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Erin Energy CEO, other top leaders resign

Three months after it filed for bankruptcy, the top leadership of JSE-listed Erin Energy has resigned, including its Chief Executive Officer Femi Ayoade.

The Houston-based energy company is dual-listed on the New York Stock Exchange and the local bourse. 

In a short statement on Friday afternoon, Erin Energy said its board has accepted the resignations of Ayoade, Vice President for Financial Planning and Company Treasurer Abdulsabur Bello, and Senior Vice President, Chief Administrative Officer, and Assistant Corporate Secretary Heidi Wong. 

The resignation were filed with the US Securities Exchange Commission on Friday. A number of members of the board also stepped down. 

In April amaBhunage reported that state-asset manager the Public Investment Corporation had invested R4bn in Erin Energy, and this was now at stake. 

On April 25, Erin Energy had filed a voluntary petition for Chapter 11 bankruptcy in a Texas court. 

Erin Energy’s JSE market cap is listed as R6.38bn.

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