Cairn boss Gammell hands over CEO reins
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.
Most watched Money videos
- Land Rover unveil newest all-electric Range Rover SUV
- Regent Seven Seas Cruises unveils world's most EXPENSIVE cruise
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Blue Whale fund manager on the best of the Magnificent 7
- Ray Massey walks us through the new Ferrari 12Cilindri
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Anglo American to restructure operations as it rejects...
- BUSINESS LIVE: UK wage growth higher than forecast; Anglo...
- AJ Bell launches 'ready-made pension' to help savers find...
- London estate agent known as Mr Super Prime to star in...
- Currys shares surge after profit guidance upgrade as...
- Marston's losses narrow amid hopes of summer sporting...
- I don't want smart meters, so Eon is charging me £316 to...
- Santander offers £175 to switch your current account -...
- Greggs sales soar as baker's expansion plans roll on with...
- Investors ramp up bets against BT as new boss prepares to...
- Gamestop shares double as 'meme stock' social media...
- Cheaper energy deals could be back by winter as Ofgem...
- Car salespeople reveal their insider tips to buy and sell...
- Vodafone boss says 'more needs to be done' in...
- Headlam does not expect market growth 'until 2025'
- Virgin Money UK warns of pressure on profits ahead of...
- Digital marketing firm Mission Group snubs takeover offer...
- Police not interested in shoplifting, says M&S as thefts...