Petrofac CEO to stand down

Energy services company Petrofac said on Tuesday that chief executive Sami Iskander will leave the business at the end of March 2023 in order to pursue other interests.

Petrofac stated Tareq Kawash will be appointed as CEO from 1 April, following an orderly handover, and will also be appointed as an executive director to the FTSE 250-listed group's board of directors.

Kawash joins Petrofac from McDermott, where he worked for 21 years, most recently as senior vice president of its onshore and offshore business lines.

Chairman René Médori said: "Sami’s contribution to the company over the last two years has been invaluable. Having overseen the resolution of the SFO’s historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth.

"With 30 years' international EPC leadership experience, and an impressive business development track record, Tareq is exceptionally well placed to build on the foundations laid by Sami."

As of 0815 GMT, Petrofac shares were down 3.64% at 114.38p.

Reporting by Iain Gilbert at Sharecast.com