Genel Energy Announces Directorate Change with Sir Michael Fallon's Retirement

Genel Energy PLC revealed that Sir Michael Fallon will retire from the Board at the company's upcoming AGM in May 2024. Sir Michael, who has contributed significantly over four years in various roles including Non-Executive Director, Deputy Chair, and Chair of the International Relations Committee, will be stepping down to focus on other commitments.

Following Fallon's departure, the company highlighted a decline in board independence according to the UK Corporate Governance Code, with only half of the board, excluding the Chair, being considered independent. The Board has expressed its intention to appoint a new Independent Non-Executive Director to fill the vacancy as quickly as possible.

David McManus, Chair of Genel Energy, commended Sir Michael for his invaluable geopolitical insight and experience during his tenure. The Board and McManus conveyed their best wishes for his future endeavors.