Boss quits as clouds swirl over behaviour

THE boss of Oil Search has quit after less than 18 months, with the board citing his longterm medical condition but also saying he had behaved in an “unacceptable” manner.

The Png-focused oil and gas producer held a conference call about Keiran Wulff’s sudden departure as chief executive and managing director on Monday, saying complaints had been received about his behaviour, which had been “inconsistent with the standards expected . . . in relation to his management style”.

Chairman Rick Lee said the details of Dr Wulff’s recently deteriorating illness and conduct could not be divulged due to confidentiality reasons.

Mr Lee said the board became aware of the behaviour p r o b l e m through a “w h i s t l e - blower state

ment” about mid-june.

Dr Wulff (pictured) took the helm in February last year, a time of low oil prices and at the height of the first wave of the coronavirus pandemic.

“We have certainly supported him in what was a challenging role from day one, and our priority was to protect the company, make the changes that were made and pursue the strategy that was articulated last November,” Mr Lee said on the call.

“And I think through that period we had absolutely no concerns whatsoever.”

An analyst asked him to confirm whether Dr Wulff’s resignation was due to his illness or if he was going to be asked to leave regardless for an “overbearing” management style.

Mr Lee only replied that the executive had resigned on medical grounds but had been told about the complaints, which had led to discussions, resulting in his departure.

He said staff complaints had been “the catalyst” for a board investigation.

Chief financial officer Peter Fredricson, who only joined Oil Search 3½ months ago, has been appointed acting chief executive while the search for a permanent replacement is conducted.