Tullow Oil said on Thursday, December 5 that its chief executive officer, Rahul Dhir will step down and also resign from the board next year.
The board has initiated a process to find a successor for Dhir, who was appointed as CEO in 2020.
Dhir will stay in his role until a date has been determined to ensure a smooth transition, the company said.
Phuthuma Nhleko, the non-executive chairman of Tullow thanked Dhir for his dedication.
He said, “I would like to thank Rahul for his hard work and dedication to Tullow. Since joining in 2020, Rahul has led a comprehensive turn-around and strategic reset of Tullow, focussed on the delivery of operational and financial performance, debt reduction and positioning the company for future growth.”
Rahul Dhir also said, “It’s been a privilege to serve Tullow during these past four and a half years. During this period, we have achieved a step change in our operating performance, cost structure and capital discipline and delivered over US$1.1 billion in free cash flow and reduced our net debt from US$2.8 billion to US$1.4 billion.”