Tullow Oil Names Roald Goethe Chair as It Executes Major Board Shake-Up-awdailynews

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2025-12-01

Tullow Oil Names Roald Goethe Chair as It Executes Major Board Shake-Up

Tullow Oil has appointed veteran oil trader and long-standing board member Roald Goethe as independent non-executive chair, effective 1 December 2025, in a move that coincides with a sweeping reduction and restructuring of the company’s board.

Goethe, who has served as an independent director since 2023 and sits on the Audit and Remuneration committees, brings more than three decades of commercial and trading experience across African energy markets. His background includes senior roles at Trafigura, where he helped expand its West African oil trading business, and the founding of Delaney Petroleum, focused on crude and products trading in Africa and the Middle East. He also holds more than 28 million Tullow shares and approximately $400,000 in 2026 senior notes, signaling significant personal alignment with shareholders.

The governance overhaul comes as Phuthuma Nhleko steps down as chair and non-executive director with immediate effect to pursue other business interests. Three other independent directors — Genevieve Sangudi, Martin Greenslade, and Mitchell Ingram — have also resigned, prompting one of the most significant board reductions in the company’s history.

From 1 December, Tullow’s board will consist of just four members:

Roald Goethe, Independent Chair
Rebecca Wiles, Independent Director
Ian Perks, Chief Executive Officer
Richard Miller, Chief Financial Officer

Tullow said the downsizing will further reduce its cost base while it searches for replacements for key roles. Management emphasized that the leaner board is intended to be “small, focused and aligned” as the company tightens spending and prepares for its next phase of strategic execution.

Goethe said he looks forward to supporting the leadership team as the company advances its strategy across its African portfolio, including its core assets in Ghana. With the new leadership structure in place, he said Tullow is now positioned to tackle upcoming priorities — notably refinancing its capital structure, a critical milestone as the company navigates debt maturities and seeks to reinforce investor confidence.

The governance revamp comes amid wider sector pressure on independent E&Ps to streamline operations, improve capital discipline, and maintain competitiveness in Africa’s mature upstream landscape. For Tullow, which is targeting Net Zero Scope 1 and 2 emissions by 2030, the overhaul aligns with ongoing efforts to simplify the business, stabilize production from its Ghanaian fields, and enhance long-term value creation.