High-Profile Santos Executive Resigns Amid Company Shake-Up
Sherry Duhe, the Chief Financial Officer (CFO) of Santos, officially resigned today after a challenging year for the company. Her resignation follows a significant failed takeover attempt, marking a major shift for South Australia’s largest company. Duhe had been appointed as CFO in September 2024.
New Leadership at Santos
Lachlan Harris will take over as acting CFO. He has been with Santos for more than two years as Treasurer and deputy CFO. Before joining Santos in 2010 from KPMG, Harris also briefly held the CFO position during his tenure.
Duhe’s Contributions and Future Plans
During her time with Santos, Duhe made notable contributions to the executive team, as stated by CEO Kevin Gallagher. Her remuneration from her appointment until December 31, 2024, totaled $253,651, according to the company’s annual report. Gallagher wished her success in future endeavors, highlighting her value to the leadership team.
Failed Takeover and Financial Performance
The announcement of Duhe’s resignation comes on the heels of a failed takeover bid by the Abu Dhabi National Oil Company (ADNOC). The company withdrew its estimated $36 billion offer for Santos, ending months of uncertainty. A binding offer was not submitted by ADNOC’s investment arm XRG, nor by private equity firm Carlyle and the Abu Dhabi sovereign fund ADQ.
If the takeover had succeeded, Santos would have exited next year’s South Australian Business Index, a key ranking of the state’s businesses. The latest edition of this index will be published by InDaily shortly.
Recent Financial Results
In August, Santos reported half-year profits exceeding half a billion dollars, albeit a 31 percent decline from the previous year. The company’s revenue surpassed $2.5 billion, with earnings around $2 billion for that period. Santos indicated that oil production volumes remained stable compared to the previous year.
Kevin Gallagher, Santos’s managing director and CEO, attributed the strong cash flow from operations to the robustness of the Santos portfolio. Following the resignation news, Santos shares dipped by 0.93 percent during early trade.
