Woodside's Cole to head Beach
UPDATE 2.15pm: Beach Energy has appointed Woodside executive director Rob Cole as its new managing director.
Mr Cole replaces outgoing managing director Reg Nelson.
He has resigned from the board of Woodside and as the company's executive vice president corporate and commercial to take on the new position at Beach.
Beach chairman Glenn Davis said the appointment came at an exciting time for the company.
"Mr Cole brings tremendous industry experience and understanding, with a deep skill set in values based leadership, strategy planning and execution, and the Board was impressed with Rob's clarity of purpose and communication," he said.
Mr Davis also paid tribute to outgoing managing director Reg Nelson who had led Beach Energy for nearly 25 years, transforming from a company on the brink of liquidation to a $1.4 billion ASX top 100 company.
"I know I speak on behalf of the board and all staff at Beach when I say that Reg will be greatly missed," he said.
"From his commencement date, we believe Rob's leadership and capabilities will drive Beach's strategic direction to achieve our next phase of growth."
Mr Cole will be paid a salary of $1.2 million, along with short-term and long-term incentives.
He will relocate from Perth to Adelaide, where Beach has its headquarters.
Beach shares were off half a cent to $1.08 at the close while Woodside shares were off $1.09, or 2.76 per cent, to $38.47.
