(Reuters) – Tellurian said on Friday chairman and co-founder Charif Souki will no longer serve as an executive or officer of the liquefied natural gas (LNG) company’s board or hold any managerial responsibilities.
It named Martin Houston, co-founder and vice chairman, as chairman.
Souki remains a member of the company’s board, Tellurian added in a statement.
Shares of company up nearly 15% in extended trade.
Souki’s step down follows many setbacks faced by Tellurian’s Driftwood project, including the cancellation of some LNG supply deals after two major potential customers last year raised concerns around the company’s ability to finish the project.
In August, Tellurian had also revealed that trader Gunvor Singapore Pte Ltd terminated its contract to take cargoes.
Tellurian is still looking for customers to buy LNG from the plant and has not yet made a final investment decision to start major construction on the roughly $14.5 billion first 11 million-tonnes-per-annum (MTPA) phase of the project.
Souki this year also pledged 25 million shares as collateral for a 2017 loan for real estate investments.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)
