Top Santos exec quits
The chief financial officer at South Australia’s top company has resigned after a year in the job.
Santos chief financial officer Sherry Duhe – who was appointed in September 2024 – resigned today.
It comes after a tumultuous year, including a failed takeover bid, for South Australia’s largest company.
She will be replaced on an acting basis by Lachlan Harris, who will head up the financials for the state’s largest company.
Duhe – formerly the CEO of Newcrest Mining and the CFO of Woodside Energy – “made a significant contribution in her time at Santos”, CEO Kevin Gallagher said. She was paid $253,651 in her role at the oil and gas giant between her start date and December 31, 2024, per the company’s latest annual report.
“Sherry has been a valued member of the Santos executive leadership team and is leaving the company to pursue other interests,” Gallagher said.
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“I wish her all the very best for the future.”
Harris has served as Santos Treasurer and deputy chief financial officer for more than two years, and previously acted in the CFO role.
He joined Santos from KPMG in 2010, the company said.
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The news comes after a takeover deal for Santos fell over, with Abu Dhabi National Oil Company withdrawing its estimated $36 billion bid for the business.
If the deal progressed, it would have taken Santos out of next year’s South Australian Business Index – the premier ranking of the state’s businesses. The 2025 edition of the list will be revealed on Friday afternoon by InDaily.
ADNOC’s foreign investment arm XRG alongside Abu Dhabi sovereign fund ADQ and private equity firm Carlyle, would not make a binding offer for Santos, XRG said in a statement, capping a months-long takeover saga.
The collapse of the deal came about 20 months after merger talks between Santos and larger rival Woodside ended with no deal being agreed.
The oil & gas giant posted half-year profits of more than half a billion dollars in August, down 31 per cent on the prior year.
The Adelaide-based oil and gas company said the results were “strong”, with revenue more than $2.5 billion and earnings of about $2 billion for the period.
Production volumes of oil were comparable with the prior year during an “excellent first half”, said Santos.
Managing director and CEO Kevin Gallagher said the firm’s strong free cash flow from operations reflected the strength of the Santos portfolio.
Shares in Santos are down 0.93 per cent in early trade.
