Premier finance director quits

PREMIER Oil today said its finance director has quit the company after losing out in the boardroom battle to succeed the firm's architect Charles Jamieson, who retired earlier this year.

John van der Welle is leaving the company after six years having failed to secure the chief executive's post in a run-off for the role, losing out to Simon Lockett, 40, previously the operations director of the business, who took over last month.

Though the company said it is van der Welle's decision to 'pursue other challenges', Premier Oil will still be giving him a pay-off of up to 12 months which, including bonuses, should see him get more than £300,000.

Though van der Welle would appear to be a career oil industry professional - prior to Premier he was with Hardy Oil & Gas and had 12 years at Enterprise Oil having qualified as an accountant with Arthur Andersen - City watchers believe he has ambitions for senior executive positions in the listed company community.

The market for top-notch finance directors has recently been very active, with several companies losing their FDs. Chairman Sir David John said van der Welle had transformed Premier's finances from the struggling company he joined in 1999.