Gulf Keystone Denies Report On CEO's Ouster

Posted by Joseph R. Fonseca
Thursday, May 01, 2014
Todd Kozel

 

Oil explorer Gulf Keystone on Thursday denied a media report that its board and investors planned to call for the resignation of founder and Chief Executive Todd Kozel within months.

British broadcaster Sky News reported that several Gulf Keystone directors had held talks this week about Kozel's departure, prompted by a series of rows over executive pay and shareholder returns. (http://link.reuters.com/wyg98v)

Gulf Keystone spokesman Terence Franklin denied the report and told Reuters there was no substance to these "rumours".

Franklin confirmed the meetings but said he did not know what had been discussed.

Sky, citing sources, said some board members wanted an announcement about a succession plan before the company's annual meeting, typically held in July.

The broadcaster also said a number of big shareholders in the London-listed company want to replace Kozel with Simon Murray, the ex-Glencore chairman who now heads Gulf Keystone's board.

Murray, who was at Glencore's helm in 2011 when the resources group listed and oversaw its $39 billion takeover of Xstrata, was appointed chairman of Gulf Keystone in July 2013 to help quell investor frustration over the board's make-up at the time.

He was put in charge of Gulf Keystone's remuneration committee, a part of the business which could come under shareholder scrutiny.

In March, Kurdistan-focused Gulf Keystone posted a $32 million loss after tax for 2013. Kozel's salary and bonus totalled $13.6 million in 2012, and he made $7 million through share options that year.

Sky cited sources saying major investors would decide to vote against both the chairman and chief executive's re-election if Kozel's departure was not announced before this year's shareholder meeting.

(Reporting by Richa Naidu in Bangalore; Editing by Leslie Adler)

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Energy

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

People in the News

MOL Renames Group Ship Management Co.

Mitsui O.S.K. Lines, Ltd. announced today that effective July 2, its wholly-owned ship management company for dry bulkers, New Asian Shipping Company, Limited

TORM's Restructuring Agreement Becomes Effective

As previously reported, TORM has obtained the creditor consents necessary to implement its Restructuring through an English law Scheme of Arrangement (cf. announcement no.

WISTA Seminar on Dry Bulk Receives Wide Response

A Shipping Seminar on "Dry Bulk Chartering, Operations and Arbitration”  held on 27th June 2015 at the Narottam Morarjee Institute of Shipping, Nariman Point, Mumbai was well attended.

Communication

Antwerp, Duisburg Ports to Upgrade Rly Link

The Port of Antwerp and duisport are intensifying their cooperation as the Port of Antwerp will participate in the existing rail shuttle service connecting the two ports.

Beier Radio is now Beier Integrated Systems

For 70 years, Beier Radio has provided engineering, sales, and service for marine electronics around the globe. As the corporation marks its 70th anniversary,

DPE is New Majority Shareholder in INTERSCHALT

Deutsche Private Equity GmbH (DPE) is set to become the new majority shareholder in INTERSCHALT maritime systems AG, the maritime software and services provider

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4583 sec (2 req/sec)