Beach Energy (ASX:BPT) - Resigning CEO and Managing Director, Matthew Kay
Resigning CEO and Managing Director, Matthew Kay
Source: Beach Energy
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Matt Kay resigns as CEO and Managing Director of Beach Energy (BPT) to pursue other professional opportunities
  • Since joining Beach, he tripled the company’s production, reserves and market cap, and led the company through the acquisition of Lattice Energy
  • Effective immediately, Chief Financial Officer Morné Engelbrecht will assume the role of acting CEO while a search is undertaken for a replacement
  • In this interim role he will ensure key growth development projects in the Perth and Otway basis remain on track
  • Shares in Beach Energy are down 3.93 per cent on the market and are trading at $1.35

Matt Kay has resigned as CEO and Managing Director of Beach Energy (BPT) to pursue other professional opportunities.

Mr Kay joined the company in May 2016 as CEO and was appointed Managing Director in February 2019.

Since joining Beach, he tripled the company’s production, reserves and market cap, and led the company through the acquisition of Lattice Energy.

Prior to joining Beach, Mr Kay was Executive General Manager, Strategy and Commercial at Oil Search (OSH) and held various leadership roles at Woodside (WPL).

Mr Kay said now felt like an appropriate time to leave the company given its strong position.

“I was brought on board to help Beach grow from a single basin operator and diversify the business. This was capped off by the sanctioning of the Moomba Carbon Capture and Storage project this week,” Mr Kay said.

Effective immediately, Chief Financial Officer Morné Engelbrecht will assume the role of acting CEO while a search is undertaken for a replacement.

Mr Engelbrecht joined Beach in 2016 and he has more than 20 years’ of finance experience, as well as in the oil & gas and resources sectors.

In this interim role he will ensure key growth development projects in the Perth and Otway basis remain on track.

Chairman Glenn Davis said Mr Engelbrecht is well positioned to take over from Mr Hay as Beach completes its gas growth program and thanked Mr Hay for his leadership.

“Mr Engelbrecht has been the architect of Beach’s financial strength since joining the company as Chief Financial Officer in 2016 and is well placed to lead the company as we move towards our production target of 28 MMboe in FY24,” Mr Davis commented.

“I want to thank Matt for his efforts in helping transform Beach into the multi-basin upstream oil and gas company it is today. I wish him all the very best for his future endeavours.”

Shares in Beach Energy were down 3.93 per cent on the market and were trading at $1.35 at 3:47 pm AEDT.

BPT by the numbers
More From The Market Herald

" BHP’s (ASX:BHP) FY22 best annual report in a decade, record dividends

Australia's largest mining company BHP (ASX:BHP) reports its best annual report in more than a decade…

" ACCC approves Woolworths (ASX:WOW) and MyDeal (ASX:MYD) acquisition

The ACCC is not opposed on the deal the MyDeal (ASX:MYD) takeover by Woolworths (ASX:WOW).
The Market Herald Video

" Insurance Australia (ASX:IAG) back to making profit in FY22

Insurance Australia (ASX:IAG) records a 181.3 per cent increase in net profits for the 2022 financial…

" Telstra (ASX:TLS) increases its dividend for the first time in seven years

Telstra (ASX:TLS) has increased its dividend for the first time in seven years despite posting a…