Australian oil and gas company Karoon Energy has said that its founder and CEO Robert Hosking will step down after 16 years at the helm.
The company, with oil and gas projects in Australia, Peru, and Brazil, said Wednesday that Hosking had informed it of its decision to retire at the 2020 Annual General Meeting.
Commenting on his retirement plans, Hosking said: “After 16 years at the helm, and having transformed Karoon from a A$8 million pure-play exploration company in the onshore Gippsland Basin, to making offshore gas discoveries in the Browse Basin, reaching the ASX 200 index, developing a strong business in South America and finally leaving the business as an emerging production company with high-quality organic growth options, I believe that I am leaving Karoon in a strong position with an exciting future."
"I wish to assure shareholders that I am committed to steering Karoon through a seamless transfer to full ownership of the Baúna asset and will work with the board to ensure a smooth transition to the new CEO," Hosking said.
Karoon's board has engaged an independent specialist search firm to complete a global search for a replacement CEO.
Karoon Chairman Bruce Phillips said “not many people understand how difficult it is to build a company starting with only an idea in your head. Bob’s entrepreneurial skills, dealing capability, and tenacity have been the driving forces in getting Karoon to where it is today. We are indebted to Bob’s vision and contribution and I look forward to acknowledging his achievements in a more fulsome manner at the 2020 AGM.”