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(Sharecast News) - The chief executive of Ithaca Energy is to step down after two years in the role, it was announced on Friday.
The oil and gas producer, which was promoted to the FTSE 100 in September, said Luciano Vasques intended to retire from the company by 31 March 2027, and that the search for his successor was already underway.
Vasques, 63, was managing director of Eni UK when Ithaca acquired nearly all of Eni's UK upstream oil and gas assets in a £754m all-share deal in October 2024. The combination, which saw Vasques take over as head of the enlarged business and Italy's Eni take a nearly 39% stake in Ithaca, has created one of the biggest independent energy companies operating in the North Sea.
Vasques said: "Following successful delivery of the business combination, our entry into the FTSE 1000 and the establishment of a strong platform for future growth, I believe the company is in excellent shape and that now is the right time for me to retire and hand over the reins."
Yaniv Friedman, executive chair, thanked Vasques, calling it a "transformational time" for the business. He added: "Together we have built a combined culture we can all be proud of."
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