North Sea operator EnQuest is searching for a new chairman after incumbent Martin Houston announced his intent to step down.
EnQuest said Mr Houston, who took on the non-executive role in October of 2019, has decided to focus on his other business interests.
A search is now on for a new chairman, led by senior independent director Howard Paver.
EnQuest praised Mr Houston’s leadership and work to progress the company’s strategic objectives.
In particular, it pointed to his role in reducing net debt, which stood at $1.2bn at the end of 2021, its lowest since 2014.
Mr Houston also brought “greater diversity of gender, background and skills to the board” through a series of non-executive director recruitments.
On stepping down, Mr Houston said: “I have much enjoyed leading the EnQuest Board, but now is the right time to focus on my wider portfolio of companies in the sector.
“Over the last three years, EnQuest has made significant progress, despite the challenges of the pandemic and commodity price volatility. With a strengthened and diversified Board, I believe EnQuest is well positioned for the next phase of its journey.”
The timing of Mr Houston’s departure will be confirmed once a successor has been recruited, EnQuest said.
CEO Amjad Bseisu said: “On behalf of the Board and the management team, I would like to thank Martin for his diligent contribution to EnQuest.
“With his extensive experience and industry knowledge, he has provided valuable support to EnQuest during the difficult years spanning the pandemic.”
Mr Paver, who is leading the search for a new chairman, added: “”On behalf of the Board, I thank Martin for his strong, principled, leadership in a period of challenge and change, both for EnQuest and our industry.
“Martin has focused resolutely on serving the interests of all our shareholders.”