Providence Resources Plc, the Irish-based energy company, said Dec. 6 that Tony O’Reilly has stepped down from the position of CEO and has resigned from the Board (and all subsidiaries) with immediate effect.
The Board has initiated a process to identify and recruit a new CEO to lead Providence in its next phase of development, and a further announcement will be made as soon as this process is completed. O’Reilly has agreed to work with the Board, to the extent required, until the end of January 2020 to ensure an orderly transfer of his responsibilities. In the interim, his executive functions will be assumed on a temporary basis by Chairman Pat Plunkett.
“Tony leaves by mutual and amicable agreement and has the great appreciation of the Board for his management of Providence through multiple E&P cycles. On behalf of all of Providence’s stakeholders, I would like to thank Tony for his many years of dedication and hard work at Providence and I wish Tony every success in his future endeavors,” Pat Plunkett, Chairman of Providence, said.
In his State of American Energy speech, Mike Sommers also addressed climate change and diversity challenges.
The incoming Biden administration signals an acceleration in the energy transition, while fossil fuel producers count on a COVID-19 vaccine to help demand recover.
Combined with a shaky outlook for the world economy and trade tensions, the campaign to push institutional investors to withdraw from fossil fuel stocks has contributed to driving down share prices.