Oil and gas producer Santos Ltd
(ASX:STO) has announced that Chairman Stephen Gerlach is to step down from the role ahead of his scheduled retirement from the board of directors on December 31.
The company says the move is in line with its transition announced on March 31 2009.
The company says having completed a comprehensive transition program; Deputy Chairman Peter Coates will take up the role of Chairman from today.
Mr Coates says under Stephen’s leadership, the board has overseen the transformation of Santos from a Cooper Basin-focused domestic business to one on the cusp of becoming a major energy supplier to Australia and Asia.
Mr Gerlach leaves the company after eight years as Chairman and 20 years as a director.
Santos’ net profit for calendar year 2008 was $1.65 billion.
