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Cairn boss Gammell hands over CEO reins

By Daily Mail Reporter
Updated: 03:16 EDT, 17 June 2011

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Cairn Energy boss Sir Bill Gammell is to relinquish executive control, some 30 years after he founded the company.

Moving upstairs: Investors give blessing to chief Sir Bill Gammell becoming chairman

The Scottish chief executive will become chairman, with legal and commercial director Simon Thomson - who has led the firm's exploration programme in Greenland - taking over.

The UK corporate governance code recommends against chief executives being kicked upstairs to become chairman of the same company.

Firms that opt for this route are usually ordered to comply with the guideline or explain to shareholders why they have not.

But a spokesman for the company said senior non-executive Iain McLaren has secured the blessing of investors for the succession plan, believing a need for continuity outweighs any governance concerns.

Gammell will remain chairman of Cairn India, in order to oversee the stalled sale of a £6bn stake in the venture to Vedanta.

Shares fell 7.6p to 403.3p.

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