PERTH (miningweekly.com) – ASX-listed Oil Search on Monday announced the resignation of MD Dr Keiran Wulff, citing health reasons and behavioral issues.
Oil Search chairperson Rick Lee said that the board entered into discussions with Wulff following the receipt of recent concerns and complaints about his behavior, saying Wulff had behaved “in a manner inconsistent with the standards expected by the board in relation to his management”.
Wulff was appointed as MD in February last year, with Lee acknowledging on Monday the magnitude of the tasks undertaken by Wulff since his appointment as MD and acknowledging the challenges of a long-term medical condition, which had recently deteriorated.
“This period has been marked by extreme challenges including global lockdowns associated with the Covid-19 pandemic, a plunge in oil prices, crisis measures to protect the company’s financial position and developing a clear strategy to steer a path to a sustainable future through the energy transition,” he said.
“It is a tribute to all staff that Oil Search is now in a solid position with record levels of production in Papua New Guinea (PNG), a strengthened balance sheet and our Alaskan development plans meeting milestone targets,” Lee added.
Wulff, for his part, thanked Oil Search staff for their efforts, particularly since the pandemic began, as the company put in place strategies to safeguard its operations in PNG and Alaska.
“It has been a great privilege to work at Oil Search and I believe the company is very well-positioned for the future. It has however, become apparent to me that due to my health challenges, it is becoming increasingly difficult for me to perform at the level required of the position. After considerable reflection and consultation with my family and others including my medical advisers, it is an appropriate time to leave to focus on my health,” he said.
Peter Fredricson, who joined the company earlier this year as CFO, has agreed to become acting CEO with immediate effect. A search for a permanent MD/CEO, including interviews with internal and external candidates, will begin shortly.