Ithaca Energy boss steps down as shares flounder

Ithaca Energy’s boss has stepped down as it tries to bounce back from a disappointing year.

The North Sea oil and gas giant said Alan Bruce will leave to ‘pursue new opportunities’ after two years in charge.

Ithaca shares sunk over a fifth in the past year as the windfall tax continues to put pressure on North Sea producers.

Yesterday they dropped 0.7 per cent, or 1p, to 142.2p.

Bruce, 42, joined in 2021 and was given the top job a year later after his predecessor Bill Dunnett died.

Struggle: Ithaca Energy said Alan Bruce will leave to ‘pursue new opportunities’ after two years in charge

He led the group during initial public offering in London in November 2022 and later its promotion into the FTSE 250.

But Ithaca, which is owned by Tel-Aviv-listed Delek Group, has struggled to woo investors. The windfall tax has been hugely unpopular in the oil industry, which argues that it discourages investment in the UK.

The Aberdeen-based company has publicly criticised the windfall tax, which imposes an effective 75 per cent corporate tax rate on the energy industry.

It added North Sea operators ‘are reconsidering the attractiveness’ of investment in the UK.

And in August Ithaca said it was writing off £58m as a direct impact from the levy.

Bruce will be temporarily replaced by Iain Lewis, who is finance chief, until it finds a permanent boss.

Bruce said he was ‘extremely proud of what Ithaca Energy has accomplished over the past several years’ and was leaving it in a ‘strong financial and strategic position’.