The founder of Scots oil explorer Cairn Energy Sir Bill Gammell is set to step down from his role as non-executive chairman of the company later this year.
Sir Gammell founded Cairn Energy 25 years ago and previously served as chief executive officer and chairman at the firm.
He will retire following the company’s AGM on May 15.
Non-executive director Ian Tyler, who was appointed to the board in June 2013, will take up the position of non-executive chairman.
He has held a number of other non-executive positions including non-executive chairman of Al Noor Hospitals Group and Bovis Homes Group, as well as non-executive director of Cable & Wireless Communications and BAE Systems. Prior to this he was chief executive of Balfour Beatty from 2005 until March 2013.
“Bill has been an exceptional leader and leaves a lasting legacy at Cairn. His role in the company’s growth over 25 years has delivered significant value to shareholders,” said Cairn chief executive Simon Thomson.
“I am delighted that Ian Tyler has agreed to become our new chairman given his extensive listed company and non-executive experience.”
Sir Gammell said he was proud of his achievements during his time at the company.
“After 25 years on the board, I am pleased to be leaving in the knowledge that the board and the company will remain in highly capable hands with Ian as chairman and with Simon at the helm as CEO,” he said.
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