Commencement date set for new Santos CEO

Kevin Gallagher will commence as CEO in February 2016

Kevin Gallagher will commence as CEO in February 2016

Kevin Gallagher will commence as CEO and managing director of Santos on 1 February 2016.

Santos announced Mr Gallagher as the successor to David Knox, who has already stepped down, on 9 November.

At the time, Santos executive chairman Peter Coates said that Mr Gallagher was “ideally suited to lead Santos as we move from a focus on major strategic developments to delivering strong operational results in a continuing low oil price environment.”

Mr Gallagher, the current CEO of Clough, has said he sees the Santos portfolio offering “truly exciting, world class opportunities”.

Last week, Santos successfully completed the retail component of its Retail Entitlement Offer of new shares – the results of which, according to Mr Coates, “demonstrate recognition from shareholders of the long-term value in Santos”.

Santos received AU$775 million in applications under the Retail Entitlement Offer, which translates as 201 million new shares or 57 per cent of available entitlements.

At the close of the ASX last week Santos shares stood at AU$4.23.

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