Another exec forced out from oil explorer

TROUBLED Genel Energy has been hit by a major shareholder rebellion.

The oil firm’s board was forced to defend its chief executive Murat Ozgul, 43, after around 30pc of the vote at yesterday’s annual meeting went against his re-election.

And newly appointed non-executive director Umit Tolga Bilgin, 41 – head of a firm that owns 15pc of Genel – had to step down after failing to win shareholders’ backing. Investors also protested against Ozgul’s £1.5m pay package for 2016, a year when the company’s losses widened to nearly £1bn.

This week co-founders Tony Hayward and Nat Rothschild have left the company, following years of disappointing results from its key Taq Taq field in Iraqi Kurdistan.

Finance chief Ben Monaghan is leaving at the end of the month. Board members Chakib Sbiti and Simon Lockett have also resigned.