THE new chief executive of Bowleven, Eli Chahin, received $575,000 total remuneration in the latest financial year during which the company reduced costs helped by moving its headquarters from Edinburgh to London.
Mr Chahin took charge at the oil and gas firm in March last year after former chief executive Kevin Hart was voted off the board along with four other directors. The shake up followed a campaign for change led by the Crown Ocean Capital investment firm.
The annual report published by Bowleven yesterday shows Mr Chahin was paid $537,000 salary and received other benefits worth $38,000 in the year to June 30.
Former chief operating officer David Clarkson earned total remuneration of $301,000. He resigned from the board in December.
Mr Chahin said this month that Bowleven had made good progress after deciding to focus on the Etinde permit offshore Cameroon. The company had been able to reduce costs significantly after a right-sizing programme. This involved it shedding around 30 jobs. Bowleven reduced its annual accommodation costs from about £400,000 to £35,000 following the move from Edinburgh to London, where it can maintain close contact with partners.
The board now has two members including Mr Chahin and chairman Matt McDonald, who earned $53,000 remuneration in the latest year. He joined the board in August.
After leaving Bowleven, Mr Hart defended the performance of the company in his 10 years in charge, noting it found a lot of oil and gas off Cameroon but was frustrated by geopolitical factors.
The company clinched a $250m stake sale in Cameroon in 2014.
Mr Hart earned $568,000 total remuneration in his last full year in charge including $514,000 salary.
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