Business
Directorate Change
Directorate Change.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 8504A Gulf Keystone Petroleum Ltd. 03 June 2019 \n\n\n3 June 2019\n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \n \n \n Directorate Change\n \nGulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, announces that Sami Zouari, Chief Financial Officer (CFO), will be stepping down as CFO and a Director of the Company during the second half of the year, and will leave the business by no later than 2 December 2019.\n \nMr Zouari has been CFO of GKP since January 2015 overseeing both financial and commercial activities in the company. Since joining, he has played a key role in the strategic turnaround of the business, in particular leading the 2016 implementation of a new capital structure, materially strengthening the Company's balance sheet and bringing about a significant debt reduction. In addition, he has overseen the $100 million bond refinancing completed in 2018, and, most recently, was instrumental in the introduction of the Company's maiden dividend policy. \n \nIn addition to remuneration in respect of his six-month notice period which will run from the date of this announcement, Mr Zouari will remain eligible to receive a pro rata bonus under the Executive Bonus Scheme for the 2019 financial year. With respect to Mr Zouari's current outstanding options held under the 2016 Value Creation Plan (VCP), these will be retained by Mr Zouari and will vest according to the rules and normal operation of the VCP, subject to performance conditions being attained.\n \nA leading search firm will be appointed to find Mr Zouari's successor and the process is expected to be concluded over the coming months. A further announcement will be made in due course. \n \nJa...