Ithaca Energy (LON: ITH) has proposed appointing Luciano Vasques as its new chief executive officer.
Vasques currently holds the role of managing director of Eni UK and led the recent acquisition and integration of Neptune Energy into Eni UK’s operations.
Former Ithaca Energy CEO Alan Bruce stepped down at the start of the year.
In addition, current executive chairman Gilad Myerson will step down to be succeeded by Dave Blackwood, who will become interim non-executive chairman, to be followed by the proposed appointment of Yaniv Friedman as executive chairman, once all formal conditions to his appointment have been satisfied.
Vasques appointment is contingent on the completion of Ithaca’s business combination with Italian group Eni.
Ithaca Energy recently bought the majority of its upstream assets in the UK to Eni. When complete, the business combination will have the single largest resource base in the UK North Sea, creating a strategic platform for long-term growth in the basin and the pathway to becoming the largest producer in the UK continental shelf by 2030.
Other appointments include Iain Lewis returning to his role of chief financial officer at business combination completion, following his spell as interim CEO, as well as Odin Estensen taking on the role of chief operating officer and Zvika Zivlin as senior independent director, previously announced on 16 May.
The appointment comes amid several changes to Ithaca’s board of directors and executive management team.
According to the company, the new appointments will help deliver its next phase of growth having recently announced its proposed transformational business combination.
The board, which has also consulted with the company’s majority shareholder and Eni in arriving at its decisions, believes that the new leadership appointments, will strengthen the company’s executive leadership, providing the business with the appropriate leadership composition on completion to deliver the ambitious growth plans of the combined business.
Dave Blackwood, CBE, interim Non-Executive Chairman, said: “The board thanks Gilad for his strategic insight and leadership over the last four years. The transformational business combination with Eni’s UK business marks an appropriate time to change the executive leadership of the company and we wish him well for the future.”
Myerson added: “I am extremely proud of what Ithaca Energy has achieved during my tenure at the company. The recent announcement of the business combination with Eni’s UK business, is transformational and I am pleased to have led the company through to this significant milestone.”
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