16:00 Wed 15 Sep 2021
Tullow Oil PLC - Directorate Change
TULLOW OIL PLC
Board Change
A search process to find a new CFO will be launched and is expected to conclude in the first quarter of 2022. Les will remain CFO and an Executive Director of Tullow throughout the current reporting cycle and is expected to leave the Group at the end of
Having joined Tullow in 2014 as the Group's Vice President for Commercial and Finance, Les was appointed interim CFO in
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, said:
"Les has been a great support to me since I joined Tullow and he has been integral to the Group's financial turnaround. In particular, Les led the Tullow team through the delivery of
Les Wood, Chief Financial Officer, Tullow Oil plc, said:
"Following our comprehensive refinancing earlier this year, the culmination of a number of steps to strengthen the Group, it is the right time for me to leave Tullow after 5 years as CFO. Despite the challenges we have faced over the past few years, I have always enjoyed working at Tullow, especially all the people I have met and worked with and I look forward to watching Rahul and the talented and dedicated team at Tullow executing on our ambitious strategy and Business Plan."
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is being released on behalf of Tullow by
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Notes to editors
Tullow is an independent oil & gas, exploration and production group which is quoted on the
For further information, please refer to our website at www.tullowoil.com
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Remuneration arrangements:
Les will be treated as a good leaver for the purposes of outstanding TIP awards. As per the TIP rules, these awards will continue to vest on their normal vesting dates. Shares will continue to be subject to the post-cessation shareholding requirement for a period of two years after cessation. The shares that Les holds pursuant to the Tullow Share Incentive Plan will be released on termination of his employment. Les will also receive a capped contribution towards his legal fees and the provision of outplacement services. Full details of Les' remuneration arrangements will be disclosed in the relevant Directors' Remuneration Report and as required in due course.
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