Log In

Reset Password
BERMUDA | RSS PODCAST

Gulf Keystone CEO Kozel to retire

Bermuda-domiciled oil firm Gulf Keystone said chief executive Todd Kozel would retire next month, following a rocky period during which the company's corporate governance and executive pay have been criticised.

Investors cheered the news as Gulf Keystone shares rocketed 14.75p, or 18.4 percent, in London Stock Exchange trading yesterday to close on 95p.

Mr Kozel will remain at the company he founded and at which he has been boss since 2001, in the role of executive director, conditional upon his re-election to the board by shareholders at Gulf Keystone's annual general meeting on July 17.

The Texan, 47, was previously chairman and chief executive before coming under shareholder pressure to split the role, and to shake-up the company's board.

Since then, Gulf Keystone has moved from London's junior AIM market to the main list and Mr Kozel has seen his pay plunge from about $21 million to around $3 million.

Gulf Keystone's prize asset is an oil field in the Kurdistan region of northern Iraq. The company said recently that its project were progressing despite escalating violence in the region.

The company also said in a statement that the two non-executives who joined its board last summer following the shareholder dispute, Jeremy Asher and John Bell, have ceased to be directors in line with its bye-laws.

Before yesterday's rally, shares in Gulf Keystone have been hit this year by a significant downgrade in estimates of oil resources at its Shaikan field and a refinancing through a $250 million bond issue.

To retire: Gulf Keystone CEO Todd Kozel

You must be Registered or to post comment or to vote.

Published June 27, 2014 at 9:00 am (Updated June 26, 2014 at 9:17 pm)

Gulf Keystone CEO Kozel to retire

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon