Ithaca Energy CEO Luciano Vasques to Retire by March 2027 as Search Begins

Ithaca Energy (LON: ITH) said chief executive Luciano Vasques will retire by 31st of March 2027, and it has not named a successor. The oil and gas producer made the announcement today, before the market opened, and said the Board has started a search.

The shares closed yesterday at 291.6p, down 2.4% from Wednesday’s 298.8p and just below the 52-week high of 299.6p. It was about 32% above the close of the 10th of July, and above the 50-day average of 272.82p. So far on Friday, the stock is up around 0.3% after an initial decline.

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The company said a further announcement will follow “in due course”. It gave no details on remuneration, leaving terms or interim arrangements, saying there are no further details to be disclosed under UK Listing Rule 6.4. In the statement, Executive Chairman Yaniv Friedman thanked Vasques for his support through the integration of Eni UK, and non-executive director Francesco Gattei thanked him for his leadership following the Business Combination, the deal that merged Eni’s UK assets into Ithaca.

Vasques explained his reasoning in the company statement.

Following successful delivery of the Business Combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins.

Luciano Vasques, Ithaca Energy

The timing matters because of the Suncor deal. On the 5th of October Ithaca agreed to buy Suncor’s 48% of Terra Nova, 40% of White Rose and 38.6% of West White Rose, all offshore Canada, for C$1.2bn (US$860m) upfront plus up to C$350m (US$250m) contingent.

Completion is expected in early 2027, so the leadership handover and the closing fall in the same period.

Friedman said: “Together, we have built a combined culture we can all be proud of.” Gattei referred to “the exciting new chapter for Ithaca Energy through its next phase of growth following our recent acquisition announcement”.

The next catalyst is the successor announcement: who is chosen, their profile, and whether the change brings any shift in strategy or the deal pipeline.