Ithaca Energy Share Price Fell 3.31% After Its CEO’s Departure

The Ithaca Energy PLC (LON: ITH) share price fell 3.31% after announcing that its Chief Executive Officer (CEO) Alan Bruce was stepping down from his role immediately. The company is recognised as a prominent independent operator within the North Sea's oil and gas sector. 

Alan Bruce, who has spearheaded the company during its initial public offering and its subsequent inaugural year as a publicly listed entity, has mutually agreed with the company's board to relinquish his position as Chief Executive Officer to explore new professional horizons.

In response to this leadership transition, the company's board is actively initiating a comprehensive search to identify and appoint a successor for the Chief Executive Officer position. The company intends to keep its stakeholders informed and will announce further developments at the appropriate time.

In the interim, Iain Lewis will assume the responsibilities of Chief Executive Officer in addition to his ongoing role as Chief Financial Officer. This temporary arrangement will be supported by the guidance of Gilad Myerson, the Executive Chairman, as well as the collective expertise of the company's seasoned leadership team. 

Gilad Myerson said: “The Ithaca Energy Board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future. The search for a new Chief Executive Officer will start as soon as possible. In the meantime, our strong Leadership Team will continue to manage the business, led by Iain as Interim CEO, working in collaboration with myself and with the support of the Board.”

Alan Bruce said: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the Company now established as one of the largest independent operators in the UK.  Having led the business through its successful IPO, I am leaving the Company in a strong financial and strategic position. I would like to thank all of the Ithaca Energy employees who have been instrumental in the Company's success to date and wish them well in the future.”

Ithaca Energy share price. 

The Ithaca share price fell 3.32% to trade at 138.45p from Thursday’s closing price of 143.20p.