Shares in Cairn Energy were down on the FTSE 100 in morning trading after the group yesterday announced the appointment of a new CEO.
Simon Thomson, Legal and Commercial Director of the company will replace Sir Bill Gammell as CEO of the company from 1 July 2011. Sir Bill will remain as Chairman of Cairn India.
Sir Bill said, "Simon has been with Cairn for 15 years and has played an instrumental role in accessing the opportunities that Greenland offers the company as well as in the delivery of value from Cairn's interests in India. I'm delighted that he has agreed to lead the Company in the next stage of its development."
Mr Thomson, commented, "I am looking forward to leading Cairn as we continue to seek to create and deliver material value for shareholders. Cairn's key strength of entrepreneurial exploration remains the focus of the Group offering investors significant growth potential in combination with underlying asset value and balance sheet strength."
By 09:15 shares in Cairn Energy were down 1.29 per cent on the FTSE 100 to 398.10 pence per share.