Serica Energy has announced Mitch Flegg is stepping down as chief executive officer following the publication of the company's 2023 full-year financial results.
David Latin, current chairman of the board, will take over as CEO on an interim basis until a long-term successor is in place.
Flegg had been in the top role for six years, overseeing the acquisition and integration of Tailwind Energy Limited last year, as well as integrating the Bruce/Keith/Rhum (BKR) assets in 2018.
Commenting on his departure, Flegg said: "It has been a great privilege to lead Serica since 2017 and to be part of building a strong platform with a great team.
"Serica is firmly established as a leading listed UK E&P Company and in a strong position following the Tailwind acquisition and planned changes to executive and Board positions.
"Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica's growth and development and I believe there is an exciting future ahead."
Future interim CEO Latin added: "Mitch Flegg will leave with the profound thanks of the Board and our employees for his outstanding services over two periods at the Company, firstly between 2006 and 2015, and latterly as CEO at Serica over the past six years.
"Mitch has helped build and lead the Company through its recent evolution and has created a very strong platform of significant scale with a solid balance sheet. Serica is now well placed for further growth in service of increased shareholder value, to which the Board is committed as its top priority.
"With the executive team strengthened by the appointment of Martin Copeland as CFO and a depth of talent both within the management team and on the Board, we have an enviable platform for growth and delivery of value to shareholders and all stakeholders."
Flegg will remain as an advisor until after the firm's 2024 AGM, expected to be held in June 2024.
The search for a new CEO will be led by Malcolm Webb, Chairman of the Nominations Committee and SID, supported by external advisers.
FTSE100
The UK's flagship share index, the FTSE 100, was up 10-points at 7,641 shortly after opening this morning.
Brent crude oil futures was down 0.02% today, trading at $80.53 a barrel.
Companies reporting today
- 3i Group - Q3 operational performance
- 3i Infrastructure - Q1 trading statement
- AG Barr - Full-year trading statement
- Airtel Africa - Q3 results
- Amazon - Full-year results
- Apple - Q1 results
- Cranswick - Q3 trading statement
- Glencore - Full-year production report
- JTC - Q1 trading statement
- Meta - Full-year results
- Rightmove - Full-year results
- Shell - Full-year results