Former British Defense Secretary Michael Fallon, joins Iraqi Kurdistan-focused Genel Energy board. September 29, 2019. Photo: NATO,
LONDON,— Former UK defence secretary Sir Michael Fallon has joined the board of Genel Energy, the London-listed oil producer focused on the Kurdistan region of northern Iraq.
Sir Michael, who stepped down as a MP last year, is also a former UK energy minister and will take on the role of senior independent director and deputy chairman at Genel as part of a wider boardroom reshuffle announced on Thursday.
Genel’s board was once chaired by the former BP chief executive Tony Hayward, who originally had aspirations to build it into a FTSE 100 company, but Mr Hayward left in 2017 after a series of problems including downgrades to one of its flagship oilfields in Kurdistan.
Genel currently has a market capitalisation of around £523m ($677 million).
Genel also announced on Thursday a new chairman, David McManus, an oil and gas industry veteran who has held roles at companies including BG Group, Pioneer Natural Resources and Shell.
Tolga Bilgin, the chief executive of Bilgin Energy, a Turkish energy group that is among Genel’s biggest shareholders, will also join the board as part of the reshuffle, as will Hassan Gozal, the chairman of another of Genel’s major shareholders, Dubai-based Daax Corporation.
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