The boss of a troubled London oil and gas producer that was once worth billions has said he will leave the company next year.
The Times reports that Rahul Dhir, the chief executive of Tullow Oil, will step down to “pursue other business, academic and family interests”.
The shares, which have declined by 44% since the start of the year, fell 2¼p, or 9% to close at 21¾p yesterday.
Mr Dhir, 58, said the company had achieved a “step-change” in its performance over the past four years, pointing towards a reduction in the company’s net debt to $1.4 billion, from $2.8 billion and free cashflow of more than $1.1 billion that has been generated during the period that he has led the Tullow.
However, the company remains embroiled in a tax dispute with the authorities in Ghana. A decision is expected by the end of the year.
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