithaca set the largest IPO of the year in the UK when it went public, , setting a market value of £2.45 billion.
Shares opened trading at 244.95 pence, below the offer price of 250 pence, but raising £288m to pay down debt.
The outgoing chief executive was also at the helm during the firm’s takeover of, then Cambo operator, Siccar Point Energy.
The deal was valued at the time to be around $1.5 billion.
Late last year Ithaca completed its acquisition of Shell’s remaining 30% stake in the Cambo field and it now looks to bring in a new venture partner ahead of investment sanction.
Following this, Ithaca is now the 100% owner of the Cambo oil field.
Ithaca said at the time that the deal will have “minimal near-term cost exposure” and that its consideration will be payable on the either at first oil or the receipt of proceeds from any subsequent sale of a working interest in the licence – whichever arrives soonest.
Alan Bruce also oversaw the $1 billion deal that had Ithaca take on the North Sea assets of the Tokyo-based Marubeni.
Mr Bruce joined Ithaca in August 2021, before his time at the company he spent nearly 17 years with ConocoPhillips.
During his 16 years and 11 months at ConocoPhillips Alan Bruce worked in Calgary, Huston and Aberdeen.
With an engineering background, Mr Bruce went on to manage various areas of the ConocoPhillips business before taking the top spot at Ithaca Energy.
Interim CEO Iain Lewis will be working alongside Gilad Myerson, executive chairman and the company’s leadership team.
Gilad Myerson said: “The Ithaca Energy Board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future.
“The search for a new chief executive officer will start as soon as possible.
“In the meantime, our strong leadership team will continue to manage the business, led by Iain as Interim chief executive officer, working in collaboration with myself and with the support of the Board.”
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