Apr 24, 2017

Tony Hayward to stand down as Genel chairman

Former BP boss Tony Hayward will in June leave Genel Energy, the Kurdistan-focused oil explorer he co-founded, following several troubled years for the lossmaking company. He stood down as chief executive of BP in 2010 after strong criticism of the company's response to the Deepwater Horizon oil spill in the US. Genel was formed in 2011 when Mr Hayward teamed up with financier Nat Rothschild to acquire a Turkish company with energy assets in the semi-autonomous Kurdistan region of Iraq, in a deal valued at $2.1bn. Genel took a stock market listing in London, and Mr Hayward served as chief executive before becoming chairman in 2015. Mr Hayward, who is a significant shareholder in Genel with a 0.5 per cent stake worth £1.1m, will depart as company chairman on June 6, following its annual meeting. Mr Hayward, who was chief executive of BP between 2007 and 2010, made no comment in a Genel statement announcing his departure on Monday. Analysts said it was wrong to blame Mr Hayward for the political difficulties Genel has encountered in Kurdistan, but some did accuse the company of wasting hundreds of millions of dollars on drilling for oil in Africa.

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