Exploration and production firm Neo Energy, of Aberdeen, will replace one mergers and acquisitions (M&A) specialist with another at the top of its management ladder.
Russell Alton will take over as chief executive at Neo Energy, owned by Norwegian private-equity company HitecVision, at the end of August.
He is joining Neo from Stavanger-headquartered energy giant Equinor, where he serves as head of finance, based in London. Prior to that appointment, Mr Alton was Equinor’s head of M&A.
He occupied the same role at Scottish Gas owner Centrica for six years, executing more than £9 billion worth of transactions and helping build the utility company’s exploration and production business.
Mr Alton, a qualified accountant, also spent 12 years in investment banking and management consulting with Merrill Lynch, McKinsey, Morgan Stanley and HSBC.
He will soon fill the boots of Glenn Corrie, who has left Neo after helping the company iron out a revised deal with Total for a package of UK North Sea assets.
When the deal was first announced a year ago, the buyer was announced as Petrogas Neo UK, a joint venture between Neo and Omani firm Petrogas.
But Petrogas later pulled out, clearing a path for Neo to complete the deal alone. The transaction is likely to be finalised this month.
Mr Corrie also had a hand in managing the assimilation into Neo of Verus Petroleum, a separate UK North Sea business which was also owned by HitecVision.
Neo chief operating office Paul Harris will hold the CEO role on an interim basis until Mr Alton arrives, at which point he will revert back to COO.
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