Iraqi Kurdistan-focused oil producer Genel Energy Plc has appointed an outsider as CFO, diversifying a leadership team that has been dominated by Turkish executives since the departure of its two co-founders.
Genel said June 28 it had appointed Esa Ikaheimonen to head its finance team, following the departure of CFO Ben Monaghan.
Ikaheimonen, who starts on July 3 based in London, recently worked as CFO for drilling companies Transocean Ltd. (NYSE: RIG) and Seadrill Ltd. (NYSE: SDRL) after spending about 20 years at Royal Dutch Shell Plc (NYSE: RDS.A), where he was vice president of finance at the firm's Africa E&P business.
"Importantly, he is to be based in London, which is important given the increasing Turkish influence over and ownership of the business," analysts at Stifel wrote.
Shares in Genel were down 0.3% at 3:42 a.m. CT (8:42 GMT).
Genel has seen a substantial leadership reshuffle in recent months amid a steep share price drop over the past three years following two oil reserve downgrades of its main Taq Taq oil field, failed exploration elsewhere and weak oil prices.
Co-founders Tony Hayward, the former CEO of BP Plc (NYSE: BP), and Nathaniel Rothschild announced their departures in recent months, followed by board members Chakib Sbiti and Simon Lockett as well as CFO Monaghan.
Genel's board was left dominated by some of its Turkish shareholders, who are among the country's richest families, until the ousting of Tolga Bilgin by other shareholders at the company's annual general meeting this month.
Genel is now focused on developing its gas fields in Iraqi Kurdistan and is in talks with Turkish state-backed energy firm TEC to become a partner in the project.
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