Ithaca Energy plc (LSE: ITH) has announced that Chief Executive Officer Luciano Vasques intends to retire by 31 March 2027, triggering a formal board-led succession process.
The FTSE 100-listed North Sea oil and gas producer confirmed the planned departure will allow sufficient time for an organised transfer of executive responsibilities.
The board has begun its search for a new chief executive, though no successor has been named and no appointment timetable beyond the retirement date has been disclosed.
Vasques oversaw a significant period of corporate expansion at Ithaca Energy, including the integration of Eni UK’s operations into the company’s existing North Sea business.
The combination with Eni UK broadened the scope of Ithaca’s upstream oil and gas portfolio and formed a central part of its acquisition-led growth strategy.
During his tenure, Ithaca Energy also secured inclusion in the FTSE 100 index, reflecting its position among the largest companies by market capitalisation on the London Stock Exchange.
Board members acknowledged Vasques’ contribution to these milestones, particularly his involvement in managing the Eni UK integration and expanding the company’s North Sea footprint.
The company has not disclosed whether its successor search will prioritise internal candidates, external applicants, or both, and no potential names have been put forward publicly.
The leadership transition will take place against the backdrop of an expanded operational portfolio, with the integration of acquired assets remaining an ongoing priority for management.
Ithaca has also identified the development of a unified corporate culture as part of its broader approach to managing the enlarged organisation following its acquisitions.
The announcement does not include any revisions to Ithaca Energy’s stated business priorities or corporate strategy, with North Sea production and asset integration remaining central objectives.
The board’s succession process is designed to provide continuity of executive oversight as the company continues to progress these operational and strategic activities.
Further information on the appointment of Vasques’ successor is expected to be provided as the selection process moves forward and a decision is reached.