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Nathaniel Rothschild, Genel Energy co-founder, also steps down

 

Nathaniel (Net) Rothschild, Genel Energy co-founder is leaving the independent Iraqi Kurdistan oil producer.

In an announcement this morning, Genel said Rothschild and Simon Lockett – a non-executive director and former chief executive of Premier Oil – had both resigned from the company’s board, and will leave after its annual general meeting tomorrow.

This is the latest in a series of high-profile departures from the company which has seen its share price collapse more than 90% from its peak in 2014.

Co-founder Tony Hayward, the former BP Boss, and chief financial officer Ben Monaghan, a former J.P. Morgan banker, have also announced their departure the group. Genel Energy also announced the departure of board member Simon Lockett, head of the audit and nominations and the health and safety committees.

In 2014, at its peak, Genel valued at more than £3.1 billion. But the company has been struggling amid falling oil prices, asset writedowns and difficulties securing payments from the regional government in conflict-scarred Kurdistan.
Net Rothschild still owns 7.9 percent stake in the company.

Starting from today, new Chairman Stephen Whyte will take his chair from Hayward at the annual meeting.

“The composition of the board will be a focus for the new chairman,” a Genel spokesman said on June 5.

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