30 April 2015
Petrofac, the international oil & gas facilities service provider, today announces that Stefano Cao, who has been a Non-executive Director since May 2010, has resigned from the Board and has stepped down with immediate effect pending his appointment as Chief Executive Officer of Saipem SpA on 30 April 2015.
Stefano Cao commented: “I am very sad to be stepping down from the Board of Petrofac, a company which I believe has a strong future. I have been offered a unique opportunity to lead a company at which I previously spent 25 years of my career. I would like to record my thanks to Rijnhard and the Board, and Ayman and the executive team, and wish them great success in delivering the strategy.”
Rijnhard van Tets, Petrofac’s Chairman, commented: “I would like to record the Board’s appreciation for Stefano’s contribution to the Board and the Board Risk Committee over the last five years. We have benefitted enormously from his deep industry knowledge and keen engagement in our discussions around the Board table. We wish him well for the future, in what I expect to be a fulfilling role.”