Oil Search boss Keiran Wulff resigns for health reasons

0

July 19 (Reuters) – Oil Search (OSH.AX) chief executive Keiran Wulff resigned 17 months after dealing with a long-lasting illness which, according to the Papua New Guinea-focused company, s ‘was recently deteriorated.

The board had discussed complaints about his behavior with Wulff, Chairman Rick Lee said in a statement on Monday.

Lee said the board considered Wulff’s behavior to be “inconsistent with the standards expected by the board with respect to his management style.”

Since Wulff took over from his longtime predecessor, there have been a series of extreme events, including lockdowns, a drop in oil prices, emergency measures to secure the company’s financial position and the need for a sustainable strategy focused on energy transition, he mentioned.

“The board recognizes the magnitude of the tasks Dr Wulff has undertaken since his appointment as CEO in February 2020 and recognizes the challenges his recent health issues have posed for him,” added Lee.

Peter Fredricson, who was appointed CFO in March, will become interim CEO while the search for a permanent replacement continues.

It has “become obvious to me that due to my health issues it is becoming more and more difficult for me to reach the level required for the job,” said Wulff.

“After much reflection and consultation with my family and others, including my medical advisers, now is the right time to go to focus on my health,” he added.

Report by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

Leave A Reply

Your email address will not be published.