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(Sharecast News) - Tullow Oil announced the appointment of Roald Goethe as its independent non-executive chair on Monday, replacing Phuthuma Nhleko, who stepped down with immediate effect to pursue other business interests.
The London-listed firm said the move formed part of a broader board overhaul that would see the number of directors sharply reduced, lowering its cost base.
Goethe, a former Trafigura executive with extensive experience in African energy markets, has served as a non-executive director at Tullow since February 2023 and sits on the audit and remuneration committees.
He holds more than 28 million Tullow shares and around $400,000 of the company's 2026 senior notes.
His career previously included senior oil-trading roles in West Africa and the founding of Delaney Petroleum, which trades crude and refined products in West Africa and the Middle East.
Alongside Nhleko's departure, Genevieve Sangudi, Martin Greenslade and Mitchell Ingram had also resigned as independent non-executive directors with immediate effect.
Tullow said it intended to fill key board positions in due course while maintaining a smaller and more focused leadership structure.
As of 1 December, the board comprised Goethe, chief executive Ian Perks, chief financial officer Richard Miller and non-executive director Rebecca Wiles.
Goethe said he was "honoured" to take the role and backed the streamlined governance model.
"I look forward to supporting Ian, Richard and the team and engaging with our key stakeholders as we build on Tullow's reputation as a leading operator within the African oil and gas sector," he said.
"With a renewed leadership structure, reset Board and reduced cost base now in place, we are ready to take on the challenges and opportunities which lie ahead of us, including advancing plans to refinance the company's capital structure and to position Tullow to deliver value for all stakeholders."
At 0913 GMT, shares in Tullow Oil were up 2.16% at 4.94p.
Reporting by Josh White for Sharecast.com.