UK-based oil and gas company Tullow Oil has appointed Phuthuma Nhleko as an independent non-executive Director and Chairman-designate of the company.
He will join the board as a non-executive Director on October 25, 2021, and will take over as Chairman of Tullow from Dorothy Thompson following a suitable handover period and after she steps down as Chair and retires from the board by the year-end.
Nhleko brings extensive emerging markets experience to Tullow having worked successfully across Africa over the past three decades. He was the Chief Executive of MTN Group, the leading pan-African telecommunications company, for almost a decade.
In 2013, Nhleko returned to MTN as a non-executive Director and Chairman until 2019. This included a period as Executive Chairman from 2015 to 2017. He remained part of the international advisory board for the business until August 2021.
After stepping down as Chief Executive of MTN in 2011, he was a non-executive Director at BP and Anglo-American. He also served previously on the Boards of Nedbank and Old Mutual in South Africa.
Currently, Nhkleko is the Chairman of the Phembani Group which he founded in 1994 and is the Chairman-designate of the Johannesburg Stock Exchange. He is also a non-executive director of South African downstream energy company Engen Petroleum and a non-executive Director of IHS Towers.
“Phuthuma brings to Tullow excellent and relevant experience, having successfully built a truly pan-African business. He is a widely acclaimed business leader with a deep understanding of Africa and a broad set of relationships across the continent. He also brings experience from listed companies across several international markets, including the UK and Africa,” Dorothy Thompson, current chairman of Tullow Oil said.
“Phuthuma joins Tullow at a key moment in its development. With a stable balance sheet and a clear strategy underpinned by a commitment to net-zero by 2030 and to responsible and safe operations, Tullow is well-positioned to re-establish itself as a leader in Africa. Phuthuma will play an important part in supporting Tullow’s ambitions to be a partner of choice for Governments and our industry peers as the African oil and gas sector evolves over the coming decade,” she added.
“I am very pleased to have been appointed as Chairman-designate of Tullow, a company I have followed with much interest since its inception. I am impressed with the successful turnaround and transformational refinancing that allows Tullow to build on its strong position and reputation within the African oil and gas sector,” Nhleko stated.
“I believe Tullow is uniquely placed to develop the oil and gas resources of its host countries efficiently and safely while minimizing its environmental impact. I look forward to supporting the Tullow team as they grow the business, deliver Shared Prosperity and create value for our investors, staff, host nations, and communities,” he concluded.
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