Genel Energy Directors Step Down

Genel Energy has announced that Martin Gudgeon and Esa Ikaheimonen have each tendered their resignation as Director of the Company with effect from the close of the Annual General Meeting later today, and accordingly the resolutions relating to their re-appointment have been withdrawn.

Esa Ikaheimonen remains in his role as Chief Financial Officer.

Martin Gudgeon was Chairman of the Remuneration Committee and a member of the Audit Committee.

Board Committee memberships are under review and updates will be made when appropriate.

David McManus, Chairman of Genel, said:

"Martin brought a wealth of experience of the financial markets to the Board of Genel, and has been an important part of our Board discussions. I thank Martin for his valuable contribution to the Company. I also take this opportunity to thank Esa for his valued and continuing contribution to Genel. As Chief Financial Officer, Esa remains integral to the further strengthening of Genel's already strong financial position, with robust finances supporting a material dividend and re-investment in significant growth opportunities."

(Source: Genel Energy)

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