There will be some changes at the top for Cairn Energy plc as Deputy Chief Executive Officer (CEO) Mike Watts and Managing Director and Chief Financial Officer (CFO) Jann Brown are stepping down as executive directors of the company.
Both will be leaving after the Annual General Meeting in May, though both have agreed to continue in senior roles for the company and to dedicate their time to resolving the Indian Tax position issue that has dogged the company in recent times – The Indian authorities are currently investigating Cairn Energy tax payments from 2007 and Cairn has been restricted by the Indian tax department from selling the remaining 10.3% stake in Cairn India, valued at $1bn at December 31st 2013.
Chief Executive Officer Simon Thomson, commenting said: “The changes announced today offer the best way of organising our business for the future – both in delivering our ongoing balanced growth strategy and in dealing with the situation in India.”
There will be some changes at the top for Cairn Energy plc as Deputy Chief Executive Officer (CEO) Mike Watts and Managing Director and Chief Financial Officer (CFO) Jann Brown are stepping down as executive directors of the company.
Both will be leaving after the Annual General Meeting in May, though both have agreed to continue in senior roles for the company and to dedicate their time to resolving the Indian Tax position issue that has dogged the company in recent times – The Indian authorities are currently investigating Cairn Energy tax payments from 2007 and Cairn has been restricted by the Indian tax department from selling the remaining 10.3% stake in Cairn India, valued at $1bn at December 31st 2013.
Chief Executive Officer Simon Thomson, commenting said: “The changes announced today offer the best way of organising our business for the future – both in delivering our ongoing balanced growth strategy and in dealing with the situation in India.”
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