Seplat Petroleum has announced that its chief executive officer Mr. Austin Avuru will retiring in July and would be replaced by the chief financial officer, CFO, Roger Brown.
Avuru, who was managing director before becoming CEO, will retire after 10 years at the helm, the company said.
The company said Brown, the CFO for the last six years, had been chosen by the board to take over as CEO when Avuru steps down on July 31.
The company, which has dual listings in Nigeria Stock Exchange, NSE, and London Stock Exchange, LSE, has focused heavily on gas investments, drilling and acquisitions to boost output with the aim of tapping into demand for electricity. It supplies about 30 per cent of the gas required for power generation in Nigeria.
Seplat said it planned to expand its energy business activities, which included pursuing offshore assets. It said this would require a review of the company’s structure.
“The board also decided that the CEO designate will lead the restructuring during the transition period between now and final
exit date of Mr. Avuru,” Seplat said.