Gulf Keystone CEO and Directors Resign

By John Lee.

Gulf Keystone Petroleum announced this morning that Non-Executive Director and Deputy Chairman Jeremy Asher and Non-Executive Director John Bell "have ceased to be Directors in accordance with the Company's bye-laws".

The Company will restart its previously announced search process, with the assistance of Odgers Berndtson, for two new independent non-executive directors, and a further announcement on that process will be made in due course.

The Company also announced that Todd Kozel (pictured) will retire from his current role of CEO at the Company's upcoming Annual General Meeting on 17 July 2014 and that, subject to Mr. Kozel's re-election to the Board of Directors by shareholders, he will take up a new role of Executive Director. A search for Mr Kozel's replacement is underway with the assistance of an international executive search firm and potential candidates have been identified.

Hours later, the company said that Non-Executive Director Thomas Shull had resigned from the Board.

Simon Murray, Gulf Keystone's Non-Executive Chairman commented:

"The Company is strongly positioned to continue the successful development of our assets in close cooperation with our partners MOL and the Kurdistan Regional Government.

"We have already begun the process of bringing in additional top-quality talent at both the Executive and Non-Executive level to help take the Company through the next stage of its development."

Shares in the company closed down 2 percent on Wednesday.

(Sources: GKP, Yahoo!)

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