North Sea oil and gas producer Ithaca Energy has launched a search for a new chief executive after Luciano Vasques announced plans to retire by the end of March next year.
The FTSE 100 company confirmed this morning that its board has begun the process of identifying a successor, with Mr Vasques set to step down by March 31, 2027.
His departure follows a transformational period for Ithaca, including its landmark business combination with Eni UK, which created one of the largest independent oil and gas producers operating in the UK North Sea.
The company has since secured a place in the FTSE 100 and announced further acquisition plans as it looks to expand its production portfolio.
Yaniv Friedman, executive chairman of Ithaca Energy, said: “I would like to share my thanks to Luciano for his support during what has been a transformational time for the Company, including the successful integration of Eni UK.
"Together, we have built a combined culture we can all be proud of. I know I speak for everyone in wishing him the very best for a long, happy and well-deserved retirement.”
Ithaca said a further announcement would be made once a successor had been identified, allowing for an orderly handover of responsibilities.