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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

ASEAN Breaks South China Sea Deadlock

Manila drops request to refer to court ruling in statement. Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request

China sets up South China Sea environment protection fund

China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years,

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Energy

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

News

MSC Invests in TRAXENS Container Monitoring

MSC Mediterranean Shipping Company has reached an agreement to back French start-up TRAXENS, a developer of cargo logistics solutions and creator of a container monitoring and coordination system.

Passenger Vessel Runs Aground off Hawaii

The 65-foot commercial passenger vessel Spirit of Kona ran aground on the island of Hawaii, Sunday, the U.S. Coast Guard reported.   Coast Guard Sector Honolulu

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

People in the News

Piracy Drops to 21-year low - IMB

Piracy and armed robbery at sea has fallen to its lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a new report from the International

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

ASEAN in Discord Ahead of Meeting with top China, U.S. Diplomats

Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against

Communication

B&G Software Upgrade for Zeus2 and Vulcan Chartplotter

B&G, the world’s leading sailing navigation and instrument specialist has upgraded its latest software for the full range of Zeus2 and Vulcan chartplotters. The

INTERSCHALT Expands South American Network

INTERSCHALT maritime systems GmbH, a provider of services for communications, navigation and bridge equipment and the maker of voyage data recorder systems, has

KVH Promotes Bruun to COO

KVH Industries has  announced  that Brent Bruun, currently executive vice president of mobile broadband for the company, has been promoted to the newly created

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1581 sec (6 req/sec)