- After less than three and a half years in the position
- Thanks and good wishes for Simões
- No successor named
(exechange) — Houston, Texas, March 18, 2024 — Octávio Simões, chief executive of Tellurian, leaves his position. As announced by Tellurian Inc. in a news release and in a regulatory filing published on Monday, March 18, 2024, Octávio M.C. Simões leaves his post as chief executive officer at the natural gas company, after less than three and a half years in the role, effective in June 2024.
Tellurian did not name a permanent replacement for the position of Chief Executive Officer.
Tellurian also announced the following leadership changes:
Executive Vice President and President of Driftwood Assets, Samik Mukherjee, has been appointed President of Tellurian Investments, and has responsibility for the development of all Tellurian’s assets, including upstream, Driftwood LNG and pipeline, as well as permitting, safety and asset integrity.
Daniel Belhumeur, President of Tellurian Inc., retains accountability for finance, investor relations, legal, public and government affairs and human resources.
Presidents Samik Mukherjee and Daniel Belhumeur will jointly manage Tellurian’s commercial activities as the Company integrates its commercial activities with future operational execution and optimization.
On March 1, 2024, the Board had elected not to renew or extend the term of the Company’s employment agreement with Octávio Simões, the Chief Executive Officer of the Company, beyond the term ending on June 5, 2024.
“Further aligning our internal resources”
Tellurian did not give an explicit reason for Octávio Simões’s planned departure from the CEO post. Executive Chairman Martin Houston stated: “Since December, our focus has been on delivering value for our shareholders and customers and Tellurian’s recent activities support that focus. We are now further aligning our internal resources to better serve these changes. Both Samik and Daniel are experienced leaders, and I have the utmost confidence they will thrive in their added responsibilities. I am encouraged by Tellurian’s progress in the last few months and we will continue to focus on delivering Driftwood LNG.”
Precise information regarding Octávio Simões’s future plans was not immediately available.
“Retire”
Tellurian said: “Tellurian Chief Executive Officer Octávio Simões will move into an advisory role, and as previously announced, is to retire in June 2024.”
Share price decline since March 2022
The announcement follows a decline in Tellurian Inc.’s share price of 76% since March 2022.
In the position of CEO since 2020
Octávio Simões became CEO of the Company in 2020.
Octávio M.C. Simões has served as the President and Chief Executive Officer of Tellurian since November 2020.
Simões began acting as a Senior Advisor to the Chief Executive Officer of Tellurian in April 2019, and he was appointed as the Company’s Executive Vice President, LNG Marketing and Business Development in September 2020.
Prior to joining the Company, Simões was President and Chief Executive Officer of Sempra LNG & Midstream from January 2012 to March 2019, where he was responsible for all LNG and natural gas midstream activities, including Cameron LNG, a 12 million tonnes per annum (“mtpa”) liquefaction facility that came onstream with first LNG exports in August 2019.
He has engineering degrees from the Georgia Institute of Technology and from the University of Massachusetts – Dartmouth, and he is a registered professional engineer.
No statement by Octávio Simões
In the release announcing his departure as CEO of Tellurian Inc., Octávio Simões received thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Octávio Simões.
The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.