A board member of UK-based Independent Oil and Gas (IOG) has stepped down from his position in the company.
IOG said on Wednesday that Andrew Hay was stepping down from the board with immediate effect.
The company added that it was well advanced in seeking a new independent non-executive director to join the board.
Mark Routh, interim chairman and IOG CEO, said: “On behalf of IOG I thank Andrew for his service since joining us in July 2016 and I wish him well in his future endeavors. We look forward to announcing very shortly the appointment of a new independent non-executive director.”
Hay is currently a managing director in the corporate finance business of the Edmond de Rothschild Group in London, and a director of Edmond de Rothschild Securities UK Limited.
Between 1999 and 2014 he ran the corporate finance team at Edmond de Rothschild Securities, specializing in public and private company M&A transactions and capital raising.
Before this, Andrew held senior positions at both Schroders and ING Barings between 1976 and 1999.
Hay is also a senior independent director at Aminex, an Africa-focused oil and gas exploration and production company, and sits on the company’s Audit and Remuneration committees.