Genel loses further top name after big losses

The chief operating officer of Genel Energy is to step down next week after just 17 months at the firm. Paul Schofield becomes the latest in a string of high profile departures from the firm in recent months, including finance chief Ben Monaghan and chairman Tony Hayward, who founded the company. Genel has been hit by huge losses due to unexpectedly low production from an Iraqi Kurdistan oil field. Mr Schofield will be succeeded by William Higgs, the former chief operating officer at Ophir Energy.