TAQA chief executive leaves in shake-up

OIL COMPANY: TAQA's CEO is to step down as part of a restructuring of its senior management. (Getty Images)

Abu Dhabi National Energy Company (TAQA) on Friday announced that its chief executive was to stand down as part of a major restructuring of its senior management team.

The publicly listed company said the changes were being put in place as the company moved "into a new phase of development".

As part of the restructuring, Peter Barker-Homek will step down as chief executive officer while Carl Sheldon has been promoted to general manager, with day to day operational responsibility for TAQA, the company said in a statement.

Sheldon was previously deputy general manager and general counsel.

Founded in 2005, TAQA is a global energy company with a growing asset base of more than $24.5 billion.

One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2008 revenue of more than $4.4 billion, TAQA is a flagship corporation for the government of Abu Dhabi.

Hamad Al-Hurr Al-Suwaidi, chairman of the board, said: “We welcome Carl Sheldon to the newly created post of General Manager. Carl is well known and respected within the group and brings to the role, experience in both power and upstream business.

“Peter’s energy sector M&A experience made him ideal to help establish TAQA in its early days and I want to thank him for his contribution. TAQA is moving into a new phase of development with the strategic focus of the company now shifting to the continued integration of the global business and investing in our existing network.”

Barker-Homek added: “When I took on this role a little over 3 years ago, the Board tasked me to identify key acquisitions which would establish TAQA as a global company and give it a critical mass in three distinct segments.

“I believe that with this first phase of development now largely complete, I have decided to pursue other career ambitions.”

TAQA employs approximately 2,800 people and operates from its offices in Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague.

This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.

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READERS' COMMENTS

TAQA
Posted by Abdullah, Houston, USA on Tuesday 20 October 2009 at 02:04 UAE time

During his time, TAQA invested in overpriced European assets (North Sea, Netherlands Etc.) that is not going to give them the returns they would see in Africa. I had anticipated Peter's departure a while back. TAQA is trying to solidfy their positon in the North Sea where oil companies are selling their assets. They are buying assets in Netherlands where fields are almost depleted and returns are below what they would in a more "oil happening" region. Although, some of their fields are still being developed, the current 2% return on their 90 billion dhs in assets is something the board was mulling over.

How the mighty keep falling
Posted by John, Dubai, UAE on Saturday 17 October 2009 at 07:47 UAE time


Yet another expat big-wig bites the dust. No proper explanation of why he is leaving, but thankfully none of the false collegiality of "leaving to spend more time with his family" or "we wish him well with his future endeavours". It is important for shareholders in a public company to know if their CEOs were fired, sidelined, walked the plank, whatever. Transparency is sadly lacking here, and the shareholders deserve better.

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