Tony Hayward

Genel Energy co-founder Nathaniel Rothschild has resigned from the Iraqi Kurdistan oil producer, the latest in a series of high-profile departures from the loss-making company.

Rothschild's departure follows the resignations of chairman and co-founder Tony Hayward, the former BP chief executive, and of chief financial officer Ben Monaghan, a former J.P. Morgan banker.

Genel Energy, the Iraqi Kurdistan-focused oil producer co-founded by former BP boss Tony Hayward, on April 24 named Stephen Whyte to succeed the retiring Hayward in June.

Whyte, who has over 30 years of experience at Royal Dutch Shell, BG Group and Portugal's Galp Energia, will join the board as non-executive director and chairman designate with immediate effect, Genel said.

Tony Hayward, the former BP boss, is set to step down next year as chairman of Genel Energy, which he founded in 2011 and became the biggest oil and gas producer in Iraqi Kurdistan Regional Government (KRG), three sources close to the company said.

Today, Genel is struggling with a drop in oil prices, regional conflict and a large reserves downgrade.

Genel Energy PLC has announced the company's president, Mehmet Sepil, has retired effective immediately in a written statement on Oct. 14. 

Sepil founded Genel Energy and was CEO from 2002 until a merger with Vallares PLC in 2011, when he became president of the company.