Lundin promotes COO to chief executive officer role

Swedish oil company Lundin Energy has named a new president and chief executive officer (CEO) effective as of 1 January 2021.

Lundin said on Monday that Nick Walker was named as the president and (CEO) of the company following Alex Schneiter’s decision to step down from the position at the end of the year.

Walker has been chief operating officer (COO) of Lundin Energy since 2015 and worked on the Edvard Grieg field, overseeing the continuous drive for organic production growth and operational efficiency. He also worked on the Johan Sverdrup project.

He brings to the job of CEO over 30 years’ experience in the industry, coming from a technical and operational background.

Lundin added that Walker also developed a strong relationship with the investment and financial community and would continue to work closely with the board to continue the strategic growth of the company.

Alex Schneiter has offered to remain on the board as a non-executive director and will also stay involved in an advisory capacity with the wider Lundin Group of companies.

He has held the position of CEO since 2015, having been with the business since its inception in 2001.

“Alex has led Lundin Energy on a strong growth trajectory over his five years as CEO, creating significant shareholder value and overseeing an eight-fold growth in production.

“His focus on exploration, financial resilience and production efficiency coupled with a passion for responsible practices, has positioned Lundin Energy at the forefront of the upstream operators’ response to the energy transition”, the company said.

According to the Swedish oil firm, he led the company to develop its first-ever decarbonisation strategy, placing Lundin on the map as the first offshore oil company to target carbon neutrality by 2030.

Schneiter and Walker will work closely over the next five months to ensure a seamless transition. The appointment of a new COO will be announced shortly.

Ian Lundin, chairman of the Lundin board, said: “The board and I very much look forward to working with Nick in his new capacity as CEO with his expert knowledge, not only of our assets but the offshore oil and gas industry as a whole.

“He is the ideal leader to take the company into the next, exciting phase of our organic growth story and retain our position as best in class.

“Alex has played a major role in the success of the company not just as CEO, but throughout his career here, and the wider Lundin Group, for almost 30 years.

“His contribution has been outstanding, both as a technical expert and explorer and as a CEO and leader of the teams across all the jurisdictions in which we have operated. I wish him all the best in his future endeavours and look forward to continuing to work with him in his advisory role for the wider Lundin Group”.