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Cabot Energy sees raft of changes as High Power Petroleum populates roles
Cabot Energy on Monday appointed Scott Aitken as chief executive amid a slew of changes, including Keith Bush and Nicholas Morgan stepping down from their respective roles as chief executive and finance director.
Bush and Morgan have stepped down as directors the AIM traded oil and gas company and will leave later in the year, while Aitken, who is currently chief executive of High Power Petroleum, is not currently being appointed as a director.
Jonathan Murphy, independent non-executive chairman, said: "On behalf of Cabot Energy, I would like to thank Keith Bush and Nick Morgan for their contributions to the company and their dedicated service as officers of the company. We wish them the best of luck in their future endeavours."
Aitkin's 25 years of experience in the oil and gas industry include fifteen years as a chief executive and the co-founding of High Power Petroleum with Petro Mychalkiw and Campbell Airlie in 2015.
Morgan's finance director role will be taken up by Aitken's fellow High Power co-founder and Cabot non-executive director Mychalkiw, while non-executive director Airlie will take on the role of chief technical officer.
Mychalkiw and Airlie's board appointments are the reason for Aitken not being admitted as a director, as High Power and Cabot have agreed that there will always be a majority of non-connected directors on Cabot's board.
Scott Aitken, newly appointed chief executive of Cabot Energy, said: "We believe Cabot Energy has a bright future ahead and we are looking forward to the challenge of transforming the Company into a world-class enterprise. With long time colleagues Petro and Campbell, we plan to usher in a new chapter of growth for the company for the benefit of all shareholders."
Finally, Cabot Energy will seek two new and independent non-executive directors as chairman Jonathan Murphy and senior independent director Iain Lanaghan intend to retire from the company.
As of 1234 BST, Cabot Energy PLC's shares were down 9.64% at 3.75p.