Oil Search Managing Director Keiran Wulff has resigned 17 months after taking charge of a long-term medical condition. The Papua New Guinea-based company said it had recently deteriorated.
The board had been in discussions with Wulff over complaints about his behaviour, Chairman Rick Lee said in a statement on Monday. Lee said the board considered Wulff’s behaviour was inconsistent with the standards expected by the Board about his management style.He said that since Wulff took over from his long-serving predecessor. There has been a slate of extreme events including lockdowns, a plunge in oil prices, emergency measures to secure the company’s financial position, and the need for a sustainable strategy focused on energy transition.
Lee added that the Board acknowledges the magnitude of the tasks undertaken by Dr Wulff since his appointment as Managing Director in February 2020 and recognises the challenges that his recent health issues have had on him. Peter Fredricson, who was appointed chief financial officer in March, will become acting chief executive officer while the search for a permanent replacement goes on.
Wuff Said That It has become apparent to me that due to my health challenges, it is becoming increasingly difficult for me to perform at the level required of the position. After considerable reflection and consultation with my family and others including my medical advisers, it is an appropriate time to leave to focus on my health.The shares were being offered to funds at A$3.865 each, which marked a 1.4% discount to Oil Search’s A$3.92 last close, reported the AFR. Bankers told the AFR that the time was right for Mubadala to offload its shares on the back of rising oil prices and the wealth fund’s apparent waning interest in Oil Search in the past year or so.