Tullow Oil: Chief Financial Officer Les Wood to step down
Tullow Oil’s Les Wood is expected to step down as the Chief Financial Officer (CFO) and Executive Director of the oil firm by March 2022.
Mr Wood’s decision to step down as the CFO and Executive Director follows the publication of the oil firm’s 2021 half year results.
He will however, remain the CFO and an Executive Director of Tullow throughout the current reporting cycle until his expected leave at the end of March 2022.
Rahul Dhir, Chief Executive Officer, Tullow Oil Plc speaking about the new development said, “Les has been a great support to me since I joined Tullow and he has been integral to the Group’s financial turnaround. In particular, Les led the Tullow team through the delivery of $1 billion of self-help and our transformational $1.8 billion bond offer in May this year which placed the company on far stronger financial footing and will allow our Business Plan to take effect. I am very grateful for all that he has done for Tullow and wish him well.”
“Following our comprehensive refinancing earlier this year, the culmination of a number of steps to strengthen the Group, it is the right time for me to leave Tullow after 5 years as CFO. Despite the challenges we have faced over the past few years, I have always enjoyed working at Tullow, especially all the people I have met and worked with and I look forward to watching Rahul and the talented and dedicated team at Tullow executing on our ambitious strategy and Business Plan,” said Les Wood.
Having joined Tullow in 2014 as the Group’s Vice President for Commercial and Finance, Les was appointed interim CFO in January 2017 and was appointed to the Tullow Board as an Executive Director and CFO in June 2017.
On the back of the new development, Tullow Oil is expected to begin a search process to find a new CFO.