Serica Energy plc’s chairman Tony Craven Walker will after 18 years’ service stand down from his post and the board at the end of the company’s general meeting in June.
The announcement, made in Serica’s results for the year ended 2022, added that his successor will be David Latin who was recently appointed board non-executive director.
Mr Walker has been on the board since the company started in 2004 as a small explorer in the North Sea and South East Asia.
“I have seen it through the transition to the company that it is today, a very significant British-based upstream operator with material operations in the North Sea and generating good returns to shareholders.
“I am proud of that achievement and am proud of the team that has made it possible.
“I am sure that all shareholders would like me to thank them.
“The company has a very strong team, a strong balance sheet, a very material production base and very strong credentials, all of which put it in a good position for future success.
“In line with good corporate governance practice, due to my length of service I shall be
standing down from the chair and the board at the end of our forthcoming annual general
meeting.”
Chief executive Mitch Flegg added that Mr Walker had made an “incredible contribution”.
“Tony has been instrumental in the development of the company from its early stages through to its establishment at one of the UK’s top ten producers, and I would like to personally thank him for the experience and guidance that he has provided to me and the entire management team.
“I look forward to working with the incoming chair, Dave Latin who I have known for many years.”
Mr Walker began his career in the British independent oil industry during the early 1970s at BP.
He founded two British independent oil companies of Charterhouse Petroleum of which he was chief executive, and Monument Oil and Gas where he was chief executive and later chairman.
Mr Walker was also a founder member of the Association of British Independent Oil Exploration Companies (BRINDEX).