A new chairperson of oil and gas company Cairn Energy would join the company with effect from 1 January 2021.
Cairn said on Friday that Nicoletta Giadrossi was appointed as the chairwoman of the company. She will succeed Ian Tyler who, after seven years on the Cairn board including six as chairman, announced in May this year that he would retire from the board after a successor was found.
Nicoletta Giadrossi is one of Cairn’s existing non-executive directors and was appointed to the board in January 2017.
She has experience in oil, gas, and other energy markets, both in executive and non-executive roles, including engagement on environmental, social, and governance issues.
Her appointment as the chairwoman follows a thorough and comprehensive succession process and will enable an effective transition of the leadership of the board.
In line with UK Corporate Governance Code recommendations, from 1 January 2021, Giadrossi will step down as chair of the remuneration committee – but shall remain a member of the committee – and will also retire as a member of the audit committee.
Alison Wood will take over the role of chair of the remuneration committee and has extensive experience in this area, having served on the remuneration committees of several other listed companies.
Also, Erik Daugbjerg will be appointed a member of the remuneration committee and Catherine Krajicek will be appointed a member of the audit committee.
Simon Thomson, chief executive of Cairn, said: “I very much look forward to continuing to work with Nicoletta in her new role as chair of the board – she brings a huge breadth of knowledge and experience and will provide important continuity for Cairn as we position the company for continued growth and success.
“On behalf of the Board, I would also like to thank Ian Tyler for his invaluable contribution as non-executive chairman of the company since 2014”.