Karoon CEO to retire after 16 years at the helm

Karoon Energy’s founder and long-standing CEO and Managing Director, Robert Hosking, is retiring from the company at the 2020 Annual General Meeting.

Karoon said on Wednesday that its board has now engaged an independent specialist search firm to complete a global search for a replacement CEO.

Commenting on his retirement plans, Hosking said: “After 16 years at the helm, and having transformed Karoon from an A$8 million pure-play exploration company in the onshore Gippsland Basin, to making offshore gas discoveries in the Browse Basin, reaching the ASX 200 index, developing a strong business in South America and finally leaving the business as an emerging production company with high-quality organic growth options, I believe that I am leaving Karoon in a strong position with an exciting future.

“I wish to assure shareholders that I am committed to steering Karoon through a seamless transfer to full ownership of the Baúna asset and will work with the board to ensure a smooth transition to the new CEO”.

To remind, Karoon has recently changed the terms of its acquisition of the producing Baúna oil field offshore Brazil.

The amendments to the sale and purchase agreement split the previously announced “headline” $665 million consideration into $380 million of “firm” consideration and $285 million of “contingent” consideration.

Karoon Chairman, Bruce Phillips, commented: “Not many people understand how difficult it is to build a company starting with only an idea in your head. Bob’s entrepreneurial skills, dealing capability and tenacity have been the driving forces in getting Karoon to where it is today.

“We are indebted to Bob’s vision and contribution and I look forward to acknowledging his achievements in a more fulsome manner at the 2020 AGM”.