Oil Search (ASX:OSH)
has announced that its managing director, Dr Keiran Wulff, has resigned for health reasons. Dr Wulff had a long-term medical condition that recently deteriorated.
The Papua New Guinea-based energy giant entered into discussions with Dr Wulff following the receipt of recent concerns and complaints about his behaviour. The board considered that Dr Wulff, in relation to his management style, had behaved in a manner inconsistent with the standards expected.
The board also acknowledged the magnitude of the tasks undertaken by Dr Wulff since his appointment as managing director in February 2020 and recognised the challenges of his recent health issues.
Peter Fredricson, a veteran energy sector executive who joined the company earlier this year as chief financial officer, has agreed to become acting chief executive officer with immediate effect. A search for a permanent managing director/CEO will begin shortly.
Shares in Oil Search (ASX:OSH)
are trading 4.4 per cent lower at $3.70.