Andy Brown to step down from Galp

 In Companies, News, Oil and Gas

English company manger Andy Brown is to step down from his position as CEO of Portuguese petroleum, gas and energy company Galp at the end of this year.

Brown says that he has successfully completed his mission and will end his two-year term on 31 December according to a note sent to the stock market and securities commission, CMVM. Brown’s successor will be announced before the end of the year.
“My time as CEO has been dedicated to fulfilling our goal ‘Let’s Regenerate the Future Together’ which means turning Galp into a more open, dynamic and profitable company, adapting to cleaner energies of the future.
“This course has only been possible through the extraordinary work carried out by talented people at Galp and the support of the Board of Directors”, states Andy Brown.
The note published on the CMVM website, does not provide further details as to why Andy Brown had decided not to renew his contract.
Paula Amorim, President of the Board of Directors thanked Brown for all his “excellent work, leadership, inspiring of cohesion at Galp” since he replaced Carlos Gomes da Silva last year when he was brought in to restructure the company so that it could grow, and for transforming its portfolio to lead the sector in energy transition, smoothing the way ahead for Galp’s strategy as defined by the board”.
Galp posted a profit of €420 million in the first six months of the year on the back of favourable market conditions, particularly because of the increase in oil prices and profits in the refining business. In the second quarter profit margins on refining rose US$22.3 a barrel.
When the markets opened on Monday, Galp shares rose by 0.96% to €9.9 on a day when oil prices surged on the expectation of a record cut in production that could be decided at Wednesday’s OPEC meeting.