Tullow Oil chair (non-executive), Dorothy Thompson has decided to resign from her role as the board chair, weeks after Tullow pulled off a US$1.8 billion refinancing.
Dorothy Thompson’s previous position was in a leading role, the non-executive Chair of Tullow’s board since 2018, but had to move up to take the position of executive chair after the company slashed production forecasts and had its share price plummet. This was also the time after the exit of the company’s previous chief executive Paul Mcdade.
At the time of the production slash, Thompson averred that the company had committed “material errors” in its production forecasts of oil as she set about trying to turn the affairs the company around and save it from ta heavy pile of debts.
Following a move to cushion the company from declining oil prices during the pandemic, Thompson planned a slash in jobs and cut investment by a third until the new chief executive Rahul Dhir assumed office in September last year.
“Dorothy joined the Tullow Board in April 2018 and became chair in September of the same year. Dorothy was also executive chair of Tullow from December 2019 to September 2020 after which she reverted to her Non-Executive position following the appointment of Rahul Dhir as CEO.”
Before moving to Tullow a few years ago, Thompson had for the past 12 years served as the chief executive officer of Drax Group plc, an international power and energy trading company.
Dorothy Thompson had also worked for InterGen Services Inc, and PowerGen plc. Thompson began her career in development banking with the Commonwealth Development Corporation and the National Development Bank of Botswana.
Pertaining to her decision to leave her current position, Dorothy Thompson CBE, non-executive chair of Tullow Oil plc, commented:
“My time with Tullow has been interesting and challenging and Tullow is now well positioned for a positive and sustainable future.
“With the refinancing successfully concluded through our recent bond issue and with a new business plan in place which is progressing well under Rahul Dhir’s capable leadership, I have decided that this is the right time to step back from Tullow and to move to other opportunities. I wish the Board and staff all good fortune and will remain a keen observer of Tullow as it executes its new strategy.”
Albeit, Thompson will continue to be the chair of Tullow until a new chair is appointed and an appropriate handover has taken place, a process which is supposed to conclude towards the end of summer.
Jeremy Wilson, Senior Independent Non-Executive Director of Tullow Oil plc, also commented:
“All members of the Board and staff join me in thanking Dorothy for her service to the Group especially during her time as Executive Chair. During a very testing time, she calmly and wisely steered Tullow through a period of major financial and operational upheaval, and she leaves us with our best wishes for the future.”
Rahul Dhir, the new chief executive of Tullow Oil plc who in recent weeks helped save Tullow from insolvency with a bond issuance of US$1.8 billion indicated that although he felt sorry about Thompson’s departure, he understood her.
“I am very sorry that Dorothy is leaving Tullow but fully understand her desire to step back now that the business is in a stronger position. I will miss Dorothy’s astute counsel, her leadership and her expert chairing of the Board and I wish her well in her future endeavours.”
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