Les Wood, the chief financial officer and executive director of Tullow Oil plc, will step down from the company at the end of March 2022, a statement has said.
According to Tullow, a search process to find a new CFO will be launched and is expected to conclude in the first quarter of 2022.
Wood will remain the CFO and an executive director of Tullow throughout the current reporting cycle, and is expected to leave the group at the end of March 2022 after the publication of Tullow’s 2021 full-year results.
Having joined Tullow in 2014 as the group’s vice-president for commercial affairs and finance, Wood was appointed the interim CFO in January 2017 and confirmed a member of the Tullow board as an executive director and the CFO in June 2017.
$1.8 billion bond
Rahul Dhir, the chief executive officer of 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 US$1 billion of self-help and our transformational US$1.8 billion bond offer in May this year, which placed the company on far stronger financial footing and will allow our business plan to take effect.
“I am very grateful for all that he has done for Tullow and wish him well.”
Wood 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 five years as CFO.”
He added, “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.”