Cairn Energy’s founder Sir Bill Gammell is stepping down as Chief Executive Officer to take over as Chairman in a board reshuffle.
He set up the oil and gas exploration firm in 1980 and it has grown in value from $10 million in 1992 to over $10 billion.
Simon Thomson, the company’s current Legal and Commercial Director will assume the CEO role.
Mr Thomas said the “strength of entrepreneurial exploration” will remain the focus of the group.
Cairn recently won an injunction against Greenpeace to stop activists disrupting work at one of their Arctic rigs off the coast of Greenland.It has further assets in India, Bangladesh and Tunisia.