Karoon Energy CEO Julian Fowles to resign by end of year
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The news: Karoon Energy chief executive and managing director Julian Fowles will step down by the end of the year, as plans to move staff to Brazil and the US progress.
The context: Fowles joined the company in 2020 and will vacate the top job at the end of 2025 if a replacement is not found sooner.
After stepping down he will serve a notice period through to mid-2026 and provide support to facilitate a smooth transition if required.
The company decided at its annual general meeting in May to relocate key corporate teams and roles from Melbourne to Brazil and the US in a bid to simplify the company structure, and boost efficiency and collaboration.
The relocation will be phased over a 12 to 18 month period.
What they said: “Following discussions with the Board, Julian will not be relocating as part of the planned transition of key corporate roles, including senior management, from Melbourne to Brazil and the US,” Karoon chair Peter Botten said.
Botten added that Fowles’ “was instrumental in developing and delivering Karoon’s 2021 Strategic Plan”.
“This included the successful Baúna intervention campaign, the development of the Patola field and the strategic Who Dat [oil and gas field] asset acquisition, which has reduced the company’s reliance on one asset in one jurisdiction," he said.
The source: ASX
