Tullow Oil Plc appointed former Trafigura Group executive Roald Goethe as chairman, while half the board quit as the company struggles with a mounting debt pile.
The shakeup follows a 77% slump in the shares this year, with the stock sinking to a record-low last month as Tullow said it was exploring ways to refinance looming debt maturities.
Goethe, who helped to build the West Africa trading desk at Trafigura, has served on Tullow’s board since 2023. He replaces Phuthuma Nhleko as chairman, while directors Genevieve Sangudi, Martin Greenslade and Mitchell Ingram also resigned with immediate effect.
“The company intends to replace key positions on the board, whilst retaining a small, focused and aligned board going forward,” Tullow said Monday in a statement. “The significant reduction in the size of the board will result in a further reduction of Tullow’s cost base.”
The shares rose as much as 1.9% at the open in London.
The London-based oil and gas company, which made several significant African discoveries in the late 2000s, has struggled in recent years under the weight of huge borrowings. Last month, the firm raised its year-end net debt forecast to $1.2 billion from $1.1 billion.
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