After 13 years with Parex Resources (PXT), David Taylor will retire from his position as President and CEO, as of May 2021.
David first joined Petro Andina - the precursor company to Parex - in 2007 as Vice President of Exploration and Business Development, and continued in the same role following the spinout of Parex in 2009.
In this time he was responsible for assembling the asset base that cemented Parex's standing as the second largest oil company in Colombia, before being promoted to President in 2015 and to President and CEO in 2017.
"We are especially grateful for his steadfast leadership through 2020, managing through the unprecedented operating challenges of the COVID pandemic and its related economic stresses," said Wayne Foo, Chair of Parex's Board of Directors.
"Parex is in excellent financial health and with a strong capital program planned for 2021 that is already underway," he added.
David will be replaced by Imad Mohsen, the former CEO of Dutch oil and gas explorer Tulip Oil Holding BV.
Imad is an engineering graduate of the Paris School of Mines, and previously held a number of senior positions at Royal Dutch Shell, including his 2005 appointment as Private Advisor to the CEO.
He then moved to New Orleans in 2007 to act as Development Manager of Subsea GOM, before moving to Cairo where he was appointed General Manager of Operations for Shell Egypt from 2011 to 2013.
Commenting on the change of leadership, Wayne said Imad is a leader who can engage the current Parex organisation to maintain and build on its strong performance and future potential.
"In addition, we have confidence that his experience in successfully applying best in class ESG approaches can be leveraged to steer the company as it considers the many significant opportunities that are emerging during this transformational period for our industry," he concluded.
Parex Resources is currently down 0.1 per cent to C$19.16 per share at 12:11pm EST.