Galp Names Two Board Members to Run Oil Firm as Interim CEOs

(Bloomberg) -- Galp Energia SGPS SA picked board members Maria Joao Carioca and Joao Diogo Marques da Silva to be interim co—chief executive officers of the Portuguese oil firm, following the resignation of the previous CEO earlier this week.

Carioca, 53, has been Galp’s chief financial officer since 2023. Marques da Silva, 49, has been at Galp since 1997 and heads the commercial division. They will maintain their current roles while serving as interim co-CEO, Lisbon-based Galp said in a regulatory filing on Friday.

Nuno Holbech Bastos was named as a new executive board member and will oversee the upstream division, Galp said.

The changes in the CEO role come as Galp ramps up drilling in Namibia, where it’s described its Mopane find as a potentially “important” discovery. The company also holds stakes in blocks off Brazil and operates the Sines refinery in Portugal. In recent years, Galp has followed larger oil producers in expanding in renewables, and has about 1.5 gigawatts of generation capacity, mostly solar.

Galp is among Europe’s smaller oil explorers, with a market value of about €12.2 billion ($12.5 billion).

Filipe Silva resigned as CEO on Jan. 7 after two years in the role. Galp, which is conducting an investigation into an alleged personal relationship, said he stepped down for family reasons.

Silva, who was previously Galp’s CFO, had been CEO since January 2023 and his term was scheduled to end in 2026. He succeeded Andy Brown, who also served as CEO for just two years.

Amorim Energia BV, a venture controlled by Galp Chairman Paula Amorim’s family and part-owned by Angolan oil firm Sonangol EP, is the company’s biggest shareholder, with a 37% stake. Portuguese state holding company Parpublica owns 8.2%.

(Updates with details on the interim CEOs in second paragraph.)

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