The Woodside Petroleum Limited (ASX: WPL) share price is trading flat today on news that CEO Peter Coleman plans to retire next year. At the time of writing, the Woodside share price is down just 0.04% at $23.14. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.3% at 6,692 points.
CEO retirement
The market was advised this morning that Mr Coleman had announced his intention to retire. While the CEO's exit won't take effect until the second half of 2021, Woodside has begun to search for a new replacement.
Mr Coleman's decision to retire comes as the company has set itself up for a bumper year ahead. During the year, management has taken steps to ensure the continuity of its operations. The company says its on track to deliver record production in its next report, and growth plans are progressing along expectations.
What did management say?
Commenting on the retirement news, Woodside chair Richard Goyder said:
Peter has been an outstanding CEO and his focus on safety, base business and operational excellence have created a resilient and future-focused organisation. His commitment to prudent capital management and maintaining a strong balance sheet and liquidity has complemented his track-record for operational excellence.
Peter is a corporate leader in safety and environmental performance, inclusion and diversity, gender equality, and Indigenous respect and awareness and has entrenched these values in Woodside's culture.
Mr Coleman said his decision to retire in 2021 would ensure "continuity to support the Scarborough investment decision, which will transform Woodside, while ensuring our international projects in Senegal and Myanmar maintain their positive momentum".
The company has been reset with a strong platform for the future, with the next stage of our journey ready for a new CEO to take the required ownership of Woodside's significant growth projects.
About the Woodside share price
The Woodside share price has had a rough 9 months as COVID-19 disrupted oil and gas markets and sent its shares sinking. During March, the share price dropped as low as $14.93, a price not seen since 2004.
Woodside shares are trading 34% lower than at the start of the year.
