Cairn announces that as part of its long term succession planning, Dr. Mike Watts, Deputy CEO, and Jann Brown, Managing Director and CFO will not seek re-election at the AGM on 15 May 2014 and will stand down as Executive Directors of the Company with effect from that date.
Dr. Watts and Brown have agreed, during their notice periods, to continue in senior roles and dedicate their time to seeking to resolve the tax position in India.
James Smith will take over the role of Finance Director and will join the Cairn Board as an Executive Director, with effect from the conclusion of the AGM.
Smith joined Cairn recently from Rothschild where he was a Director in the Energy & Power team in London. He has 14 years’ experience in investment banking, advising oil and gas clients, including Cairn, on M&A transactions and equity and debt market finance. Mr Smith does not currently hold any Cairn shares and no further information in connection with his appointment is required to be disclosed pursuant to Listing Rule 9.6.13R. Further details of the remuneration package payable to Mr Smith are included in the notes to this announcement.
Following these changes, Cairn will have two Executive Directors on its Board – Simon Thomson, Chief Executive and James Smith, Finance Director. They will be supported by the Director of Exploration, Richard Heaton and Chief Operating Officer, Paul Mayland who have a combined experience at Cairn of more than 30 years.
Simon Thomson, Cairn CEO said: “I would like to thank Mike and Jann, both for their instrumental contribution to the growth of Cairn over the years and for agreeing to remain in their new roles seeking a resolution of the Indian tax matter.
The changes announced today offer the best way of organising our business for the future – both in delivering our ongoing balanced growth strategy and in dealing with the situation in India.
I am delighted to announce James’ appointment as Finance Director. James has been a trusted adviser to Cairn for many years, and I look forward to working together with him, the rest of the Board and the senior management team in delivering our strategic objectives.”