Bill Gammell, founder of Cairn Energy, is to step down from his role as chairman after more than two decades in the role.

Sir Gammell will step down from the position in May 2014 and will be replaced by Ian Tyler, the former chief executive of Balfour Beatty. Mr Tyler has been on the firm's board since last year.

In a statement, Cairn Energy said Mr Tyler's abilities as a non-executive Chairman as well as his extensive listed company experience in multiple countries, which were recognised when he joined the board, make him ideal for the role.


Chief Executive of Cairn Energy, Simon Thomson, said: "Bill has been an exceptional leader and leaves a lasting legacy at Cairn. His role in the Company's growth over 25 years has delivered significant value to shareholders.

"I am delighted that Ian Tyler has agreed to become our new Chairman given his extensive listed company and non-executive experience."

Sir Bill Gammell added: "I am proud of Cairn's many achievements during my tenure as Founder, CEO, and subsequently Chairman, and as a shareholder I look forward to further progress.

"After 25 years on the Board, I am pleased to be leaving in the knowledge that the Board and the Company will remain in highly capable hands with Ian as Chairman and with Simon at the helm as CEO."

Mr Tyler commented: "This is an exciting and challenging time for Cairn and I look forward to working with Simon, his management team and the Board as we continue to seek to create and deliver material value for shareholders."

(JP)