Oil search chief Keiran Wulff resigns due to health condition

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Jul 19 (Reuters) – Keiran Wulff, managing director of Oil Search (OSH.AX), has stepped down 17 months after assuming responsibility for a long-term illness that the Papua New Guinea-focused company says has recently worsened would have.

The board had spoken to Wulff about complaints about his behavior, said chairman Rick Lee in a statement on Monday.

Lee said the board of directors believed that Wulff’s behavior was “contrary to the standards expected by the board of directors regarding its management style.”

Since Wulff took over from his long-term predecessor, there have been a number of extreme events such as lockdowns, falling oil prices, emergency measures to secure the company’s financial position and the need for a sustainable strategy with a focus on the energy transition, he said.

“The Board of Directors recognizes the extent of the tasks that Dr. Wulff has taken on since his appointment as General Manager in February 2020 and recognizes the challenges his recent health problems have posed for him, ”added Lee.

Peter Fredricson, who was named Chief Financial Officer in March, will become Acting Chief Executive Officer as the search for a permanent replacement continues.

“It became clear to me that, due to my health challenges, it is becoming more and more difficult for me to achieve the level of performance required for the position,” said Wulff.

“After careful reflection and consultation with my family and others, including my medical advisors, it is time to focus on my health,” he added.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu

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