Ithaca Vitality plc introduced a number of adjustments to its high brass on Tuesday.
The alterations to the corporate’s board of administrators and government administration crew have been made “to strengthen the corporate’s management because it embarks on its subsequent part of progress,” Ithaca outlined in a launch posted on its web site.
The discharge highlighted that the corporate just lately introduced a “proposed transformational enterprise mixture with considerably all the upstream belongings of Eni within the UK”.
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The mixture will, when full, create a UK continental shelf powerhouse with the only largest useful resource base within the UK North Sea, making a strategic platform for long-term progress within the basin and the pathway to changing into the most important producer within the UKCS by 2030, Ithaca famous in its newest launch.
Ithaca outlined within the launch that its board consulted with the corporate’s majority shareholder and Eni in making the crew adjustments, which embrace the departure of Gilad Myerson as Government Chairman, succeeded by Dave Blackwood. Blackwood will turn out to be interim Non-Government Chairman, to be adopted by the proposed appointment of Yaniv Friedman as Government Chairman, the discharge revealed.
Adjustments additionally embrace the proposed appointment of Luciano Vasques as Chief Government Officer on completion of the enterprise mixture, Iain Lewis returning to his position of Chief Monetary Officer following a spell as interim Chief Government Officer, the appointment of Odin Estensen as Chief Working Officer, and the appointment of Zvika Zivlin as Senior Unbiased Director.
Myerson has greater than 25 years of in depth expertise constructing companies and driving worth creation initiatives along with personal fairness funds, Ithaca’s web site states. He has guided the corporate by its acquisition-led progress technique since 2019, culminating within the current enterprise mixture with ENI UK, Ithaca’s launch famous, including that he has been an instrumental a part of Ithaca Vitality’s progress.
Blackwood joined Ithaca Vitality’s board in October 2022 as Non-Government Director and Chair of the Well being, Security, Environmental and Safety committee, “after a distinguished profession spanning 47 years within the world vitality sector, together with heading up BP’s upstream enterprise within the UK and Norway,” the corporate acknowledged within the launch.
Friedman has important world government expertise working within the vitality and infrastructure sectors and brings appreciable strategic, business, public firm and M&A experience, the corporate added. Vasques brings a wealth of government and vitality business expertise with a profession spanning over 30 years masking a spread of management, technical and operational roles, Ithaca mentioned in its launch. He at the moment holds the position of Managing Director of Eni UK Restricted and led the current acquisition and integration of Neptune Vitality into Eni UK’s operations, Ithaca highlighted.
Estensen has greater than 35 years’ expertise within the oil and gasoline sector, the corporate outlined within the launch, including that he brings a wealth of working expertise.
“The board thanks Gilad for his strategic perception and management over the past 4 years,” Blackwood mentioned within the launch.
“The transformational enterprise mixture with Eni’s UK Enterprise marks an acceptable time to vary the manager management of the Firm and we want him nicely for the longer term,” he added.
“We’re delighted to announce plenty of high-quality board and government administration appointees, positioning the corporate for additional success as we transfer into the subsequent thrilling part of progress as the most important useful resource holder within the UK North Sea following the enterprise mixture with Eni’s UK Enterprise,” he continued.
“The proposed appointment of Yaniv will additional assist the corporate’s worldwide progress aspirations, constructing on his demonstrable world business and management monitor report within the sector. Luciano’s sector and integration expertise can be important for the corporate as we proceed to pursue natural progress from our high-value improvement portfolio and efficiently ship the numerous progress alternatives of the enterprise mixture,” he went on to state.
“Lastly, the appointment of Odin will present additional rigor to our every day operations to make sure we proceed to ship secure and dependable operations. The board seems ahead with confidence to working with Yaniv, Luciano and Odin of their respective new roles,” he mentioned.
In his assertion, Blakwood additionally thanked Lewis “for his stewardship of the corporate as interim Chief Government Officer, which position he’ll proceed in till Luciano formally takes workplace, upon which Iain will return to his position as Chief Monetary Officer”.
Additionally within the launch, Myerson mentioned, “I’m extraordinarily happy with what Ithaca Vitality has achieved throughout my tenure on the firm”.
“The current announcement of the enterprise mixture with Eni’s UK enterprise, is transformational and I’m happy to have led the corporate by to this important milestone,” Myerson added.
On March 27, Ithaca introduced that it had entered into an exclusivity settlement in relation to a possible transformational mixture with considerably all of Eni S.p.A.’s UK upstream belongings, together with the just lately acquired Neptune Vitality belongings, excluding sure belongings together with Eni’s CCUS and Irish sea belongings.
In that launch, Ithaca outlined that the potential mixture would “add important scale and diversification” to its enterprise, “create a number one UKCS portfolio”, “allow materials future progress” for the corporate, and “create a long run strategic partnership with ENI”.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
