The Beach Energy Ltd (ASX: BPT) share price is sinking today, down 2.4%.
Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $1.67. At the time of writing, shares are swapping hands for $1.63 apiece.
For some context, both the ASX 200 and the S&P/ASX 200 Energy Index (ASX: XEJ) are just about flat at this same time.
Here’s what investors are mulling over today.
What did the ASX 200 energy company report?
The Beach Energy share price could be under pressure after the company announced the departure of CEO Morné Engelbrecht, effective today.
Engelbrecht has served as both CEO and CFO for Beach.
Commenting on the CEO’s exit, Beach Energy chairman Glenn Davis said:
Morné excelled in his role as CFO and stepped into the CEO role at an uncertain time and has since guided the company through a number of operational challenges. Despite those challenges our project delivery continues to advance…
Davis added that Engelbrecht leaves “the company in good shape as evidenced by the strong recent quarterly results”.
Engelbrecht said he was proud of what the company had achieved over the last seven years, which saw “the transformation of Beach from a single basin operator to a diversified growing business and safely delivering the biggest offshore development in the company’s history”.
Much of the responsibility for the future performance of the Beach Energy share price will now fall to Brett Woods.
Woods will take over as CEO on 21 February.
He has more than 25 years of experience in upstream oil and gas. Most recently he held a number of executive positions over a period of 10 years at Santos Ltd (ASX: STO).
“Brett is an experienced oil and gas executive with a track record in strong leadership, delivering operational excellence, project delivery and value creation for shareholders,” Davis said of the newly appointed CEO.
Commenting on his appointment to the top job, Woods said:
Beach is in a great position with a strong portfolio of assets and a great balance sheet. I am excited to join at a time where I can help the team deliver the current projects, drive operational excellence and grow the business.
In the lead-up to February, current non-executive director Bruce Clement was appointed interim CEO. Once Woods takes the reins, Clement will continue as an executive director.
Beach Energy share price snapshot
With today’s intraday slide factored in, the Beach Energy share price is up 3% in 2023.
