Board Changes

RNS Number : 3168B

Cairn Energy PLC

03 March 2014

 



FOR IMMEDIATE RELEASE                                                                                        3 March 2014

CAIRN ENERGY PLC ("Cairn" or "the Company")

Board Changes

Cairn announces that Sir Bill Gammell will retire as non-executive Chairman of the Company with effect from the conclusion of the Company's AGM on 15 May 2014.  As part of the Company's long term succession planning he will be succeeded by Ian Tyler, who is currently a non-executive director of the Company.

The Board, led by Iain McLaren, the Senior Independent Director, believes that Ian's abilities as a non-executive Chairman and his extensive listed company experience in multiple countries, which were recognised when he joined the Company's Board, make him ideal for the role of Cairn's non-executive Chairman. 

Simon Thomson, Chief Executive, Cairn Energy PLC said:

"Bill has been an exceptional leader and leaves a lasting legacy at Cairn. His role in the Company's growth over 25 years has delivered significant value to shareholders.

I am delighted that Ian Tyler has agreed to become our new Chairman given his extensive listed company and non-executive experience."

Sir Bill Gammell, Chairman, Cairn Energy PLC said:

"I am proud of Cairn's many achievements during my tenure as Founder, CEO, and subsequently Chairman, and as a shareholder I look forward to further progress.

After 25 years on the Board, I am pleased to be leaving in the knowledge that the Board and the Company will remain in highly capable hands with Ian as Chairman and with Simon at the helm as CEO."

 Ian Tyler, Non-Executive Director, Cairn Energy PLC said:

"This is an exciting and challenging time for Cairn and I look forward to working with Simon, his management team and the Board as we continue to seek to create and deliver material value for shareholders."

Enquiries to:

Analysts / Investors

David Nisbet, Corporate Affairs                                                                              Tel: [phone]

Media

Patrick Handley, David Litterick

Brunswick Group LLP                                                                                           Tel: [phone]

Ian Tyler, Biography

Ian Tyler was appointed as an independent non-executive director at Cairn Energy PLC in June 2013. Ian holds a number of other non-executive positions including: Non-executive chairman of Al Noor Hospitals Group plc and Bovis Homes Group Plc, Non-executive director of Cable & Wireless Communications plc and BAE Systems plc. Prior to this, Ian was Chief Executive of Balfour Beatty plc from 2005 until March 2013. 

NOTES TO EDITORS

Cairn Energy PLC ("Cairn" or the "Group" or the "Company") is one of Europe's leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange. Cairn has discovered and developed oil and gas reserves in a variety of locations around the world.

Cairn's business operations are now focused on frontier exploration acreage in Morocco, Senegal, Republic of Ireland, Greenland, Mauritania and the Mediterranean along with exploration and pre-development interests in the North Sea. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Greenland, Norway, Spain, Morocco and Senegal. 

Cairn and Corporate Responsibility

Ø Cairn is a signatory to the UN Global Compact and our core values of respect, responsibility, relationships and our commitments towards people, the environment and society are enshrined in our Business Principles, which are available on the Cairn website at http://www.cairnenergy.com/index.asp?pageid=282

Ø Cairn became a participating company in the Extractive Industry Transparency Initiative (EITI) in September 2013. The EITI is a coalition of governments, companies and civil society, who have adopted a multi-stakeholder approach to applying the EITI global standard promoting transparency of payments in the oil, gas and mining sectors http://eiti.org/

For further information on Cairn please see: www.cairnenergy.com

 

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