Petrofac chairman to step down after 11-year tenure
Chairman of the UK oilfield services company Petrofac has decided to step down from the board following an 11-year tenure.
Petrofac said on Thursday that chairman Rijnhard van Tets would step down at the May 2018 annual general meeting.
The company added that he would be succeeded upon his departure by current senior independent director René Médori.
Van Tets joined the Board in 2007, serving as a non-executive director before being appointed chairman in 2014. Médori, who joined as a non-executive director in 2012, has recently relinquished his executive role as finance director of Anglo American.
The chairman said: “After a long tenure I have made the decision to step down at next year’s AGM. I would like to thank my fellow board members for their support, and the executive directors for their continued commitment to the business during the past 11 years.
“I am delighted that the board has been able to appoint an internal candidate of René’s caliber. His wide international experience and understanding of multi-national businesses, well-established governance knowledge, and understanding of the regulatory landscape provides an important level of continuity.”
Médori added: “On behalf of the board I would like to thank Rijnhard for his strong leadership and commitment to Petrofac. His experience through this time has been invaluable. I am delighted to be taking up the role of chairman next year and excited about the prospect of working with the management team to take the business forward.”
Petrofac also said on Thursday that it has appointed Sara Akbar as a Non-executive Director with effect from 1 January 2018.
Akbar has more than 30 years’ experience in the oil and gas industry. She is founder of and until recently the Chief Executive Officer of Kuwait Energy KSC, which she set up in 2005 to exploit the opportunity for an independent Engineering and Production company in the MENA and Eurasia regions.
Non-executive Director Thomas Thune Andersen will step down from the Board after a seven-year tenure, also effective January 1, 2018.
In related news, Petrofac secured a $160 million award from the Basra Oil Company on Wednesday for its Iraq Crude Oil Export Expansion Project.