Oil explorer Gulf Keystone, who recently saw the departure of its disfavoured chief executive, has appointed two new directors to its board.
Dr Joseph Stanislaw and Uthaya Kumar join the company’s board in non-executive roles with immediate effect.
Stanislaw, formerly president and chief executive of Cambridge Energy Research Associates (CERA) – a US consulting company specialising in advising governments and private companies – brings in more than 30 years’ experience as senior adviser within the energy industry.
He has also served as senior economist to the Organization of Economic Cooperation and Development’s (OECD) International Energy Agency in Paris.
Kumar, a fellow of the Institute of Chartered Accountants in England and Wales, follows up a 35 year-long career with PricewaterhouseCoopers (PwC), after his retirement as senior partner of PwC South East Asia Peninsula in June 2014.
“We are very pleased to welcome both Dr Stanislaw and Mr Kumar to the board of Gulf Keystone as independent non-executive directors,” said Simon Murray, the company’s non-executive chairman.
“Both bring skillsets honed over long and distinguished careers in their respective fields which complement the existing team and from which I am confident the company will benefit hugely.
“Furthermore, both new directors’ international perspectives fit well with the company’s geographically diverse equity and debt investor base.”
The appointments follow the resignation of Gulf Keystone’s chief executive Todd Kozel in June, who left amid shareholder’s dissatisfaction with the company’s results.
Kozel had faced mounting pressure over the collapse in the firm’s share price, poor leadership and excessive executive pay, having been awarded £14.4million in 2011 and £8.8million in 2012 despite ongoing losses.
Following his retirement he turned down a seat on the company’s board, but is said to maintain a role in the company.
John Gerstenlauer, who had been the firm’s chief operating officer since 2008, took the helm mid-July.
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