Tullow Oil on Monday launched a major board reset and appointed independent non-executive Director Roald Goethe as Chairperson, replacing Phuthuma Nhleko, as the West Africa-focused oil producer looks to refinance its debt.
The company also announced the immediate departure of three independent non-executive directors, shrinking the size of the board to four members and cutting the company’s cost base.
The group is seeking to refinance its capital structure amid mounting debt and delayed payments from Ghana’s government.
Goethe has extensive experience in oil and gas, with a focus on African energy markets, oil trading and commercial strategy, including business development, Tullow said.
He has been on the company’s board since February 2023.
Tullow’s board now comprises Goethe, independent non-executive Director Rebecca Wiles, Chief Executive Officer Ian Perks and Chief Financial Officer Richard Miller.
–Reuters–
