Ithaca Energy (LSE:ITH) on Friday announced that Luciano Vasques has told the board of his intention to retire as chief executive by 31 March 2027.
The board has started a process to find his replacement and will update the market in due course to allow an orderly handover.
The succession news lands weeks after Ithaca agreed its first acquisition outside the North Sea, an $860m deal to buy conventional offshore oil assets off the East Coast of Newfoundland and Labrador from Suncor Energy, which the company has pitched as a platform for further growth in North America.
Vasques has led Ithaca through its business combination with Eni UK and the company's subsequent entry into the FTSE 100.
"Following successful delivery of the Business Combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins," Vasques said.
Executive Chairman Yaniv Friedman thanked him for his support through what he called a transformational period, including the integration of Eni UK, while non-executive director Francesco Gattei said the board looked forward to Ithaca's next phase of growth following the recent acquisition announcement.
