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BUSINESSDESK: New Zealand Oil & Gas founding chairman Tony Radford will step down after next month's annual meeting and will be replaced by fellow director Peter Griffiths.
Mr Radford will stay on the board of the oil and gas explorer, having led the company's governance for more than three decades, the company says.
Incoming chairman Mr Griffiths joined NZOG's board in 2009 after a 21-year career with BP, including a decade in charge of the oil company's New Zealand business.
He also sits on the boards of the Civil Aviation Authority, Northland Port, Wanganui Gas, New Zealand Diving and Salvage, and Z Energy.
The shares sank 5.6% to 85 cents, and have climbed 31% this year.