Tullow Oil elects new chairperson

UK-based and Africa-focused oil and gas company Tullow Oil has appointed an independent non-executive director and chair-designate with effect from the conclusion of the company’s annual general meeting (AGM).

Tullow Oil said on Tuesday that Dorothy Thompson would become the independent non-executive director and the company’s chair-designate as of April 25, 2018.

Thompson will succeed Aidan Heavey, Tullow’s current chairman and founder, as chair at the conclusion of the board meeting scheduled for July 20, 2018. Heavey will retire from the board of directors of Tullow at the same time.

She served for 12 years as the chief executive officer of Drax Group, the international power and energy trading company, until the end of 2017. Before joining Drax, Thompson managed InterGen’s European power business, was head of project finance at PowerGen and worked at CDC Capital Partners, the private sector arm of the British Government’s aid program. Thompson also has emerging markets experience including a period working in the commercial and industrial division of the Bank of Botswana.

She has also been a non-executive director of the Court of the Bank of England since 2014 and the NYSE-listed Eaton Corporation since 2016.

Aidan Heavey, chairman of Tullow Oil, said: “Dorothy has exactly the right mix of leadership, managerial, operational, and financial experience that Tullow needs. I look forward to working closely with Dorothy during the transition period until she takes over as chair in July and I will follow Dorothy and Tullow’s progress over the next few years with much interest.”

Paul McDade, CEO of Tullow Oil, added: “Dorothy Thompson’s extensive experience as CEO at Drax will be exceptionally valuable as we work together to position Tullow for growth in what remains an uncertain environment in our sector. While Tullow is well-positioned with a balanced set of production, development and exploration assets, we will need to ensure that the company not only delivers on the potential of its current assets but also seeks out new opportunities for growth.”

Regarding her appointment as the chair-designate, Thompson said: “I am very pleased to be joining Tullow as the company emerges from the recent downturn in a strong position following the significant progress it has made over the past two years. I am looking forward to working with Paul and the board as we focus on delivering the full potential of the company’s world-class portfolio and the return to value enhancing growth.”