Tullow CFO resigns from board due to health issues

Tullow Oil’s chief financial officer has resigned from the company’s board of directors with effect from June 20, 2017.

Tullow said on Tuesday that Ian Springett, the company’s CFO, resigned from the board of directors due to ill-health.

The announcement comes after Springett took an extended leave of absence in January to undergo treatment for a medical condition.

As a result of the CFO’s leave of absence, the company appointed Les Wood as the interim CFO from January 5, 2017.

Tullow added in Tuesday’s statement that Wood was elected as an executive director and CFO with effect from June 20.

He joined Tullow in 2014 and was the Group’s vice president for Commercial and Finance before being appointed interim CFO. Before joining Tullow, Wood worked for BP for 28 years in various positions including Regional CFO roles in Canada and the Middle East.

As for Springett, he has held the position of CFO in Tullow since 2008. Before joining Tullow, he worked at BP for 23 years where he held several senior positions, including vice-president of BP Finance and CFO for the United States.

Aidan Heavey, Chairman of Tullow Oil plc, said: “I am very sorry that Ian’s medical condition has led to his decision to step down from the board. He has been an invaluable and highly-regarded colleague and friend since he joined the Board of Tullow back in 2008. We wish him continued success in dealing with his illness.

“Les Wood has over 30 years’ experience within our sector and was the obvious choice following his impressive performance as interim CFO over the past six months. The board and I look forward to continuing to work closely with him.”