Santos' new CFO shines spotlight on succession in top jobs

The Australian energy giant Santos announced on Thursday that Sherry Duhe, a former Woodside and Newcrest executive, has been appointed as its chief financial officer. This announcement comes amid heightened market speculation regarding a possible change in the top position.

Duhe will replace Anthea McKinnell as chief financial officers. McKinnell leaves Santos after more than half a century.

Kevin Gallagher, CEO of Santos in 2021, signed a controversial A$6 Million incentive package which forced him to stay at the oil-and-gas firm until 2025.

Citi stated in a report that "in discussions with investors about Santos, there has been some pushback on the uncertainty regarding the tenure of CEO Gallagher."

Citi analysts stated that if CEO Gallagher retired, Duhe could step up to the CEO role without any difficulty. They added that her appointment as the CFO would help ease some market concerns about CEO succession.

Duhe started her career at ExxonMobil, a U.S. energy giant. She also spent over ten years working for Shell, a British energy company.

Santos's appointment comes after she was caught up in speculation on the market about potential buyers, particularly in the Middle East such as Saudi Aramco (ADNOC) and Abu Dhabi National Oil Company.

Brett Woods, the former chief operating officer of Santos, moved to Seven Group last year as its chief. Jane Norman, Vice President of Strategy, will join Cooper Energy in 2023.

Santos shares dropped as much as 2.7%, to A$6.88. This is their lowest level since early December 2023.

(source: Reuters)