Tony Hayward steps down from Iraqi producer Genel

Hayward will retire as chairman at the conclusion annual shareholder meeting on 6 June, to be replaced by ex-Shell man Stephen Whyte.

After many year at Shell, Whyte has been commercial chief at BG Group and spent six years with Clyde Petroleum as exploration leader and then commercial director, with a recent stint as head of exploration and production at Portgual's Galp Energia.

CEO Murat Özgül said: "It has been a great pleasure to have worked with Tony during his time at Genel. When we first started working together, the oil industry in the Kurdistan Region of Iraq was still in its infancy, without an export pipeline and there was a high degree of uncertainty over export sales.

"Kurdistan now has a fully operational pipeline infrastructure exporting up to 600,000 bopd, and Taq Taq and Tawke have a proven track record of international sales and significant cash generation. Everyone at Genel wishes Tony all the best in his future activities."

Whyte said he believed the company had "renewed momentum" and significant opportunities in its portfolio.

"The fall in oil price impacted the entire industry, and that, coupled with the impact of the war against ISIS, put pressure on the finances of the already squeezed Kurdistan Regional Government. As the environment now improves, I look forward to working with the board to ensure that Genel has the best possible strategy for the future."