Tellurian co-Founder Charif Souki. (Source: Hart Energy)
Editor's note: This article has been updated to reflect additional changes to Tellurian leadership.
Tellurian Inc.’s board of directors named Martin Houston to be the company’s chairman of the board to replace Charif Souki, the company announced on Dec. 8.
“Co-founder Charif Souki will no longer serve as an executive or officer of the company or hold any managerial responsibilities. Souki remains a member of the board of directors,” Tellurian announced in a news release and regulatory filing.
In addition, Tellurian's board of directors appointed its former General Counsel Daniel Belhumeur to president and its former Deputy General Counsel Meredith Mouer as general counsel and chief compliance officer, the company announced Dec. 11.
The Houston-based company said that the changes weren’t related to “any material or unexpected financial events.”
The decision comes after a November disclosure in which Tellurian said the company had “substantial doubt about our ability to continue as a going concern.”
Houston and Souki are co-founders of Tellurian, which is developing the Driftwood LNG export project in Louisiana.
Houston holds a bachelor's degree in geology from Newcastle University (1979) and a petroleum geology master's degree from Imperial College London (1983), according to details on Tellurian’s website, which has been updated to reflect the changes.
Souki termination “without cause”
Regarding Souki, Tellurian provided a notice of termination “without cause” effective Dec. 8, and may be required to pay the executive “certain severance if Mr. Souki executes a separation agreement and general release, which would include his resignation from Tellurian’s Board.”
“In connection with the Notice of Termination … Souki ceased to have apparent or actual authority to act for or on behalf of the company, including, without limitation, apparent or actual authority to act as an officer, authorized representative or authorized spokesperson of the company, was removed from all offices and directorships of all company entities, other than as a director of Tellurian, and was removed as chairman of the board,” Tellurian said in a Securities and Exchange Commission filing.
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