The CEO of net zero gas operator IOG has announced he will step down after five years in the job, with a raft of other board changes in the pipeline.
Andrew Hockey will retire from the company with immediate effect, but will remain an adviser ahead of the 33rd offshore licensing round.
His replacement has been announced as Rupert Newall, who led IOG’s restructuring.
In more board changes, it was announced David Gibson will quit as chief operating officer, replaced by Dougie Scott, who brings 30 years experience of leading teams drilling in the north sea.
Scott has worked for Shell, RWE Dea UK and INEOS Oil and Gas, where he held top roles including CEO.
John Arthur has also been announced as the new chief financial officer, moving up from head of finance since the start of the year.
Praising Andrew Hockey, IOG’s chair Fiona MacAulay said the company “has been transformed against considerable odds from an unfunded vehicle with disparate assets into a fully funded UK gas producer.”
Thanking him for “exceptional hard work and tenacity” she also praised David Gibson “for his tireless efforts in his time as COO”.
Looking ahead to the next chapter, she said IOG is ready to navigate a “challenging initial phase of production and works” and it is an “appropriate time to give the executive team fresh impetus.”
Hockey said it “has been a real privilege to serve” since 2018 and “having worked extensively with Rupert over my career, I can vouch for his deep industry knowledge, strategic acumen, financial expertise and drive to succeed.”
Newall said he could “assure our shareholders that I will fulfil my new role with passion, drive and decisiveness”.