Stokes appointed interim chairman of Beach Energy
Seven Group boss Ryan Stokes has been appointed interim chairman of Beach Energy, consolidating the major shareholder’s power over the gas company.
Mr Stokes put Beach on notice after joining the board in July, ousting the CEO and telling management he wanted to see a turnaround.
Ryan Stokes has been appointed interim chairman of Beach Energy. Louie Douvis
Seven Group, the long-time vehicle of billionaire Kerry Stokes and now run by son Ryan, owns a 30 per cent stake in Beach, and chief executive Morne Engelbrecht’s exit in August came soon after Mr Stokes joined the board. Mr Engelbrecht will be replaced by senior Santos executive Brett Woods.
Beach told the market on Thursday the company had identified its ideal successor as chairman. “Beach is in advanced talks with its preferred candidate who is working through timing issues before they become available to join the Beach board,” the company said.
Mr Stokes said in August that Beach’s results did not meet the expectations of Seven Group and leadership overhauls had proved successful in other businesses owned or controlled by the conglomerate.
He added it was part of Seven Group’s DNA to make sure the right people were in place to deliver results, and in the case of Beach that included completing and boosting production via the Waitsia and Otway gas projects.
“We will continue the board renewal process… as we focus on delivering strong value for all shareholders as our projects come online,” Mr Stokes said.
The Waitsia LNG project in the Perth Basin is a key pillar of Beach Energy’s growth strategy. The company had targeted first gas by the end of this year before the project was hit by the collapse of construction contractor Clough.
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