Santos names Keith Spence as new chairman, replacing Peter Coates
Industry veteran Keith Spence resumes a partnership with CEO Kevin Gallagher when he becomes Santos chairman.
Santos has appointed oil and gas veteran Keith Spence to replace outgoing chairman Peter Coates, who steps down from the role in February.
Mr Coates announced in May he planned to step down from Santos (STO) after finding a successor.
Mr Spence has 30 years’ experience in the sector and held senior executive positions with Woodside Petroleum. Before that he was with Royal Dutch Shell.
“Keith Spence is ideally placed to take over as chairman,” Mr Coates said. “He brings extensive global oil and gas experience to the board.”
The appointment brings Mr Spence and Santos managing director Kevin Gallagher together as a CEO — chairman partnership for the second time.
Mr Spence was from 2008 to 2013 chairman of Clough, the engineering company Mr Gallagher ran from 2011 until his appointment to Santos last year.
The pair also worked at Woodside at the same time.
Mr Spence was previously chairman of the National Offshore Petroleum Safety and Environmental Management Authority Board.
He will remain chairman of Base Resources non-executive director of both Independence Group and Murray Roberts.
“I am committed to the creation of long-term value for shareholders and look forward to working with the board and management to achieve this,” Mr Spence said.
Mr Spence paid tribute to Mr Coates.
“Peter has worked tirelessly with (CEO) Kevin Gallagher and his team over the past two years to turn Santos into a less complex and more resilient company,” Mr Spence said.
Mr Spence retired from his role on the board of Oil Search to take on the Santos position. Oil Search chairman Rick Lee said he was looking for a replacement board member.
“His knowledge of, and career experience in, the oil and gas sector, strong professional and technical capability and focus on safety and operational excellence has been invaluable to the Oil Search board in fulfilling our various duties and responsibilities,” Mr Lee said.
Santos has tied its future to the GLNG liquefied natural gas operation on Australia’s east coast that counts Total SA among its partners, the Exxon Mobil PNG LNG operation in Papua New Guinea, and projects in northern Australia, Western Australia, and the Cooper Basin straddling South Australia and Queensland states.
With Matt Chambers, Dow Jones
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