Hayward becomes Chairman of Genel. Murat Özgül named new CEO

Genel Energy has reshuffled its management positions announcing new Chairman and CEO.

The company has said that its Chairman Rodney Chase has resigned, making way for Tony Hayward, who will in turn set free his CEO position for Murat Özgül, previously President, Turkey and KRI. Özgül has also been appointed to the board.

Describing Hayward’s and Özgül’s new roles, Genel has said Hayward will “oversee the strategy of the Company and the effective running of the board with Murat focusing on the day-to-day management of Genel, including operational performance and the delivery of Genel’s growth projects in the Kurdistan Region of Iraq (“KRI”).”

Tony Hayward, famous for being the CEO of BP at the time of the Deepwater Horizon disaster, Monday said: “Rodney has been a driving force in the establishment of Genel Energy as a respected London-listed company. It has been a great pleasure working with him, and on behalf of the Board and the Company I would like to express my sincere gratitude for his leadership through the IPO and over the past four years, which has helped make Genel the company it is today.” 

Commenting on the company’s new CEO, of whom the Guardian writes was fined more than £100,000 by the former City regulator for market abuse five years ago, Hayward said: “Murat has been a longstanding member of the Genel executive team and has overseen the growth of our KRI production to over 100,000 bopd. This makes Genel one of the largest independent oil producers on the London Stock Exchange in addition to being the largest holder of reserves and resources in the KRI. Murat is well qualified to progress the development of our world-class KRI gas fields, and I look forward to working closely with him on delivering our strategic plans.”

Separately, Genel has issued a statement on Özgül’s 2010 penalty, saying:

“Further to the announcement made earlier today, the Company confirms that, save as set out below there are no disclosures to be made under paragraph 9.6.13 of the Listing Rules in relation to Murat Özgül.

In 2010 the Financial Services Authority (“FSA”) imposed a financial penalty on Murat Özgül in respect of share dealing around the time of a possible merger of Genel Enerji and Heritage Oil. The FSA, in their public statement, acknowledged that Murat Özgül did not set out to commit market abuse.”

 

Offshore Energy Today Staff