Oil and gas play Tap Oil has confirmed James Menzies as its new chairman, after he joined the board in May as a director and was earmarked as Doug Bailey’s successor.
Mr Menzies, formerly chief executive of Salamander Energy and senior partner at Lambert Energy Advisory, replaced Michael Sandy as non-executive director when Tap Oil announced a restructuring of its board earlier this year.
It has been known for several months that Mr Bailey would be stepping down from his role as chairman once the dust had settled between Tap Oil and its once-dissident major shareholders Northern Gulf Petroleum.
Mr Menzies will take on the role of executive chairman from mid-December, when Mr Bailey officially steps down on December 15.
“The board of Tap would like to thank Doug for his long-standing contribution and service as chairman and wish him well in his future endeavours,” Mr Menzies said.
“Doug has worked hard in navigating the company through a challenging period and I look forward to quickly setting course with strategy and taking the business forward in 2017.”
Mr Menzies will receive a base salary of $250,000 per annum including superannuation, as well as incentives.