Genel Energy loses second co-founder as Rothschild steps down

LONDON - Reuters

Genel Energy co-founder Nathaniel Rothschild has resigned from the Iraqi Kurdistan oil producer, the latest in a series of high-profile departures from the loss-making company.

Rothschild’s departure follows the resignations of chairman and co-founder Tony Hayward, the former BP chief executive, and of chief financial officer Ben Monaghan, a former J.P. Morgan banker.

Although only a non-executive director Rothschild was influential as he still owns a stake of around 7.9 percent in the company.

Genel on June 5 also announced the departure of fellow board member Simon Lockett, head of the audit and nominations and the health and safety committees.

“Today’s news suggests that more substantial changes are afoot, as the ties with the past are broken,” said analysts at RBC Capital Markets.

New Chairman Stephen Whyte will take the helm on June 6 from Hayward when the company holds its annual meeting.

“The composition of the board will be a focus for the new chairman,” a Genel spokesman said on June 5.

The oil producer has been grappling with a steep reserves downgrade at its flagship Kurdish oilfield and the effect of weak oil prices on its revenues.

Shares in Genel traded down 6.6 percent early on June 5, underperforming the sector index which was down 0.3 percent