Serica Energy (LON:SQZ) has announced its chief executive officer Mitch Flegg will leave the company after six years at the helm.
In a statement Serica said Mr Flegg will step down after the publication of the company’s 2023 full year financial results, but will remain as an adviser to the company until after its AGM in June.
Current chairman of the board David Latin will take on the role of interim CEO until a long-term successor is appointed.
Serica said Mr Flegg has been “highly instrumental” in growing the independent oil and gas firm, leading it through the integration of the Bruce, Keith and Rhum assets it acquired in 2018.
Mr Flegg also spearheaded the acquisition of Tailwind Energy in 2023 and Serica said he leaves the company “in its best ever health, very well positioned to deliver full value from its assets and exploit opportunities in the UK and beyond”.
Last year Mr Flegg said Serica was exploring several deals in Norway and Europe as he lamented a “lack of opportunity” in the North Sea as a result of the windfall tax.
‘Now is the right time’
Mr Flegg said it had been a “great privilege” to lead the company since 2017.
“Serica is firmly established as a leading listed UK E&P Company and in a strong position following the Tailwind acquisition and planned changes to executive and board positions.
“Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica’s growth and development and I believe there is an exciting future ahead.”
Serica chairman David Latin said: “Mitch Flegg will leave with the profound thanks of the Board and our employees for his outstanding services over two periods at the Company, firstly between 2006 and 2015, and latterly as CEO at Serica over the past six years.
“Mitch has helped build and lead the Company through its recent evolution and has created a very strong platform of significant scale with a solid balance sheet.
“Serica is now well placed for further growth in service of increased shareholder value, to which the Board is committed as its top priority.
Serica said its board has commenced the search for a successor led by Malcolm Webb and supported by external advisors.