Karoon Power Ltd stated that its Managing Director and CEO Julian Fowles will likely be leaving the corporate by mid-2026.
The transfer follows the corporate’s determination to relocate key company groups and roles to Brazil and the USA, Karoon stated in a information launch.
The corporate stated its board, supported by a world search agency, is main a world search course of to nominate a Houston-based CEO / managing director to succeed Fowles.
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Fowles will stay in his position till the appointment of the brand new CEO / managing director or the tip of the yr. He’ll then serve a discover interval via to mid-2026, the place he will likely be out there to offer continuity, if required, the corporate stated.
Karoon Chair Peter Botten stated, “Following discussions with the Board, Julian is not going to be relocating as a part of the deliberate transition of key company roles, together with senior administration, from Melbourne to Brazil and the USA”.
“The choice to relocate these roles has not been taken frivolously. The Board expects that this alteration, which incorporates simplifying Karoon’s construction, will enhance effectivity and facilitate collaboration between the enterprise models in Brazil and the USA. It would additionally cut back duplication and permit the Firm to supply top quality, native expertise in our operational areas. The relocation of our company groups and roles, which has been fastidiously deliberate, will likely be phased over a interval of 12 to 18 months to make sure that a meticulous handover of roles and tasks might be undertaken,” Botten continued.
“On behalf of the Board, I want to sincerely thank Julian for all his laborious work over the previous 5 years. Becoming a member of Karoon in 2020, Julian was instrumental in growing and delivering Karoon’s 2021 Strategic Plan. This included the profitable Baúna intervention marketing campaign, the event of the Patola area and the strategic Who Dat asset acquisition, which has lowered the Firm’s reliance on one asset in a single jurisdiction. Extra lately, he has led the acquisition of the Baúna FPSO [floating production, storage, and offloading unit] and the graduation of disciplined capital returns to shareholders. He has helped form the Firm for its subsequent section of progress, together with the potential developments of Neon in Brazil and Who Dat East and South within the USA,” he concluded.
Fowles stated, “My time at Karoon has been extremely rewarding. Over the previous 5 years, the Firm has reworked from a wildcat explorer to a low price manufacturing and improvement firm with a powerful steadiness sheet and publicity to 2 of essentially the most prolific hydrocarbon basins on the planet”.
“There have been challenges, however we’ve adjusted our technique in response to market circumstances, leading to a Firm with a powerful manufacturing platform and several other extremely enticing and materials natural progress alternatives,” Fowles continued.
“I want to thank all those who have supported me throughout my time at Karoon. The Firm’s success over the previous 5 years couldn’t have been delivered with out the dedication, ardour and expertise of our employees throughout Australia, Brazil and the USA, in addition to our three way partnership companions and contractors. I’m significantly happy with the sturdy tradition and values we’ve developed. I sit up for persevering with to ship secure, dependable manufacturing and progressing our progress alternatives over the steadiness of 2025, and guaranteeing a clean transition to the brand new CEO/MD,” he concluded.
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