LONDON, June 25 Oil firm Gulf Keystone
said Chief Executive Todd Kozel would retire next month,
following a rocky period during which the company's corporate
governance and executive pay have been criticised.
Kozel will remain at the company he founded and at which he
has been boss since 2001, in the role of executive director,
conditional upon his re-election to the board by shareholders at
Gulf Keystone's annual general meeting on July 17.
The Texan, 47, was previously chairman and chief executive
before coming under shareholder pressure to split the role, and
to shake-up the company's board.
Since then, Gulf Keystone has moved from London's junior AIM
market to the main list and Kozel has seen his pay plunge from
about $21 million to around $3 million.
Gulf Keystone's prize asset is an oil field in the Kurdistan
region of northern Iraq. The company said recently that its
project were progressing despite escalating violence in the
The company also said in a statement on Wednesday that the
two non-executives who joined its board last summer following
the shareholder dispute have ceased to be directors in line with
Shares in Gulf Keystone, which have fallen 15 percent over
the last month, traded down 2.5 percent to 79.9 pence at 0730
(Reporting by Sarah Young; editing by Kate Holton)