Industry veteran Mitch Flegg is to step down as chief executive of UK offshore oil and gas operator Serica Energy.
The company announced the planned departure on Thursday, saying Mitch is leaving the player “in its best ever health”, as it starts the search for a successor “with the appropriate skillset” to lead Serica through the next phase of its development.
Flegg has spent six years as chief executive of the UK North Sea-focused company, guiding Serica through the successful integration of the Bruce-Keith-Rhum assets acquired in 2018, and the acquisition and integration of Tailwind Energy in 2023.
Serica chairman David Latin will take on the role of interim chief executive until a long-term successor is appointed.
The change is set to take place after the publication of the company’s 2023 full-year financial results. Flegg will remain as an adviser to Serica until the company’s annual general meeting is held in June 2024.
“Mitch Flegg leaves the company in its best ever health, very well positioned to deliver full value from its assets and exploit opportunities in the UK and beyond,” said Serica.
Article continues below the advert
Flegg said: “Serica is firmly established as a leading listed UK E&P company and in a strong position following the Tailwind acquisition and planned changes to executive and board positions.”
“Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica’s growth and development and I believe there is an exciting future ahead.”
During some 40 years in the industry, Flegg held several managerial positions.
This includes serving as asset manager for supermajor Shell, and holding the chief financial officer position at Serica Energy for nine years, before climbing to the top.
Latin said: “Mitch has helped build and lead the company through its recent evolution and has created a very strong platform of significant scale with a solid balance sheet.
“Serica is now well placed for further growth in service of increased shareholder value, to which the Board is committed as its top priority.”