Genel Energy: Hayward to Step Down

Genel Energy has announced that Stephen Whyte has been appointed as an independent non-executive director and Chairman designate with immediate effect.

Tony Hayward (pictured) will retire as a Director and Chairman of the Company at the conclusion of the 2017 AGM, to be held on 6 June 2017, at which point Stephen Whyte will take up the role of Chairman.

Murat Özgül, Chief Executive of Genel, said:

"It has been a great pleasure to have worked with Tony during his time at Genel. When we first started working together, the oil industry in the Kurdistan Region of Iraq was still in its infancy, without an export pipeline and there was a high degree of uncertainty over export sales.

"Kurdistan now has a fully operational pipeline infrastructure exporting up to 600,000 bopd, and Taq Taq and Tawke have a proven track record of international sales and significant cash generation. Everyone at Genel wishes Tony all the best in his future activities."

Stephen Whyte, Chairman designate, said:

"Genel has operated in a very tough environment in recent years but I believe the Company has renewed momentum and significant opportunities in the portfolio. The fall in oil price impacted the entire industry, and that, coupled with the impact of the war against ISIS, put pressure on the finances of the already squeezed Kurdistan Regional Government.

"As the environment now improves, I look forward to working with the Board to ensure that Genel has the best possible strategy for the future."

(Source: Genel Energy)

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