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12/9/2019, 9:45 AM (Source: TeleTrader)
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Tullow's stocks plunge 50% as CEO steps down

Tullow Oil PLC's chief executive officer Paul McDade has resigned with immediate effect amid operational problems in Ghana which led to the oil output estimates cut for 2019, the company announced on Monday. Tullow's equities dropped over 50% on Monday as the CEO's resignation was revealed.

Angus McCoss, exploration director of the London-based firm, stepped down as well.

"The Board has, however, been disappointed by the performance of Tullow’s business and now needs time to complete its thorough review of operations," Dorothy Thompson, who will serve as a temporary executive chair, said in a statement.

The company's stocks slipped 52.70% at 9:28 am CET.

Breaking the News / GA