VENTURES AFRICA – The board members of Nigeria-based oil and gas explorer, Afren Plc, appointed Alan Linn as CEO on Tuesday. This move should restore investor confidence after a rocky few months since it embarked on an executive clear-out. 

Last October, Afren’s founder and CEO Osman Shahenshah, together with other executives were discharged for misconduct. The subsequent six-month long search for a replacement CEO threw investors into disarray. Afren also struggled with debt defaults, falling oil prices and failure to complete sale to Nigeria’s Seplat Petroleum Development Co Plc.

Linn, a former CEO of Leading Australian oil and gas company, Roc Oil Co Ltd, has been hired to steady the company’s ship. The new CEO has over 30 years of experience as a chemical engineer and has worked for Tullow Oil Plc and Cairn India Ltd.

However, there will be a lot of expectations as he steps up to the oil and gas producer’s topmost job. He will need to work with members of the board to ensure that Afren regains balance and investor confidence. 

He will assume his new role after the completion of a $300 million funding deal with bondholders by June.

The board of the company has subsequently begun the search for new senior executives to support the Alan Linn-led regime. Egbert Imomoh, however, will remain Executive Chairman while Toby Hayward will maintain his position as Interim CEO.