Rahul Dhir will step down from his position as CEO of Tullow Oil plc and leave the board starting in 2025 to focus on his family, business, and academic endeavors, the company announced on Thursday, December 5.
As a result, the Board has started the process of selecting his replacement. To guarantee a seamless transition, Rahul will remain in his position until a date to be decided.
Phuthuma Nhleko, the company’s non-executive chairman, responded to Rahul’s resignation by saying:
“I would like to thank Rahul for his hard work and dedication to Tullow. Since joining in 2020, Rahul has led a comprehensive turn-around and strategic reset of Tullow, focussed on the delivery of operational and financial performance, debt reduction and positioning the company for future growth.”
Rahul Dhir, Chief Executive Officer, also said:
“It’s been a privilege to serve Tullow during these past four and a half years. During this period, we have achieved a step change in our operating performance, cost structure and capital discipline and delivered over $1.1 billion in free cash flow and reduced our net debt from $2.8 billion to c.$1.4 billion. I am also very proud of our team’s strong culture of ownership and commitment to business delivery. With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next phase of growth.”
Meanwhile, in compliance with s430(2B) of the Companies Act 2006, information about the compensation payments to be made to Mr. Dhir will be included in the annual report and accounts for the year ending December 31, 2025, which will be published in 2026.
