Arc restructures for growth

Arc Energy has abolished the top two jobs in the company, with the managing director and deputy managing director’s positions being abolished in favour of a CEO and executive director management strategy.
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Derrick O’Keeffe has been appointed chief executive officer, after joining the company as general manager only two years ago after coming from Cairn Energy south east asian operations.

Founder Eric Streitberg’s position is now executive director, corporate and business development.

Former BHP executive Paul Mullins has joined the firm as chief financial officer, reporting to the newly created CEO’s position.

“These changes will allow the CEO to focus on the executive management of the company with the support of the CFO,” said Arc this morning.

“The executive director will focus on the corporate development of the company including the development of new business opportunities, and on shareholder relations, with the support of the commercial manager. Both the executive director and CEO will be directly responsible to the board.”

Dougal Ferguson, the commercial manager, will now report to the executive director.

Arc said it was also actively recruiting up to two additional non-executive directors to ensure the composition of the board also reflects the growth and future prospects of the company.

“The appointment of new directors, together with the streamlining of management, will ensure ARC continues to be managed effectively under the supervision of an appropriately qualified and experienced board during a period of continued growth in the size and complexity of the company’s business.”

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