Genel Energy Appoints Esa Ikaheimonen as New CFO Amid Leadership Changes

Genel Energy, an oil producer focused on Iraqi Kurdistan, has appointed Esa Ikaheimonen as its new Chief Financial Officer. Esa Ikaheimonen will assume his role on July 3, based in London. He replaces Ben Monaghan, the outgoing CFO. This appointment marks a shift in the leadership team, which had been predominantly composed of Turkish executives since the departure of the company’s co-founders.

Genel Energy is currently focused on developing its gas fields in Iraqi Kurdistan and is in negotiations with Turkish state-backed energy firm TEC to form a partnership for the project.

The announcement comes amidst a period of substantial leadership changes at Genel Energy. The company has experienced a sharp decline in share price over the past three years, attributed to two downgrades of oil reserves at its main Taq Taq oilfield, unsuccessful exploration efforts, and weak oil prices.

In recent months, Genel has seen the departure of its co-founders Tony Hayward and Nathaniel Rothschild, along with board members Chakib Sbiti, Simon Lockett, and CFO Ben Monaghan. The board had been largely dominated by Turkish shareholders, some of whom are among Turkey’s wealthiest families until Tolga Bilgin was ousted by other shareholders at the recent annual general meeting.

Ikaheimonen brings extensive experience, having previously served as CFO for drilling companies Transocean and Seadrill and holding the position of Vice President of Finance for Royal Dutch Shell’s Africa exploration and production business.

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