Genel Energy to reshuffle its executive team

Caitlin Morrison
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OIL FIRM Genel Energy will announce a shake-up of its executive team this morning.

The four-year-old company, which is led by former BP boss Tony Hayward, is to reveal that Julian Metherell is stepping down as chief financial officer, according to Sky News.

Metherell, who was previously a partner at Goldman Sachs, is expected to retire at Genel’s annual meeting this spring, and will be replaced by Ben Monaghan.

Monaghan is reported to have resigned from his role as managing director, head of EMEA oil and gas, at JP Morgan on Friday.

Kurdistan-focused Genel was recently forced to cut its revenue forecast for 2015 from between $500m (£331m) and $600m to between $350m and $400m, as a result of the ongoing weakening of the global oil prices. Many large oil firms have been rocked by the plummeting prices. However, Hayward insisted that Genel is a “robust Kurdistan Region of Iraq oil business very resilient to sustained low oil prices”. Capital expenditure guidance for the coming year was also slashed.

Genel declined to comment.

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