Tullow Oil CEO Rahul Dhir to step down in 2025

(Sharecast News) - Tullow Oil said on Thursday that Rahul Dhir will step down as chief executive officer and resign from the board next year "to pursue other business, academic and family interests". The search for his successor has already begun and Dhir will stay in his role until a date to be determined "to ensure a smooth transition," the company said.

Non-executive chairman Phuthuma Nhleko said: "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."

Dhir 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 circa $1.4 billion."

At 0810 GMT, the shares were down 6% at 22.52p.