NEO Energy's Leadership Shakeup Amid Fiscal Turmoil

NEO Energy announces the departure of its CEO Paul Harris and other top executives as the company navigates financial challenges and regulatory changes in the UK oil and gas sector. Following a recent tax hike, the company is adjusting investments and leadership roles to adapt to the evolving market landscape.

NEO Energy, an oil and gas company focused on the North Sea, announced a significant leadership change with CEO Paul Harris stepping down after less than two years in the role.

Harris, who joined NEO as the chief operating officer in December 2019 and became CEO in January 2023, will be succeeded by company insider Andy McIntosh.

The shakeup comes amid fiscal challenges, with Britain increasing the Energy Profits Levy and extending its duration, prompting NEO to slow investment in its projects.

(With inputs from agencies.)