Oil and gas company Cairn Energy will appoint Nicoletta Giadrossi as Chair of the Company with effect from January 1, 2021.
She will succeed Ian Tyler who, after seven years on the Cairn Board including six as Chairman, announced in May this year that he would retire from the Board on the appointment of a successor.
Nicoletta Giadrossi is one of the Company's existing non-executive directors and was first appointed to the Board in January 2017.
"[Giadrossi] has extensive experience in oil and gas and other energy markets, both in executive and non-executive roles, including wide engagement on Environmental, Social and Governance issues. Her appointment as Chair follows a thorough and comprehensive succession process and will enable an effective transition of the leadership of the Board," London-listed Cairn said.
In line with UK Corporate Governance Code recommendations, from January 1, 2021, Giadrossi will step down as chair of the remuneration committee (but shall remain a member of the committee) and will also retire as a member of the audit committee.
Alison Wood will take over the role of chair of the remuneration committee and has extensive experience in this area, having served on the remuneration committees of a number of other listed companies.
In addition, Erik Daugbjerg will be appointed a member of the remuneration committee and Catherine Krajicek will be appointed a member of the audit committee.
Simon Thomson, Chief Executive of Cairn, said:
"I very much look forward to continuing to work with Nicoletta in her new role as Chair of the Board - she brings a huge breadth of knowledge and experience and will provide important continuity for Cairn as we position the Company for continued growth and success. On behalf of the Board, I would also like to thank Ian Tyler for his invaluable contribution as non-executive Chairman of the Company since 2014."
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