Nat Rothschild quits board of Genel Energy which he co-founded as Tony Hayward leaves

 
Jasper Jolly
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Nathaniel Rothschild founded Genel Energy with Tony Hayward (Source: Getty)

Nat Rothschild will leave Genel Energy after a clear-out at the top of the independent oil producer, following a difficult period for the firm.

Rothschild, a scion of the renowned banking dynasty, founded the Kurdistan-focused oil producer with former BP chief executive Tony Hayward, but the firm has struggled in the face of lower oil prices and failed drilling campaigns.

The firm was listed in 2011 when Hayward and Rothschild bought a Turkish company with assets in Iraq's Kurdistan, but has struggled amid political instability in the region and disappointing assets.

Another board member, Simon Lockett, will also leave the board as part of the clear-out after tomorrow’s annual general meeting. Lockett was chief executive of Premier Oil until 2014.

Shares in London-listed Genel peaked above £1,100 in early 2014, but since then have slumped to close at £77.75 last week.

Hayward, who resigned as chief executive of BP after the Deepwater Horizon offshore rig disaster, will be replaced at the helm of Genel by Stephen Whyte, a former Royal Dutch Shell and BG Group executive.

Hayward, who currently remains chairman of Genel, said: "Nat contributed greatly to Genel's development as both a founder and subsequently a non-executive director.

“Despite a challenging external environment, the company has made significant progress during his involvement, and Genel has been instrumental in the development of the Kurdistan Region of Iraq's oil industry.”

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