Cairn Energy founder to become chairman
Scottish oil and gas explorer Cairn Energy announced on Thursday that its founder, Sir Bill Gammell, will step down as chief executive next month to become chairman.
Legal and commercial director Simon Thomson, 46, will become chief executive officer with effect from July 1, said Cairn in a statement.
Gammell will become non-executive chairman, replacing Norman Murray, and will retain responsibility for overseeing the Vedanta transaction.
"I look forward to taking on a new and different role as chairman of the company and to working with the board to support Simon and the executive management team. I will also continue as Chairman of Cairn India," he said.
The Edinburgh-based group is still seeking to win Indian government approval for a $9.6-billion deal to sell up to 51 percent of Cairn India to rival resources giant Vedanta.
"I am looking forward to leading Cairn as we continue to seek to create and deliver material value for shareholders," added Thomson in the statement.
"Cairn's key strength of entrepreneurial exploration remains the focus of the group offering investors significant growth potential in combination with underlying asset value and balance sheet strength."
© 2011 AFP