Cairn Chairman to Retire

London-listed oil and gas company Cairn Energy has said that its Chairman Ian Tyler has informed the company of his intention to retire.

"Cairn announces that its Chairman, Ian Tyler, has indicated to the Board that, having served on the Board for seven years, six of them as Chairman, and mindful of good corporate governance practice, it is his intention to retire from the Board once a successor has been appointed," the company said Thursday.

Cairn, which owns oil and gas exploration, development, and production assets in the UK, Israel, Mauritania, Senegal, Cote d’Ivoire, Mexico and Suriname, said it would start a  process to identify and appoint a successor and enable an orderly handover.

"Mr. Tyler has indicated his commitment to serve as Chairman of the Board of Cairn until such process is completed, which is anticipated to take place within the next twelve months. A further announcement will be made in due course," the company said.

Tyler qualified as a chartered accountant with Arthur Andersen in 1985, subsequently holding a number of senior finance and operational positions within listed companies before being appointed Chief Executive of Balfour Beatty plc from 2005 to 2013. During this time, he took the company from being primarily a UK construction business to a global infrastructure services business.