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LONDON - Pharos Energy plc, an independent oil and gas company, has announced the impending departure of John Martin, the Non-Executive Chair of its Board of Directors. Martin, who has been on the board since 2018 and served as Chair since March 2020, will remain in his role until a successor is appointed.
During his leadership, Martin steered the company through the tumultuous period of the Covid-19 pandemic, which brought about significant challenges including a downturn in oil prices. His tenure saw a transformation in Pharos’ balance sheet and board structure, alongside the establishment of a new executive team aimed at propelling the company into its next growth phase.
In a statement, Martin expressed satisfaction with the company’s current strategic and financial standing, deeming it a suitable time for his departure. "I have thoroughly enjoyed working with the Pharos team over the years," he stated, confirming his decision to step down once a new Chair is appointed.
Katherine Roe, CEO of Pharos, expressed gratitude for Martin’s contributions, emphasizing his role as a supportive colleague and his influence in positioning the company for future growth.
Pharos Energy, which operates in Vietnam and Egypt, is recognized for its stable production and exploration assets. The company prides itself on generating cash flow, maintaining a strong balance sheet, and providing sustainable growth and returns to stakeholders.
The search for a new Chair is underway, with the company committed to a smooth transition of leadership. This announcement is based on a press release statement provided by Pharos Energy plc.
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