- Oil Search (OSH) says Managing Director Keiran Wulff has resigned following "recent concerns and complaints about his behaviour"
- Mr Wulff has been managing a long-term medical condition, which recently deteriorated
- He will be replaced by current CFO Peter Fredricson as interim chief executive, effective immediately
- Oil Search is down 2.45 per cent to $3.78 per share at 10:37 am AEST
Oil Search (OSH) said this morning that Managing Director Keiran Wulff has resigned following "recent concerns and complaints about his behaviour".
The Papua New Guinea-based energy giant said Mr Wulff has been managing a long-term medical condition, which recently deteriorated.
While Chairman Rick Lee said Oil Search's Board acknowledged "the magnitude of the tasks" undertaken by Mr Wulff since he was appointed in February last year, the company ultimately determined that he "had behaved in a manner inconsistent with the standards expected by the Board".
"This period has been marked by extreme challenges including global lockdowns associated with the COVID-19 pandemic, a plunge in oil prices, crisis measures to protect the company's financial position and developing a clear strategy to steer a path to a sustainable future through the energy transition," he said.
In a statement released this morning, Mr Wulff said he believed Oil Search is well-positioned for the future, but said it was becoming increasingly difficult to perform at the level required due to his health challenges.
"After considerable reflection and consultation with my family and others including my medical advisers, it is an appropriate time to leave to focus on my health," he said.
Mr Wulff will be replaced by current CFO Peter Fredricson as interim chief executive, effective immediately, with a search for a permanent Managing Director and CEO set to begin soon.
"I look forward to working with the highly experienced Oil Search leadership team, each of whom understands the role they have in executing the company's strategic priorities which will ensure we keep delivering results for our shareholders and the broader communities in which we work," Mr Fredricson said.
Oil Search is down 2.45 per cent to $3.78 per share at 10:37 am AEST.