Investors support Tullow Oil board
More than 92% voted to re-elect Aidan Heavey as a director of the Irish-founded exploration company, at the London meeting, while 99.9% backed the re-election of Paul McDade.
Earlier this year, Tullow announced its plans for then chief operating officer Mr McDade to become its new chief executive; succeeding Mr Heavey — the explorer’s founder and leader since 1985 — who would then become interim chairman. Those changes formally came into being with yesterday’s vote. Earlier this week, Tullow gained 95% backing for its near €700m share sale/rights issue aimed at lowering its debt mountain.
