62-year old Co-founder and Chief Executive Officer of Seplat Petroleum Development Company Plc, Austin Avuru has retired as CEO of the company. Aturu will now serve on the board as a Non-Executive Director.
According to a statement signed by the company secretary Mrs Edith Onwuchekwa, the resignation took effect on July 31, 2020.
According to the notice, Avuru will be considered a “good leaver” on his retirement and receive his remuneration and benefits as such.
The Remuneration Committee has confirmed that Avuru will receive “a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020” as well as other security and travel benefits.
READ MORE: Seplat JV Begins 2020 Scholarship Application Program
He would also receive a loss of office payment equal to 12 months’ salary, as compensation and in accordance with the Nigerian market practice.
In line with the provisions of the Directors’ Remuneration Policy approved by shareholders of the Company at its 2018 AGM, he will also receive a pro-rata bonus (in cash) to reflect his time as CEO during the financial year, and same “will be provided in the Company’s Directors Remuneration Report for 2020 and subsequent years”.
READ MORE: Seplat to Slash Costs, Drilling Plans over Oil Price Crash
Seplat will also vest awards made in form of deferred shares in 2019 and 2020 at the normal vesting dates, and subject to the achievement of the relevant performance conditions, and Avuru will be subject to the post-employment shareholding requirement for two years.
The company management and board appreciated Avuru for his ‘excellent leadership’ in growing the company to become a notable player in the Nigerian and wider African hydrocarbon industry.
Mr. Avuru, a co-founder of Seplat became CEO on 1 May 2010. A geologist by background, Avuru spent 12 years at the Nigerian National Petroleum Corporation, where he held various positions including Well Site Geologist, Production Seismologist and Reservoir Engineer.
In 1992, he joined Allied Energy Resources in Nigeria, a pioneer deep water operator, where he served as Exploration Manager and Technical Manager.
READ MORE: Excellent Performance: Seplat Plc, Nestle Nigeria, Others Win Big at PEARL Awards
In 2002, Avuru established Platform Petroleum Ltd and held the role of Managing Director until 2010, when he left to take up the CEO position at Seplat. After ten years as CEO of Seplat, Mr. Avuru retired and remains on the Board as a Non Executive Director.
Mr. Avuru has over 38 years’ experience, working in the Nigerian Oil and Gas Sector in increasingly senior technical and management roles. He has spent the last 16 years in CEO roles at Platform Petroleum and Seplat Petroleum, and has built up a strong reputation as a reference resource professional on the Nigerian Oil and Gas Industry play.
