The Board of Puma Energy today announces that Emma FitzGerald will step down as CEO, effective immediately. This follows Puma Energy’s recent rights issue process, launched on 8th March 2021 to recapitalize the company, and the signature of a share purchase agreement for the sale of Sonangol’s stake in Puma Energy to Trafigura, which was announced today. As a result of these actions, Trafigura, Puma Energy’s largest shareholder, is expected to increase its shareholding to more than 90%, subject to completion of applicable regulatory approvals.
The Board has decided to appoint Andrew Kemp, CFO of Puma Energy, as interim CEO to lead the business. He will work closely with the Puma Energy Board and Puma Energy Executive Committee to continue to deliver Puma Energy’s strategy and sustainable growth plan.
René Médori, non-executive Chairman, commented: “Emma has led Puma Energy through a very challenging period for the business over the last two years where she has stabilised business performance and simplified Puma Energy’s global portfolio, including transitioning the business to a more focused operating model during the global pandemic. She and her team have also made material progress in executing a customer-led strategy to drive medium-term growth despite the impact of COVID-19. I would like to thank Emma for her leadership in these unprecedented times and wish her well for the future.”
An executive transition team will support Andrew during this transition period to ensure delivery of the 2021 plan. Puma Energy’s purpose of energising communities remains as important as ever, to help drive growth and prosperity by sustainably serving our customers’ needs in high potential markets around the world.