Ithaca Energy, the FTSE 100 North Sea oil and gas producer, has announced that chief executive Luciano Vasques will retire by the end of March 2027.
The board has begun a search for his successor and said a further announcement would follow in due course to allow an orderly handover.
Vasques said he believed the timing was right to step back, having overseen the integration of Eni UK and the company's entry into the FTSE 100.
"Following successful delivery of the Business Combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins," he said.
Executive chairman Yaniv Friedman thanked Vasques for his role during what he described as a transformational period, including the Eni UK integration.
Non-executive director Francesco Gattei, who represents Eni's interests on the board, also paid tribute, pointing to the business combination and a recent acquisition announcement as markers of progress under Vasques's leadership.
Ithaca Energy is headquartered in Aberdeen and is one of the largest independent producers in the UK North Sea.
