"We are delighted that James has agreed to join the board. James is a recognised expert in the field of corporate governance, finance, accounting and control, with extensive industry experience. Everyone on the management team looks forward to working with him,” said chief executive Scott Aitken.
Dewar, meanwhile, added: "I am delighted to join the board of Cabot Energy which has great potential, not just in its current Canada production and leading Italy exploration asset base, but also as a platform for further expansion.
“The scale of the opportunity at Cabot Energy is substantial as we strive towards the next phase of growth.
“However, we recognise the need to improve the financial management and internal controls, information flow for investors, plus deliver operational excellence and execution in order to deliver shareholder value.
“As previously announced, the board is undertaking an extensive operational and financial review of the company, including the balance sheet ahead of the interim results, and I look forward to working with the highly talented, new management team to help Cabot Energy realise its true potential."
Cabot added that Jonathan Murphy and Iain Lanaghan have stepped down from the board and retired from the company.
The company released a separate stock market statement explaining that following today’s board changes, it has decided to suspend a requirement in its partnership agreement with High Power Petroleum (H2P) for the board to have a majority of board members independent of H2P.
Presently, the company has two independent board members and two board members connected to H2P. This new arrangement will last for two months, to enable Cabot to make new board appointments.
“It is the intention of the Company that there should be two non-executive Directors who are considered independent for corporate governance purposes.
“Mr James Dewar is considered independent for corporate governance purposes and it is intended that the new non-executive independent Chairman will also be independent for corporate governance purposes.”