The Board of Directors of Seplat Petroleum Development Company PLC (“SEPLAT”) has selected Mr Roger Brown to take over from its Chief Executive Officer (CEO), Mr Austin Avuru, when he steps down on 31 July 2020.
The company, in a post listing requirement filing obtained from the Nigerian Stock Exchange (NSE) website on Monday, announced the retirement of its pioneer Managing Director and later CEO, after 10 years of leading the company.
According to the firm, in these 10 years, Mr Avuru led the development of a strong organization, the deployment of agile systems, processes and stakeholder relationships that allowed the organization to grow rapidly from a gross production of 22,700boepd as at December 2010 to peaks of 111,368boepd gross production as at December 2018 through major drilling campaigns and major new Oil and Gas plants development.
“The acquisition of 45 per cent of OML 53, post Company’s IPO of 2014, created an opportunity in partnership with NNPC, to spawn a mid-stream subsidiary, ANOH Gas Processing Company Ltd currently progressing what will ultimately be a 300MMscf/d of Gas, 22,500bdp of condensate and 1,200boepd of LPG processing Company. All these could not have been achieved without Mr Avuru’s leadership skills, personal dedication and hard work, at the head of the Company.
“The Board of SEPLAT is grateful to Mr Avuru for these accomplishments and is looking forward to his continued service at the Board level.
“Looking forward, Seplat plans to the position itself for a next phase growth ambition which would see the expansion of its footprint in terms of energy business activities, a plan to pursue offshore assets as well as opportunity-driven entry into different geographies.
“The Company believes that such a corporate transition would require a different kind of organizational structure, people skills set and mentality to compete well in the expanded space. In view of this, Seplat will be reviewing its current organizational and systems structure”, the statement reads.
To lead the Company in her latest aspirations, the Board has also decided that the CEO designate will lead the restructuring during the Transition period between now and final exit date of Mr Avuru on 31 July 2020.
Mr Brown joined SEPLAT in 2013 as the CFO and played a key role in the successful dual listing of the Company in 2014. Similarly, since joining the Company, he has played significant roles in various asset acquisitions by the Company.
Mr Brown brings to the CEO role, a deep knowledge of the Company in his 6 years as the CFO and a member of the Board. He has strong financial, commercial and M&A experience as well as proven people skills which will be an asset as the Company embarks on the next phase of its growth plan.