Genel Names Whyte as Chairman-Designate to Succeed Hayward
- Switch comes amid slump in shares following reserves downgrade
- Whyte gathered ‘a lot of gas experience’ at BG Group, CEO says
Tony Hayward
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Genel Energy Plc, whose shares have dropped 90 percent in three years, named Stephen Whyte as chairman-designate to replace Tony Hayward.
Co-founder Hayward will retire after the annual general meeting on June 6, Genel said Monday. The London-based company, which downgraded its oil reserves last month, has “renewed momentum and significant opportunities” as it contends with a “very tough environment,” Whyte said in a statement.