Ithaca Energy CEO quits ‘to pursue new opportunities’

Aberdeen-based North Sea oil and gas producer Ithaca Energy Plc said CEO Alan Bruce is stepping down “to pursue new opportunities.”

Bruce oversaw Ithaca Energy’s IPO in 2022 and last year took a final investment decision to proceed with the controversial Rosebank oil and gas field north-west of Shetland.

The firm said in a stock exchange statement: “Ithaca Energy plc … announces that Alan Bruce, chief executive officer, having led the company through a successful IPO and first year as a listed company, has agreed with the board that he will step down from his role as chief executive officer to pursue new opportunities.

The board will progress with a formal search process to appoint a new chief executive officer as soon as possible and will update the market in due course. 

“Until a new chief executive officer is appointed, Iain Lewis will fulfil a dual role of interim chief executive officer with immediate effect, as well as continuing as chief financial officer, working alongside Gilad Myerson, executive chairman and the company’s experienced leadership team.”

Myerson said: “The Ithaca Energy board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future. 

“The search for a new chief executive officer will start as soon as possible. In the meantime, our strong leadership team will continue to manage the business, led by Iain as interim CEO, working in collaboration with myself and with the support of the board.”

Bruce said: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the company now established as one of the largest independent operators in the UK. Having led the business through its successful IPO, I am leaving with the company in a strong financial and strategic position.”