Founder and long-standing Chief Executive and Managing Director of Karoon Energy (ASX:KAR), Robert Hosking, is set to retire at the company's 2020 annual general meeting after 16 years in the position.
He has seen the company grow from $8 million to $404 million over his career with the international oil and gas exploration company.
Karoon Chairman Bruce Phillips said Mr Hosking’s entrepreneurial skills, dealing capability and tenacity have been the driving forces in getting Karoon to where it is today, adding that the company is indebted to his vision and contribution.
"Bob’s entrepreneurial skills, dealing capability and tenacity have been the driving forces in getting Karoon to where it is today," Karoon Chairman Bruce Phillips said. “We are indebted to Bob’s vision and contribution and I look forward to acknowledging his achievements in a more fulsome manner at the 2020 AGM," he added.
The board is engaged with an independent specialist search firm to complete a global search for a replacement.
Shares in Karoon Energy (ASX:KAR) are trading 6.9 per cent higher at 78 cents.