Excelerate Energy is losing long-standing chief commercial officer Daniel Bustos and restructuring the role.
The US-listed floating regasification specialist said Bustos stepped down from his role as of 16 November.
He will continue working as a “senior advisor” to the company until 31 May 2024, “when his employment will be terminated”.
Excelerate said Bustos and the company have signed a “Transition Services and Separation Agreement” under which the outgoing executive will continue to receive his current base salary through to his departure date, along with a transition bonus of $221,468, subject to Bustos’ compliance with his obligations under the agreement.
Bustos has been with Excelerate Energy for more than 14 years.
He started as a development manager, moving up to become chief commercial officer in July 2018.
Excelerate also announced that it is making a change to its leadership structure, splitting the current role and responsibilities of chief commercial officer into two executive positions — chief development officer and chief commercial officer.
Both of these new positions will report to president and chief executive Steven Kobos.
Excelerate said it has appointed its vice president of commercial, Oliver Simpson, to the new role of executive vice president and chief commercial officer.
Simpson, 42, also joined the company in 2014, moving up to his most recent position in 2017.
He was previously head of LNG chartering at Fearnley Offshore and a gas trader at Total Gas & Power North America.
Excelerate said an interim chief development officer will serve in the position until a permanent successor is identified. It did not name any person for this transitional role.
