Noreco CFO taking over as acting managing director after CEO resigns

Norway-based oil and gas company Noreco has revealed that its chief executive officer (CEO) resigned from the position, while its chief financial officer (CFO) has been appointed as the new acting managing director of the company.

The firm reported on Monday that its CEO, David B. Cook, and the board of directors agreed the resignation would be effective from 29 November 2021.  

To remind, Cook’s appointment as the company’s CEO was announced in May last year, while he officially took over the role on 1 July 2020. Prior to joining Noreco, Cook held several other positions and served as a member of the Ineos board, the CEO of the Danish upstream company DONG Oil and Gas until the sale of DONG Oil & Gas to Ineos.

Riulf Rustad, Noreco’s executive chair, commented on Cook’s resignation: “We would like to thank Mr Cook for his contributions to Noreco and wish him the best of luck in future endeavours.”

Noreco also confirmed that the company’s CFO, Euan Shirlaw, would take on the formal role of the firm’s acting managing director.

Prior to joining Noreco as CFO, Shirlaw was a senior member of the Oil & Gas Investment Banking team at BMO Capital Markets, who spent over 12 years advising a wide range of oil and gas clients on their acquisition, divestment and merger transactions as well as debt and equity capital raising activities.

In recent news, Noreco and its partners in the Danish Underground Consortium (DUC) entered into carbon capture and storage (CCS) partnership with Denmark’s Ørsted and the Technical University of Denmark (DTU) to progress CCS in the Danish North Sea.