Co-founder of Seplat Petroleum Development Company Plc, Austin Avuru, has retired as Chief Executive Officer of the company, but will remain on the board as a Non-Executive Director.
According to a notice to the Nigerian Stock Exchange and signed by the company secretary, Mrs. Edith Onwuchekwa, the resignation took effect on July 31, 2020.
According to the notice, Avuru will be considered a “good leaver” on his retirement and receive his remuneration and benefits as such.
The Remuneration Committee has confirmed that Avuru will receive “a lump sum in lieu of notice equal to his salary, benefits and pension allowance until November 18, 2020” as well as other security and travel benefits.
He would also receive a loss of office payment equal to 12 months’ salary as compensation and in accordance with the Nigerian market practice.
In line with the provisions of the Directors’ Remuneration Policy approved by shareholders of the company at its 2018 Annual General Meeting, he will also receive a pro-rata bonus (in cash) to reflect his time as CEO during the financial year, and same “will be provided in the Company’s Directors Remuneration Report for 2020 and subsequent years.”
Seplat will also vest awards made in form of deferred shares in 2019 and 2020 at the normal vesting dates, and subject to the achievement of the relevant performance conditions, and Avuru will be subject to the post-employment shareholding requirement for two years.
The company management and board appreciated Avuru for his ‘excellent leadership’ in growing the company to become a notable player in the Nigerian and wider African hydrocarbon industry.
On November 18, 2019, Seplat announced that Avuru would be retiring as CEO at the end of July 2020.
