Australian oil and gas company Santos has named a successor to the company’s retiring chairman.
Santos said on Monday that Keith Spence would succeed Peter Coates as the chairman of the company in February 2018, at which point Coates would retire from the board.
Coates announced his intention to step down from the board pending the recruitment of his successor at the company’s AGM in May this year.
The company added that Spence would join the Santos board on January 1, 2018. He has over thirty years of oil and gas experience, having served in senior executive positions with Woodside Petroleum and Shell.
As a result of the appointment, Spence will retire from the board of Oil Search but remains the chairman of Base Resources, a director of Independence Group NL, and Murray and Roberts Holdings Limited.
He was previously the chair of NOPSEMA, the National Offshore Petroleum Safety and Environmental Management Authority Board.
Coates said: “Board renewal and the identification and recruitment of my successor were the final tasks for me following the appointment of the right company leadership and the consequent successful repositioning of the company.
“Keith Spence is ideally placed to take over as chairman. He brings extensive global oil and gas experience to the board. I look forward to working with Keith and my board colleagues to ensure a seamless handover.”
Regarding his appointment, Spence said: “I am honored to be appointed to the Santos board and succeed Peter as chairman. Peter has worked tirelessly with Kevin Gallagher and his team over the past two years to turn Santos into a less complex and more resilient company. I am committed to the creation of long-term value for shareholders and look forward to working with the Board and management to achieve this.”