The controversial chief executive of oil company Gulf Keystone Petroleum is set to step down following shareholder revolts, complaints over his pay and a 50% fall in the shares in recent years.
However, Todd Kozel, who is said to have personally negotiated with Iraqi Kurds just days after the fall of Saddam Hussein, will remain on the board in a new role.
The company refused to reveal whether he would take a pay cut, what responsibilities he would have or if shareholders would be given the details before next month’s annual general meeting.
His removal comes just weeks after finance director Ewen Ainsworth left to “pursue other interests” and Kozel’s pay was cut following a report which found that executive bonuses were excessive.
A shareholder revolt saw former non-executive director Mehdi Varzi leave, and led to Kozel’s pay dropping from £14.4 million in 2011 and £8.8 million in 2012.
He still remains one of the highest-paid listed chief executives, despite ongoing losses.
The company said a search for Kozel’s replacement is underway, with potential candidates already identified. Shareholders want an expert with production experience brought into the business, rather than Kozel’s skills of exploration.
Chairman Simon Murray admitted Gulf Keystone failed to hit the level of oil sales the company had hoped for from its Shaikan field in Kurdistan.
Deputy chairman Jeremy Asher and non-executive John Bell are also stepping down from the board.
