Beach Energy managing director Reg Nelson has set 2015 as his retirement mark, when he turns 70.
The company announced it has expended his employment contract until 1 July 2015 when he will step down after 20 years at the Cooper Basin oil and gas explorer and producer.
In that period the company’s market value has risen from around $10 million to more than $1.7 billion today.
Beach’s Chairman Glenn Davis announced the planned succession in a statement to the stock exchange.
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“We are delighted that Reg has agreed to continue on as the Managing Director of Beach,” he said.
“As many are aware, Reg has over 40 years of experience in the oil and gas sector, with a level of oil and gas knowledge that in many respects is unparalleled.
“His drive and passion for the company is one of the key reasons Beach is where it is today. With its portfolio of exciting assets, we expect Beach will experience significant growth in the future, and, gladly, Reg will be an integral part of this.
“To ensure a smooth transition to Reg’s successor on 1 July 2015, Beach will now commence a process to identify that successor.
“Commencing that process now will allow us to identify and engage the best candidate and ensure a smooth transition in the hand over.”
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