Four years after saying he expected to stand down within two years, New Zealand Oil & Gas' 74-year-old chairman, Tony Radford, will retire at next month's annual shareholder meeting. He will, however, continue as a nonexecutive director for at least another year.
The oil exploration company, which is focused on Taranaki but has recently acquired assets in Indonesia and Tunisia, said Radford would step down immediately after NZOG's annual meeting on October 30.
He will be replaced by Peter Griffiths, a former New Zealand managing director of BP, who joined the NZOG board in 2009.
A founding director of the company in 1981, Radford headed NZOG as chief executive until 2007, at which point he became chairman.
The following year he faced questions from shareholders about how long he intended to stay at the company, including from ACC, New Zealand's largest institutional shareholder.
At the time Radford said he expected to stand down within two years.
Speaking from Sydney yesterday, Radford said that since 2008 ACC had been supportive of the company.
Radford said he would decide how long he would continue as a non-executive director before next year's shareholder meeting, when he will face re-election as part of a usual three-year cycle.
- © Fairfax NZ News