Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Ithaca Energy boss Alan Bruce steps down to ‘pursue new opportunities’

The North Sea oil and gas firm achieved major milestones during his time at the helm.

Alan Bruce, who has stepped down as chief executive of Ithaca Energy.
Alan Bruce, who has stepped down as chief executive of Ithaca Energy. Image: Wullie Marr/DC Thomson

Ithaca Energy chief executive Alan Bruce has stepped down after more than two years at the helm.

The Aberdeen firm said its board will start the search for his replacement “as soon as possible”.

Ithaca will “update the market in due course”.

Mr Bruce is celebrating his 42nd birthday this month.

Explaining the sudden departure of its CEO, London-listed Ithaca said he was leaving his post to “pursue new opportunities”.

Chief financial officer Iain Lewis takes over as interim boss

Iain Lewis will fill in temporarily for Mr Bruce while continuing his own duties as chief financial officer.

Mr Lewis will be working alongside executive chairman Gilad Myerson and the company’s leadership team.

Ithaca  hailed Mr Bruce’s role in leading it through a successful flotation and first year as a listed company.

Ithaca executive chairman Gilad Myerson.
Ithaca executive chairman Gilad Myerson. Image: Kenny Elrick/DC Thomson

Mr Myerson said: “The Ithaca Energy board thank Alan for his hard work and strategic insight over the last two-and-a-half years, and wish him well for the future.

“The search for a new chief executive officer will start as soon as possible.

“In the meantime, our strong leadership team will continue to manage the business, led by Iain as interim chief executive officer, working in collaboration with myself and with the support of the board.”

Outgoing CEO ‘extremely proud’

In Ithaca’s statement announcing the change, Mr Bruce said: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the company now established as one of the largest independent operators in the UK.

“Having led the business through its successful IPO (initial public offering), I am leaving with the company in a strong financial and strategic position.

“I would like to thank all of the Ithaca Energy employees who have been instrumental in the company’s success to date and wish them well in the future.”

Key milestones for Mr Bruce at Ithaca

After going public in November 2022, Ithaca was promoted to the FTSE 250 list of companies last March.

Mr Bruce was also at the helm during the firm’s takeover of Siccar Point Energy.

And late last year Ithaca completed its acquisition of Shell’s remaining 30% stake in the Cambo field west of Shetland. Ithaca now owns 100% of Cambo but is looking to bring in a new venture partner on Cambo ahead of a final investment decision.

Mr Bruce joined Ithaca as chief operating officer in August 2021, having previously spent nearly 17 years with ConocoPhillips.

He was unveiled as the firm’s new CEO in April 2022, filling a vacancy caused by the death of former boss Bill Dunnett.

Conversation