Oil Search Managing Director Keiran Wulff has resigned 17 months after taking charge over a long-term medical condition that the Papua New Guinea-focused company said had recently deteriorated.
The board had been in discussions with Wulff over complaints about his behavior, Chairman Rick Lee said in a statement on Monday.
Lee said the board considered Wulff's behavior was "inconsistent with the standards expected by the Board in relation to his management style."
Since Wulff took over from his long-serving predecessor, there have been a slate of extreme events including lockdowns, a plunge in oil prices, emergency measures to secure the company's financial position, and the need for a sustainable strategy focused on energy transition, he said.
"The Board acknowledges the magnitude of the tasks undertaken by Dr Wulff since his appointment as Managing Director in February 2020 and recognizes the challenges that his recent health issues have had on him," Lee added.
Peter Fredricson, who was appointed chief financial officer in March, will become acting chief executive officer while the search for a permanent replacement goes on.
It has "become apparent to me that due to my health challenges, it is becoming increasingly difficult for me to perform at the level required of the position," Wulff said.
"After considerable reflection and consultation with my family and others including my medical advisers, it is an appropriate time to leave to focus on my health," he added.
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week
