Tullow Oil plc (Tullow) has announced that Ian Springett, Chief Financial Officer, has resigned from the Board of Tullow with effect from 20 June 2017 due to ill-health.
This follows the Group’s announcement of 5 January 2017 that Mr. Springett had taken an extended leave of absence from Tullow in order to undergo treatment for a medical condition.
Following an executive search process led by the Nominations Committee, the Board of Tullow has appointed Les Wood, interim CFO from 5 January 2017, as an Executive Director and Chief Financial Officer with effect from 20 June 2017. Les joined Tullow in 2014 and was the Group’s Vice President for Commercial and Finance before being appointed interim CFO. Before joining Tullow, Les worked for BP plc for 28 years in various positions including Regional CFO roles in Canada and the Middle East.
Aidan Heavey, Chairman of Tullow Oil plc, said: “I am very sorry that Ian’s medical condition has led to his decision to step down from the Board. He has been an invaluable and highly-regarded colleague and friend since he joined the Board of Tullow back in 2008. His financial acumen and industry expertise were evident from his first day as Chief Financial Officer and he will be greatly missed. We wish him continued success in dealing with his illness.”
“Les Wood has over 30 years’ experience within our sector and was the obvious choice following his impressive performance as interim CFO over the past six months. The Board and I look forward to continuing to work closely with him.”
In accordance with section 430 (2B) of the Companies Act 2006, the Company also announced Mr. Springett will remain employed by the Tullow group and will receive any sick leave entitlements due under his service contract and private medical insurance and life assurance benefits in accordance with the Tullow group policy. Mr. Springett will work with Tullow’s advisors to commence a claim for coverage under Tullow’s Global Income Protection Insurance package (IPP). Under the terms of the IPP, an eligible claimant who is unable to return to work for an extended period is entitled to receive a portion of their base salary until the earlier of their being able to return to work or reaching normal retirement age.
Pursuant to the terms of Tullow’s recently approved remuneration policy, the Remuneration Committee has resolved to treat Mr. Springett’s resignation from the board as being equivalent to a ‘good leaver’ either by way of retirement or medical condition within the rules of the Tullow Incentive Plan and will therefore award him his normal cash bonus and share awards for the 2017 performance year to be awarded in February 2018, pro-rated to the period from 1 January 2017 to 19 June 2017.
No further remuneration is currently anticipated to be made to Mr. Springett in respect of his service as a director of Tullow Oil plc.
Mr. Wood will receive a base salary of £435,000 per annum and shall be entitled to all other benefits in accordance with Tullow’s recently approved Remuneration Policy.
DIRECTORS’ DECLARATIONS PURSUANT TO RULE 9.6.13 OF THE LISTING RULES
There are no other disclosures required in respect of Les Wood pursuant to Rule 9.6.13 of the Listing Rules.