Woodside Petroleum (ASX:WPL) CEO to retire in 2021

• Woodside Petroleum (WPL) CEO Peter Coleman will retire in 2021 after 10 years at the energy giant’s helm
• The company says it is commencing an internal and external search for the next CEO
• The outgoing CEO said it is the right time to retire and transition leadership with the company well-positioned for the future
• Shares in Woodside are up in the grey, trading at $23.15 each

Woodside Petroleum (WPL) CEO Peter Coleman will retire in 2021 after 10 years at the energy giant’s helm.

An internal and external search for a new CEO is currently underway according to the company.

The outgoing CEO is set to retire in the second half of 2021, by which time he will have served as Woodside’s CEO for over 10 years.

Peter said it was the right time for him to retire and he is proud of what his team has delivered in the past 10 years.

“In this challenging year, Woodside has taken the prudent decisions needed to maintain safe and reliable operations and protect our growth plans, while setting up our company for the next phase,” he said.

“I will miss being part of the Woodside team.”

From COVID induced revenue woes to tumbling oil prices, 2020 has proved a tumultuous year for one of Australia’s biggest oil and gas companies.

The Chief Executuve also addressed Woodside’s upcoming Scarborough gas project in WA, adding that retiring in 2021 will ensure continuity as the project continues.

“Retiring in 2021 ensures continuity to support the Scarborough investment decision, which will transform Woodside, while ensuring our international projects in Senegal and Myanmar maintain their positive momentum,” he said.

The Scarborough LNG and domestic gas project was delayed following uncertainty stemming from the COVID-19 pandemic. The final investment decision for the offshore project is slated for 2021.

Shares in Woodside are in the grey, trading at $23.15 each at 9:56 am AEDT.