Santos Limited
(ASX:STO) Chairman Peter Coates will retire from his post at the company’s AGM in May.
Mr Coates will be succeeded by Ken Borda, however will remain a non-executive director to ensure an orderly transition of responsibility.
Having accepted an executive position with the merged Glencore/Xstrata group, Mr Coates has decided he will no longer be able to devote the required amount of time as a Santos Chairman.
According to the departing Chairman, Santos is in a superb position to unlock its significant resources in a growing Australian and Asian natural gas market.
Mr Coates is confident the Santos Board will continue to create long term shareholder value under Mr Borda’s Chairmanship.
Santos generated a net profit of $518 million in its 2012 financial year.
