Ithaca Energy has announced plans to change its board and executive management team, it said in a stock-exchange announcement May 29. A month ago it announced a transformational business combination with most of Italian Eni’s UK upstream assets and earlier this year, Eni completed its merger with Neptune Energy.
The highly cash-generative merger will provide material dividend capacity with an ambition for up to $500mn total dividends in 2024 and 2025,the company said.
Among the changes, Eni UK boss Luciano Vasques will become CEO following completion, at which point Iain Lewis, interim CEO, returns to his role as CFO. Odin Estensen, formerly of Neptune, becomes COO. And Zvika Zivlin will become senior independent director, as announced 16 May.
Gilad Myerson, executive chairman since 2019, has stepped down but will be available as an advisor. Dave Blackwood, CBE, will serve as non-executive chairman until his successor, Yaniv Friedman, is formally appointed as executive chairman, when he will return to his role as non-executive director. Mr Friedman was CEO of Modiin Energy.
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